GAR’s 4QFY2023 nucleus fresh fruit bunches (FFB) fell 12.1% q-o-q and rose 0.4% y-o-y, bringing FY2023 output down 4.5% y-o-y, lower than management’s growth guidance of -3% y-o-y, but in line with RHB’s projection of -5% y-o-y.
RHB Bank Singapore has downgraded its call on Golden Agri-Resources (SGX:E5H
) (GAR) from “buy” to “neutral” and lowered its target price from 30 cents to 29 cents, following the group’s full year results ended Dec 31, 2023.
RHB analysts say that the group’s FY2023 earnings disappointed. It was dragged down by a one-off tax expense in 4QFY2023 and higher-than-expected unit costs, which resulted in a core net profit for the year of US$284.3 million ($382.17 million).
