Invest Indonesia :Plantation / CPO [Golden Agri:(E5H.SI]

Press Release

Golden Agri-Resources sets another record for its nine-month performance in 2011
· For the first nine months of 2011, EBITDA reached US$761 million and net profit hit US$520 million, with  80% and 105% increases, respectively
· Nine months performance of palm products output and average CPO prices
were at historical high
Singapore, 11 November 2011 - Golden Agri-Resources Ltd (“GAR”) announced its
sterling financial results for the nine-month period ended 30 September 2011 today.
GAR doubled both its year-to-date revenue and net profit compared to the
corresponding period last year, to US$4.63 billion and US$520 million, respectively.

 GAR, the largest palm oil plantation company in Indonesia and the second largest in
the world, achieved year-to-date EBITDA of US$761 million, 80% higher than last
year. Net profit was recorded at US$520 million, more than double last year’s result.
The commendable performance was underpinned by the recovery of palm products
output by 24% year-on-year, as well as stronger CPO FOB prices by 41% year-on year.

Details report please refer to :http://www.goldenagri.com.sg/pdfs/News%20Releases/2011/GAR%203Q2011%20Results%20Press%20Release%20final.pdf


Comments:
The 3Q2011 result is below my estimation. However, the 4Q2011 result should be register net profit between USD 150M - 180 M. The full year EPS will be USD0.058 (SGD 0.0738). Target price :
Level 1 - SGD 0.73
Level 2 - SGD 0.81
Level 3 - SGD 0.85

Good Luck!