Financial Analysis - Golden Agri-Resources Limited Cultivates, Harvests, Processes, Distributes, And Sells Crude Palm Oil and Palm Kernel. the Company Also Refines Crude Palm Oil Into

7/30/2019 Financial Analysis - Golden Agri-Resources Limited Cultivates, Harvests, Processes, Distributes, And Sells Crude Palm Oil and Palm Kernel. the Company Also Refines Crude Pal…

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06.05.2013

Ticker: Golden Agri-Resources Ltd Benchmark:

Currency: Singapore: GGR, Currency: SGD Straits Times Index STI (FSSTI)

Sector: Consumer Staples Industry: Food Products Year:

Telephone 65-6590-0800 Revenue (M) Business Segments in SGD Sales (M) Geographic Segments in SGD Sales (M)Website www.goldenagri.com.sg No of Employees Palm Oil Plantation and Refining 5949 Rest of Asia 2801

Address 108 Pasir Panjang Road #06-00 Golden Agri Plaza Singapore Singapore Vegetable Oil and Oilseed Processing 1611 China 2149Share Price Performance in SGD India 999

Price 0.54 1M Return -4.3% Indonesia 823

52 Week High 0.76 6M Return -10.5% Europe 735

52 Week Low 0.51 52 Wk Return -24.7% Other Countries 54

52 Wk Beta 1.52 YTD Return -16.8%

Credit Ratings

Bloomberg -

S&P - Date - Outlook -

Moody's - Date - Outlook STABLE

Fitch - Date - Outlook -

Valuation Ratios

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

P/E 6.9x 5.3x 5.3x 16.1x 11.1x 10.3x 9.2x

EV/EBIT 15.2x 15.1x 9.2x 13.6x - - -

EV/EBITDA 12.5x 13.2x 8.3x 11.4x 8.3x 7.4x 6.7x

P/S 1.8x 2.2x 1.1x 1.1x 1.0x 0.9x 0.8x

P/B 0.8x 1.1x 0.8x 0.8x 0.6x 0.6x 0.6x

Div Yield 1.0% 1.0% 2.7% 1.8% 2.3% 2.5% 3.5%

Profitability Ratios %

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Gross Margin 22.2 27.2 30.9 26.6 22.8 22.4 18.3

EBITDA Margin 16.9 18.3 15.3 11.8 14.3 14.3 14.5

Operating Margin 13.9 15.9 13.7 9.9 11.7 11.7 12.4

Profit Margin 26.5 40.6 21.3 6.8 8.1 8.1 8.5

Return on Assets 8.2 15.8 11.6 3.3 3.7 3.9 4.7

Return on Equity 12.1 23.2 17.1 4.9 5.4 5.8 6.0

Leverage and Coverage Ratios

12 09 12 10 12 11 12 12Current Ratio 1.5 1.4 1.6 1.9 Current Capitalization in SGD

Quick Ratio 0.6 0.4 0.5 0.8 Common Shares Outstanding (M) 12837.5

EBIT/Interest 7.2 12.5 13.9 9.5 Market Capitalization (M) 6868.1

Tot Debt/Capital 0.1 0.1 0.1 0.2 Cash and ST Investments (M) 817.6

Tot Debt/Equity 0.1 0.1 0.1 0.2 Total Debt (M) 2265.5

Eff Tax Rate % - 25.0 25.0 32.1 Preferred Equity (M) 0.0LT Investments in Affiliate Companies (M) 0.0

Investments (M) 111.9

Enterprise Value (M) 8427.9

Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and sells

crude palm oil and palm kernel. The Company also refines crude palm oil into cooking

oil, margarine, and shortening for sale and distribution.

GGR SP

7'56147'000

Company Analysis - Overview

79%

21%

Palm Oil Plantation and Refining

Vegetable Oil and Oilseed Processing

37%

28%

13%

11%

10% 1%

Rest o f Asia China

India Indonesia

Europ e Oth er C ou nt ri es

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

http://www.goldenagri.com.sg/

http://www.goldenagri.com.sg/



Golden Agri-Resources LtdTarget price in SGD

Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date

30-Apr-13 40% 35 25 6-May-13 0.54 0.65 UOB Kay Hian STEFANUS DARMAGIRI sell 0.55 26-Apr-13

29-Mar-13 50% 25 25 3-May-13 0.53 0.65 Phillip Securities NICHOLAS HUAI GIM ONG neutral 0.55 22-Apr-13

28-Feb-13 57% 24 19 2-May-13 0.52 0.65 Goldman Sachs PATRICK TIAH neutral/neutral 0.63 12-Apr-13

31-Jan-13 62% 24 14 1-May-13 0.53 0.65 Deutsche Bank MICHELLE FOONG sell 0.50 11-Apr-13

31-Dec-12 67% 29 5 30-Apr-13 0.53 0.65 CIMB IVY NG neutral 0.58 10-Apr-13

30-Nov-12 67% 24 10 29-Apr-13 0.55 0.65 RHB Research Institute Sdn Bhd TEAM COVERAGE buy 0.71 10-Apr-13

31-Oct-12 77% 18 5 26-Apr-13 0.56 0.65 BNP Paribas Equity Research MICHAEL GREENALL buy 0.83 10-Apr-13

28-Sep-12 81% 14 5 25-Apr-13 0.56 0.65 Nomura MUZHAFAR MUKHTAR neutral 0.65 8-Apr-13

31-Aug-12 80% 15 5 24-Apr-13 0.54 0.65 OCBC Investment Research CAREY WONG hold 0.63 4-Apr-13

31-Jul-12 84% 11 5 23-Apr-13 0.52 0.65 Macquarie CONRAD WERNER underperform 0.50 26-Mar-13

29-Jun-12 75% 20 5 22-Apr-13 0.52 0.65 Morgan Stanley CHARLES C SPENCER Overwt/Attractive 0.70 12-Mar-13

31-May-12 75% 20 5 19-Apr-13 0.52 0.66 Credit Suisse TAN TING MIN outperform 0.80 28-Feb-13

18-Apr-13 0.52 0.66 JPMorgan YING-JIAN CHAN underweight 0.50 28-Feb-13

17-Apr-13 0.53 0.66 HSBC THILAN WICKRAMASINGHE overweight 0.75 6-Feb-13

16-Apr-13 0.54 0.66 Standard Chartered ADRIAN FOULGER in-line 0.67 5-Feb-13

15-Apr-13 0.55 0.67 EVA Dimensions AUSTIN BURKETT hold 15-Jan-13

12-Apr-13 0.56 0.67 Jefferies ARYA SEN buy 0.88 14-Mar-12

11-Apr-13 0.56 0.67 Affin Securities Sdn Bhd ONG KENG WEE not rated 2-Feb-12

10-Apr-13 0.56 0.67 IIFL ZUO LI add 0.77 14-Nov-11

9-Apr-13 0.55 0.67

8-Apr-13 0.55 0.67

5-Apr-13 0.56 0.69

4-Apr-13 0.56 0.69

3-Apr-13 0.57 0.69

2-Apr-13 0.57 0.69

1-Apr-13 0.58 0.69

29-Mar-13 0.57 0.69

28-Mar-13 0.57 0.69

27-Mar-13 0.58 0.69

26-Mar-13 0.58 0.69

Company Analysis - Analysts Ratings

Buy and Sell Recommendations vs Price and Target Price

75% 75%84% 80% 81% 77%

67% 67%62%

57%50%

40%

20% 20%11%

15% 14% 18%

24%29%

24%24%

25%35%

5% 5% 5% 5% 5% 5%10%

5%14%

19%

25% 25%

0%

20%

40%

60%

80%

100%

mai.12 juin.12 jui l.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13 mars.13 avr.13

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Buy Hold Sell Price Target Price

Brokers' Target Price

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06.05.2013

Golden Agri-Resources Ltd

Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 12837.5 Unknown Country 79.05%

Float 50.0% United States 10.20%

Short Interest (M) Luxembourg 3.04%

Short Interest as % of Float Canada 2.18%

Days to Cover Shorts France 1.52%

Institutional Ownership 63.19% Hong Kong 0.69%

Retail Ownership 36.80% Britain 0.67%

Insider Ownership 0.01% Others 2.65%

Institutional Ownership Distribution

Unclassified 79.04%

Investment Advisor 20.71%

Pension Fund (Erisa) 0.15%

Insurance Company 0.08%

Pricing data is in SGD Others 0.03%

Top 20 Owners:

Holder Name Position Position Change Market Value % of Ownership Report Date Source Country

FLAMBO INTERNATIONAL 6'412'447'897 250'000 3'430'659'625 49.95% 22.04.2013 EXCH

BLACKROCK 187'285'812 10'631'000 100'197'909 1.46% 02.05.2013 ULT-AGG UNITED STATES

ALLIANZ ASSET MANAGE 174'938'282 30'341'900 93'591'981 1.36% 31.03.2013 ULT-AGG GERMANYVAN ECK ASSOCIATES C 147'270'163 104'000 78'789'537 1.15% 03.05.2013 ULT-AGG UNITED STATES

ROYAL BANK OF CANADA 132'800'000 4'630'300 71'048'000 1.03% 28.02.2013 ULT-AGG CANADA

ROBECO INVESTOR SERV 117'790'000 -1'850'000 63'017'650 0.92% 28.02.2013 MF-AGG LUXEMBOURG

CARMIGNAC GESTION 116'682'668 -3'536'149 62'425'227 0.91% 29.03.2013 MF-AGG FRANCE

VANGUARD GROUP INC 72'013'698 2'271'645 38'527'328 0.56% 31.03.2013 MF-AGG UNITED STATES

TIAA CREF INVESTMENT 71'838'647 -2'862'000 38'433'676 0.56% 28.02.2013 MF-AGG UNITED STATES

JF ASSET MANAGEMENT 55'822'000 54'322'000 29'864'770 0.43% 30.09.2011 MF-AGG HONG KONG

ROBECO FUND MANAGEME 38'496'685 3'771'502 20'595'726 0.30% 28.02.2013 MF-AGG NETHERLANDS

GRANTHAM MAYO VAN OT 34'705'000 -914'000 18'567'175 0.27% 31.05.2012 MF-AGG UNITED STATES

CI INVESTMENTS INC 29'310'934 13'308'844 15'681'350 0.23% 31.12.2012 MF-AGG CANADA

BOSTON COMMON ASSET 26'581'350 4'888'350 14'221'022 0.21% 31.03.2013 13F UNITED STATES

NORTHERN TRUST CORPO 25'949'957 6'642'427 13'883'227 0.20% 31.03.2013 MF-AGG UNITED STATES

CARMIGNAC GESTION LU 25'311'810 3'339'495 13'541'818 0.20% 29.03.2013 MF-AGG LUXEMBOURG

AMUNDI LUXEMBOURG SA 23'028'912 -99'000 12'320'468 0.18% 31.12.2012 MF-AGG LUXEMBOURG

PRUDENTIAL FINANCIAL 20'715'600 -716'100 11'082'846 0.16% 31.03.2013 ULT-AGG UNITED STATES

FMR LLC 17'904'401 -12'700'587 9'578'855 0.14% 31.03.2013 ULT-AGG UNITED STATES

LANDESBANK BERLIN IN 17'356'000 1'255'000 9'285'460 0.14% 30.04.2013 MF-AGG G ERMANY

Top 5 Insiders:

Holder Name Position Position Change Market Value % of Ownership Report Date Source

SYN PAU LEW 1'000'000 535'000 0.01% 05.03.2013 EXCH

PIAN TEE HONG 200'000 200'000 107'000 0.00% 01.03.2013 EXCH

0.01%

Company Analysis - Ownership

Ownership Type

63%

37%

0%

Institutional Ownership Retail Ownership Insider Ownership

Geographic Ownership

78%

3%

3%

2%2%

1% 1%

10%

Unknown Country United States Luxembourg

Canada France Hong Kong

Britain Others

Institutional Ownership

79%

0% 0%0%

21%

Unclassified Investment Advisor Pension Fund (Erisa)

Insurance Company Others

TOP 20 ALL




Golden Agri-Resources LtdFinancial information is in SGD (M)

Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Income Statement

Revenue 925 1'080 1'284 1'364 1'794 2'823 4'225 3'335 4'775 7'483 7'561 7'191 8'061 8'756- Cost of Goods Sold 663 816 942 1'030 1'366 1'831 2'986 2'594 3'475 5'174 5'548

Gross Income 263 263 342 334 429 992 1'240 741 1'301 2'309 2'012 1'640 1'802 1'602

- Selling, General & Admin Expenses 139 130 136 151 172 289 499 292 571 1'322 1'305

(Research & Dev Costs) 0 0 0 0 0 0 0 0 0 0 0

Operating Income 124 134 207 194 263 707 751 463 761 1'028 745 843 943 1'088

- Interest Expense 68 50 50 46 53 49 55 64 61 74 78

- Foreign Exchange Losses (Gains) 19 2 -3 3 -2 5 49 2 -41 -24 9

- Net Non-Operating Losses (Gains) -2 44 6 -417 -956 -2'064 -2'109 -465 -1'888 -1'175 -106

Pretax Income 39 37 154 562 1'168 2'717 2'755 862 2'629 2'152 764 789 888 1'000

- Income Tax Expense 28 32 34 128 319 796 748 -28 657 538 245

Income Before XO Items 11 5 120 434 849 1'920 2'008 891 1'972 1'614 519

- Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 0 0 0

- Minority Interests -31 -34 9 46 110 165 51 8 33 20 7

Diluted EPS Before XO Items 0.01 0.04 0.08 0.16 0.17 0.08 0.16 0.13 0.04

Net Income Adjusted* 1'646 1'956 882 1'939 463 512 583 655 740

EPS Adjusted 0.15 0.17 0.07 0.16 0.04 0.04 0.05 0.05 0.06

Dividends Per Share 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.02

Payout Ratio % 0.0 0.0 5.8 6.5 5.8 4.0 7.1 5.1 13.6 30.2 0.24 0.27 0.31

Total Shares Outstanding 9'822 9'822 9'822 9'822 9'822 11'296 11'296 12'139 12'139 12'139 12'838

Diluted Shares Outstanding 9'822 9'822 9'822 9'822 9'822 10'805 11'296 11'558 12'206 12'285 12'570

EBITDA 215 217 308 251 332 783 833 563 873 1'147 890 1'030 1'150 1'271

*Net income excludes extraordinary gains and losses and one-time charges.

Equivalent Estimates

Company Analysis - Financials I/IV

FiscalYear




Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Balance Sheet

Total Current Assets 343.972674 338.106525 394.515172 601.790987 650.5856 1098.67437 1016.22571 1553.28596 1914.86263 2439.37864 2958.48432

+ Cash & Near Cash Items 67 68 84 126 199 173 185 393 208 301 664

+ Short Term Investments 1 1 65 8 1 3 7 92 74 120 154+ Accounts & Notes Receivable 73 41 55 82 70 172 202 144 269 303 489

+ Inventories 98 142 147 238 221 448 356 590 790 974 1'026

+ Other Current Assets 106 86 44 147 160 302 266 333 574 741 626

Total Long-Term Assets 2'003 1'931 1'849 2'961 3'930 6'112 8'788 9'545 11'067 12'905 13'272

+ Long Term Investments 35 44 254 157 214 208 304 259 258 330 994

Gross Fixed Assets 1'863 1'881 1'885 1'518 1'552 1'686 2'044 2'269 2'613 3'133 3'376

Accumulated Depreciation 473 520 572 440 459 506 650 720 738 851 922

+ Net Fixed Assets 1'390 1'362 1'313 1'077 1'092 1'179 1'395 1'549 1'875 2'282 2'454

+ Other Long Term Assets 577 525 282 1'726 2'624 4'725 7'089 7'737 8'934 10'294 9'823

Total Current Liabilities 771 589 376 570 534 745 787 1'017 1'362 1'482 1'591

+ Accounts Payable 50 52 88 232 175 220 217 377 421 636 837

+ Short Term Borrowings 562 459 200 269 292 378 445 441 694 547 530

+ Other Short Term Liabilities 159 78 87 70 67 146 126 199 246 299 224

Total Long Term Liabilities 267 374 496 708 1'099 1'602 2'256 2'307 2'706 3'347 4'112

+ Long Term Borrowings 267 362 444 346 445 329 351 519 570 861 1'736

+ Other Long Term Borrowings 0 12 52 362 654 1'273 1'905 1'789 2'137 2'485 2'376

Total Liabilities 1'039 964 872 1'278 1'633 2'347 3'043 3'325 4'068 4'829 5'702

+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0

+ Minority Interest 78 46 54 210 332 113 134 135 153 113 112

+ Share Capital & APIC 891 872 838 1'299 788 1'469 1'467 1'739 1'589 1'605 1'878

+ Retained Earnings & Other Equity 340 387 479 775 1'828 3'281 5'160 5'900 7'172 8'798 8'538

Total Shareholders Equity 1'308 1'305 1'371 2'284 2'948 4'864 6'761 7'774 8'914 10'516 10'528

Total Liabilities & Equity 2'347 2'269 2'243 3'563 4'581 7'210 9'804 11'099 12'982 15'345 16'230

Book Value Per Share 0.13 0.13 0.13 0.21 0.27 0.42 0.59 0.63 0.72 0.86 0.81 0.90 0.94 0.98

Tangible Book Value Per Share 0.12 0.12 0.13 0.21 0.26 0.41 0.57 0.62 0.71 0.84 0.80

Company Analysis - Financials II/IV




Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Cash Flows

Net Income 41 37 111 388 747 1'755 1'956 882 1'939 1'594 512 583 655 740

+ Depreciation & Amortization 92 83 102 57 69 76 82 99 112 119 145

+ Other Non-Cash Adjustments 41 44 73 -240 -546 -1'231 -1'528 -551 -1'318 -746 -84+ Changes in Non-Cash Capital -98 -34 -34 -61 -163 -346 96 -52 -505 -145 -62

Cash From Operating Activities 76 129 252 144 107 254 607 378 228 822 510

+ Disposal of Fixed Assets 10 6 8 25 20 56 14 7 10 8 26

+ Capital Expenditures -55 -106 -113 -110 -154 -235 -345 -372 -441 -561 -513 -584 -515 -623

+ Increase in Investments 0 0 0 0 0 -102 0 0 -28 -69 -559

+ Decrease in Investments 0 0 0 0 0 0 0 0 0 0 0

+ Other Investing Activities 61 31 -56 126 -29 -534 -155 -208 -238 -132 -138

Cash From Investing Activities 17 -69 -162 40 -163 -815 -487 -574 -697 -754 -1'183

+ Dividends Paid 0 0 0 0 -22 -107 -131 -4 -61 -100 -305

+ Change in Short Term Borrowings -13 -13 1 14 16 151 48 -22 216 -120 -92

+ Increase in Long Term Borrowings 15 47 194 14 375 79 165 366 299 488 6

+ Decrease in Long Term Borrowings -72 -90 -261 -174 -223 -340 -191 -230 -142 -236 -156

+ Increase in Capital Stocks 0 0 0 0 0 765 0 314 0 0 1'611

+ Decrease in Capital Stocks 0 0 0 0 0 0 0 0 0 0 0

+ Other Financing Activities -8 -1 -6 2 -5 -1 -1 -8 -4 -12 -3

Cash From Financing Activities -79 -57 -71 -144 141 547 -109 416 308 20 1'062

Net Changes in Cash 14 3 19 41 85 -13 11 220 -161 88 389

Free Cash Flow (CFO-CAPEX) 21 23 138 34 -46 19 262 5 -213 261 -2 249 343 173

Free Cash Flow To Firm 40 30 177 70 -8 54 302 -167 317 51

Free Cash Flow To Equity -39 -27 81 -87 141 -34 298 126 170 401 -217

Free Cash Flow per Share 0.00 0.00 0.01 0.00 0.00 0.00 0.02 0.00 -0.02 0.02 0.00

Company Analysis - Financials III/IV




Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Ratio Analysis

Valuation Ratios

Price Earnings 6.3x 14.4x 9.4x 2.1x 3.6x 6.0x 1.2x 6.9x 5.3x 5.3x 16.1x 11.1x 10.3x 9.2x

EV to EBIT 9.2x 10.2x 7.8x 7.7x 13.7x 16.6x 4.0x 15.2x 15.1x 9.2x 13.6xEV to EBITDA 5.3x 6.3x 5.2x 5.9x 10.9x 15.0x 3.6x 12.5x 13.2x 8.3x 11.4x 8.3x 7.4x 6.7x

Price to Sales 0.3x 0.5x 0.8x 0.6x 1.5x 3.8x 0.5x 1.8x 2.2x 1.1x 1.1x 1.0x 0.9x 0.8x

Price to Book 0.2x 0.4x 0.8x 0.4x 1.0x 2.2x 0.4x 0.8x 1.1x 0.8x 0.8x 0.6x 0.6x 0.6x

Dividend Yield 0.0% 0.0% 4.5% 1.8% 0.4% 3.0% 1.0% 1.0% 2.7% 1.8% 2.3% 2.5% 3.5%

Profitability Ratios

Gross Margin 28.4% 24.4% 26.7% 24.5% 23.9% 35.1% 29.3% 22.2% 27.2% 30.9% 26.6% 22.8% 22.4% 18.3%

EBITDA Margin 23.3% 20.1% 24.0% 18.4% 18.5% 27.8% 19.7% 16.9% 18.3% 15.3% 11.8% 14.3% 14.3% 14.5%

Operating Margin 13.4% 12.4% 16.1% 14.2% 14.7% 25.1% 17.8% 13.9% 15.9% 13.7% 9.9% 11.7% 11.7% 12.4%

Profit Margin 4.5% 3.6% 8.6% 28.5% 41.2% 62.2% 46.3% 26.5% 40.6% 21.3% 6.8% 8.1% 8.1% 8.5%

Return on Assets 1.7% 1.6% 4.8% 13.3% 18.1% 29.1% 23.4% 8.2% 15.8% 11.6% 3.3% 3.7% 3.9% 4.7%

Return on Equity 3.4% 3.0% 8.5% 22.7% 31.5% 46.5% 34.9% 12.1% 23.2% 17.1% 4.9% 5.4% 5.8% 6.0%

Leverage & Coverage Ratios

Current Ratio 0.45 0.57 1.05 1.06 1.22 1.48 1.29 1.53 1.41 1.65 1.86

Quick Ratio 0.18 0.19 0.54 0.38 0.51 0.47 0.50 0.62 0.40 0.49 0.82

Interest Coverage Ratio (EBIT/I) 1.82 2.67 4.13 4.21 4.98 14.40 13.56 7.24 12.54 13.86 9.54

Tot Debt/Capital 0.39 0.39 0.32 0.21 0.20 0.13 0.11 0.11 0.12 0.12 0.18

Tot Debt/Equity 0.63 0.63 0.47 0.27 0.25 0.15 0.12 0.12 0.14 0.13 0.22

Others

Asset Turnover 0.38 0.46 0.56 0.47 0.44 0.47 0.50 0.31 0.39 0.54 0.48

Accounts Receivable Turnover 16.77 18.79 26.49 19.82 23.83 22.72 22.95 18.84 22.42 26.83 19.09

Accounts Payable Turnover 14.09 16.66 13.33 6.96 6.79 10.35 13.47 9.33 9.20 10.38 7.70

Inventory Turnover 7.00 6.68 6.41 5.31 5.98 5.33 7.54 5.34 4.92 6.02 5.58

Effective Tax Rate 72.5% 87.1% 22.0% 22.8% 27.3% 29.3% 27.1% 25.0% 25.0% 32.1%

Company Analysis - Financials IV/IV




GOLDEN AGRI-

RESO

WILMAR

INTERNATI

GENTING

PLANTATI

INDOFOOD AGRI

RE

KUALA LUMPUR

KEPIOI CORP BHD

OLAM

INTERNATIONASTRA AGRO LEST

PP LONDON

SUMATRFIRST RESOURCES

HAP SENG

PLANTAT

12/2012 12/2012 12/2012 12/2012 09/2012 06/2012 06/2012 12/2012 12/2012 12/2012 12/2012

0.78 4.86 10.17 1.52 24.50 5.42 2.25 24'000.00 3'050.00 2.23 3.22

1 8. 07 .2 01 2 0 7.0 5. 20 12 0 5. 07 .2 01 2 1 1.0 7.2 01 2 0 4.0 7. 20 12 2 0. 07 .2 01 2 0 7.0 5. 20 12 1 8. 07 .2 01 2 1 7. 07 .2 01 2 2 7.0 8. 20 12 1 7. 07 .2 01 2

0.52 2.99 8.10 1.06 17.00 4.58 1.37 17'250.00 1'490.00 1.51 2.66

1 9. 04 .2 01 3 1 3.0 9. 20 12 3 1. 01 .2 01 3 0 6.0 5.2 01 3 1 1.0 5. 20 12 1 5. 03 .2 01 3 1 4.1 2. 20 12 0 1. 05 .2 01 3 0 3. 05 .2 01 3 2 5.0 5. 20 12 2 6. 12 .2 01 2

109'243'000 3'010'000 340'500 868'000 877'600 8'126'400 4'980'000 602'500 4'298'500 1'957'000 40'600

0.54 3.31 8.50 1.07 21.54 5.07 1.65 17'900.00 1'550.00 1.68 2.76

-31.4% -31.9% -16.4% -29.6% -12.1% -6.5% -26.7% -25.4% -49.2% -24.9% -14.3%

2.9% 10.7% 5.0% 0.9% 26.7% 10.7% 20.9% 3.8% 4.0% 10.9% 3.8%

12'837.5 6'396.1 758.8 1'434.3 1'065.0 6'398.3 2'390.2 1'574.7 6'822.9 1'584.1 800.0

6'868 21'172 6'449 1'535 22'939 32'391 3'944 28'187'936 10'575'439 2'653 2'208

1'854.5 22'245.3 703.4 6'780'217.0 2'478.8 8'268.9 7'489.4 971'950.0 - 538.2 -

- - - - - - 276.9 - - - -

91.6 849.3 229.4 9'032'242.0 397.8 288.0 122.2 336'232.0 (714.0) 51.2 -

669.3 2'319.1 1'051.3 5'082'296.0 2'358.9 4'435.9 1'110.9 227'769.0 1'799'137.0 404.7 131.4

6'850 37'956 6'331 23'667'620 23'362 37'073 11'785 29'267'530 9'119'439 2'338 2'077

LFY 6'051.7 45'463.4 1'233.4 13'844'891.0 10'507.3 15'488.1 17'093.8 11'564'319.0 4'211'578.0 603.4 526.5

LTM 6'051.7 45'463.4 1'233.4 13'742'129.0 9'741.8 14'290.8 18'966.9 11'706'812.0 4'123'026.0 603.4 526.5

CY+1 5'791.4 49'051.8 1'311.5 13'734'038.6 10'270.4 15'315.9 20'693.5 12'242'737.1 4'582'126.5 699.7 537.3

CY+2 6'492.3 54'715.2 1'505.3 15'361'556.7 11'381.0 15'998.0 23'528.4 13'635'992.6 5'041'896.0 879.9 576.0

LFY 1.3x 0.8x 5.4x 1.8x 2.5x 2.4x 0.7x 2.6x 2.8x 4.6x 4.0x

LTM 1.3x 0.8x 5.4x 1.9x 2.7x 2.6x 0.6x 2.6x 2.8x 4.6x 4.0x

CY+1 1.1x 0.6x 4.9x 1.5x 2.3x 2.4x 0.6x 2.4x 1.7x 3.4x 3.6x

CY+2 1.0x 0.6x 4.2x 1.3x 2.1x 2.2x 0.6x 2.1x 1.4x 2.6x 3.2x

LFY 712.4 1'766.3 418.2 3'001'808.0 1'734.4 2'362.4 929.3 3'930'947.0 1'509'513.0 320.7 214.3

LTM 727.2 2'258.7 418.4 2'909'470.0 1'550.7 2'543.4 963.3 3'893'712.0 1'286'403.0 322.1 214.5

CY+1 829.8 2'563.5 525.3 3'271'046.0 1'817.6 2'565.8 1'090.8 3'780'977.7 1'551'037.9 339.9 249.0

CY+2 926.2 2'809.4 619.6 3'806'304.8 2'079.1 2'771.4 1'292.7 4'145'735.3 1'764'335.2 395.1 272.3

LFY 11.4x 21.7x 16.0x 8.5x 15.0x 15.8x 12.4x 7.7x 7.8x 8.7x 9.9x

LTM 11.1x 16.9x 16.0x 8.7x 16.8x 14.7x 12.0x 7.8x 9.1x 8.7x 9.9x

CY+1 8.0x 12.4x 12.1x 6.4x 13.0x 14.0x 11.2x 7.7x 5.1x 7.0x 7.7x

CY+2 7.2x 11.4x 10.2x 5.3x 11.4x 12.9x 10.0x 7.0x 4.1x 5.8x 6.8x

LFY 0.03 0.19 - 733.70 - 0.25 0.14 1'530.57 - 0.15 -

LTM 0.03 0.20 0.43 542.00 0.96 0.33 0.16 1'516.90 135.38 0.15 0.18

CY+1 0.04 0.22 0.50 716.50 1.05 0.27 0.14 1'409.45 165.31 0.13 0.22

CY+2 0.04 0.24 0.59 887.48 1.21 0.30 0.17 1'527.36 191.84 0.16 0.24

LFY 13.1x 13.7x 19.7x 15.6x 22.3x 15.6x 10.1x 11.8x 11.4x 8.9x 15.7x

LTM - 13.7x - 14.0x - 15.8x 10.2x 11.8x - 9.0x -

CY+1 11.1x 12.4x 17.1x 11.8x 20.6x 18.7x 12.2x 12.7x 9.4x 10.2x 12.7x

CY+2 10.3x 11.4x 14.5x 9.5x 17.8x 17.2x 9.6x 11.7x 8.1x 8.6x 11.5x

1 Year 1.7% 1.7% (7.7%) 9.8% (1.7%) (3.3%) 8.2% 7.3% (10.1%) 22.0% (19.6%)

5 Year 21.9% 13.5% 9.2% 4.1% 7.5% 2.2% 21.1% 9.2% 4.2% - -

1 Year (21.9%) (8.6%) (31.8%) (16.2%) (24.8%) (2.5%) 38.7% 10.0% (32.1%) 9.3% (41.0%)

5 Year 6.5% 16.2% (1.8%) 14.3% 12.4% 4.6% 31.3% 5.2% 6.6% - 9.0%

LTM 12.0% 5.0% 33.9% 21.2% 15.9% 17.8% 5.1% 33.3% 31.2% 53.4% 40.7%CY+1 14.3% 5.2% 40.1% 23.8% 17.7% 16.8% 5.3% 30.9% 33.8% 48.6% 46.3%

CY+2 14.3% 5.1% 41.2% 24.8% 18.3% 17.3% 5.5% 30.4% 35.0% 44.9% 47.3%

Total Debt / Equity % 21.8% 155.1% 20.5% 49.1% 34.9% 65.5% 239.4% 10.8% 0.0% 48.6% 0.0%

Total Debt / Capital % 17.7% 59.4% 16.1% 22.9% 24.8% 39.0% 68.0% 9.4% 0.0% 31.7% 0.0%

Total Debt / EBITDA 2.550x 9.849x 1.681x 2.356x 1.547x 3.095x 9.173x 0.251x 0.000x 1.671x 0.000x

Net Debt / EBITDA 1.630x 8.822x -0.832x 0.847x 0.005x 1.729x 8.040x 0.187x -1.131x 0.414x -0.612x

EBITDA / Int. Expense 11.397x 2.725x 110.682x 6.036x 27.328x 11.588x 2.099x 134.640x 408.529x 9.338x 6697.563x

S&P LT Credit Rating - - - - - BBB+ - - - - -

S&P LT Credit Rating Date - - - - - 14.03.2008 - - - - -

Moody's LT Credit Rating - - - - - - - - - - -

Moody's LT Credit Rating Date - - - - - - - - - - -

52-Week High Date

52-Week Low

Latest Fiscal Year:

52-Week High

Total Debt

Market Capitalization

Daily Volume

52-Week Low % Change

Current Price (5/dd/yy)52-Week High % Change

Cash and Equivalents

EBITDA

EV/EBITDA

Enterprise Value

Valuation

Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

P/E

Revenue Growth

Total Revenue

EV/Total Revenue

EPS

EBITDA Growth

EBITDA Margin

Credit Ratings

Leverage/Coverage Ratios

Company Analysis - Peers Comparision


Documents

Financial Analysis - Golden Agri-Resources Limited Cultivates, Harvests, Processes, Distributes, And Sells Crude Palm Oil and Palm Kernel. the Company Also Refines Crude Palm Oil Into