Plantation / CPO: Golden Agri Resources (E5H.SI)

1. Third quarter result will be released around 2nd week of November. GAR making SGD 0.04 for 1H2011.
2. CPO price has weaken from USD $1050 level to USD $950 level. Hope with the increase in production, GAR able to maintain its quarterly profit level between USD $180 million-USD $200 million (EPS of $0.02)
3. The recent sell down provide very good opportunity for investors / traders to accumulate GAR from SGD 0.63 and below.

                        Share price will be well supported at SGD 0.60 level and trading at 7x-8X PER.

                                                   Healthy balance sheet with low gearing.