Golden Agri-Resources Ltd is the world's second largest palm oil plantation with a total planted area of 442,500 hectares (including small holders) as at 31 December 2010, located in Indonesia. It has integrated operations focused on the production of palm-based edible oil and fat.
Founded in 1996, GAR is listed on the Singapore Exchange since 1999 with a market capitalisation of US$7.5 billion as at 31 December 2010. Flambo International Ltd, an investment company owned by the Widjaja Family, is GAR's largest shareholder, with a 49.6% stake in the company. GAR has several subsidiaries, including PT SMART Tbk ("SMART") and PT Ivo Mas Tunggal. SMART listed its shares on the Indonesia Stock Exchange in 1992.
GAR is focused on sustainable palm oil production. In Indonesia, its primary activities include cultivating and harvesting of oil palm trees; processing of fresh fruit bunch into crude palm oil ("CPO") and palm kernel; and refining CPO into value-added products such as cooking oil, margarine and shortening. Through its subsidiaries, GAR operates 36 palm oil processing mills, four refineries and six kernel crushing plants. It also has an integrated operation in China including a deep sea port, oilseed crushing plants, production capabilities for refined edible oil products as well as other food products such as noodles.
corporate website: http://www.goldenagri.com.sg
| By the Numbers | USD (Currency in Millions) | ||||
| Employee | 31448 | ||||
| Issued Share (in Millions) | 12138.676942 | ||||
| Total Debt | $984.35 | ||||
| Cash Balance | $275.84 | ||||
| Revenue | $3504.66 | ||||
| Revenue Growth (1yr) | 52.80% | ||||
| Revenue Growth (5yr) | 33.73% | ||||
| Operating Margin | 54.46% | ||||
| Operating Margin Growth (1yr) | 54.46% | ||||
| Operating Margin Growth (5yr) | 55.18% | ||||
| Net Margin | 41.29% | ||||
| Management | |||||
| Executive Chairman of the Board, Chief Executive Officer | Franky Widjaja | ||||
| President, Director | Muktar Widjaja | ||||
| Chief Financial Officer, Director | Simon Lim | ||||
| Executive Director | Rafael Concepcion | ||||
| Key Numbers | USD (Currency in Millions) |
| Income Statement | |||||
| Total Revenue | $3504.66 | ||||
| Gross Profit | $954.59 | ||||
| Total Operating Expense | $1595.97 | ||||
| Operating Income | $1908.69 | ||||
| Net Income before taxes | $1929.18 | ||||
| Net Income after taxes | $1447.15 | ||||
| Net Profit Margin | 41.29% | ||||
| Balance Sheet | |||||
| Total Assets | $10114.45 | ||||
| Current Assets | $1491.91 | ||||
| Total Liabilities | $3288.59 | ||||
| Current Liabilities | $1060.90 | ||||
| Long Term Debt | $443.64 | ||||
| Total Debt | $984.35 | ||||
| Total Equity | $6825.86 | ||||
| Cash Flows | |||||
| Cash from Operating Activities | $167.41 | ||||
| Cash from Investing Activities | $(469.79) | ||||
| Cash from Financing Activities | $184.37 | ||||
| Net Change in Cash | $(118.00) | ||||
| Total Revenue (Millions) | Q1 | Q2 | Q3 | Q4 | 12 months |
| 2010 | $624.53 | $726.22 | $964.74 | $1189.16 | $3504.66 |
| 2009 | NA | NA | NA | $643.08 | $2293.70 |
| Net Income (Millions) | Q1 | Q2 | Q3 | Q4 | 12 months |
| 2010 | $88.52 | $66.05 | $99.17 | $1169.30 | $1423.04 |
| 2009 | NA | NA | NA | $472.73 | $606.96 |
Note : excluding biological asset revaluation, the normalised net profit should be around USD387 million for 2010.
The targeted net profit for 2011 = USD420 million OR EPS of USD0.035 (SGD 0.0448)
USD 1 =SGD 1.28
Therefore, GAR share price currently trading at FY2011 PER of 14x. Any price downward adjustment provide opportunity to accumulate this counter.
Support level 1 - SGD0.585 (PER 13X)
Support level 2 - SGD0.540 (PER 12x)
Target price for GAR =SGD 0.72 - SGD0.80 level for coming 1 year based on PER 16X-18X.
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