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Golden Agri-Resources

SGX:E5H
Snowflake Description

Reasonable growth potential and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
E5H
SGX
SGD4B
Market Cap
  1. Home
  2. SG
  3. Food, Beverage & Tobacco
Company description

Golden Agri-Resources Ltd, an investment holding company, operates as an integrated palm oil plantation company worldwide. The last earnings update was 64 days ago. More info.


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E5H Share Price and Events
7 Day Returns
1.7%
SGX:E5H
0.4%
SG Food
0.1%
SG Market
1 Year Returns
7.1%
SGX:E5H
12.6%
SG Food
2%
SG Market
E5H Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Golden Agri-Resources (E5H) 1.7% 11.1% -1.6% 7.1% -15.5% -45.9%
SG Food 0.4% 6.4% -0.2% 12.6% -3.3% -19.6%
SG Market 0.1% 3.1% 0.5% 2% 9.2% -4.6%
1 Year Return vs Industry and Market
  • E5H underperformed the Food industry which returned 12.6% over the past year.
  • E5H outperformed the Market in Singapore which returned 2% over the past year.
Price Volatility
E5H
Industry
5yr Volatility vs Market

E5H Value

 Is Golden Agri-Resources undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Golden Agri-Resources to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Golden Agri-Resources.

SGX:E5H Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.5%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:E5H
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Food Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.564 (1 + (1- 17%) (107.52%))
1.046
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.05
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.046 * 5.96%)
8.54%

Discounted Cash Flow Calculation for SGX:E5H using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Golden Agri-Resources is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:E5H DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.54%)
2020 368.20 Analyst x3 339.25
2021 411.15 Analyst x2 349.03
2022 445.73 Est @ 8.41% 348.63
2023 475.06 Est @ 6.58% 342.35
2024 500.22 Est @ 5.3% 332.13
2025 522.22 Est @ 4.4% 319.47
2026 541.90 Est @ 3.77% 305.44
2027 559.95 Est @ 3.33% 290.79
2028 576.87 Est @ 3.02% 276.02
2029 593.05 Est @ 2.81% 261.45
Present value of next 10 years cash flows $3,164.56
SGX:E5H DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $593.05 × (1 + 2.3%) ÷ (8.54% – 2.3%)
$9,735.25
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $9,735.25 ÷ (1 + 8.54%)10
$4,291.85
SGX:E5H Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $3,164.56 + $4,291.85
$7,456.41
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $7,456.41 / 12,734.76
$0.59
SGX:E5H Discount to Share Price
Calculation Result
Exchange Rate USD/SGD
(Reporting currency to currency of SGX:E5H)
1.357
Value per Share
(SGD)
= Value per Share in USD x Exchange Rate (USD/SGD)
= $0.59 x 1.357
SGD0.79
Value per share (SGD) From above. SGD0.79
Current discount Discount to share price of SGD0.30
= -1 x (SGD0.30 - SGD0.79) / SGD0.79
62.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Golden Agri-Resources is available for.
Intrinsic value
>50%
Share price is SGD0.3 vs Future cash flow value of SGD0.79429
Current Discount Checks
For Golden Agri-Resources to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Golden Agri-Resources's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Golden Agri-Resources's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Golden Agri-Resources's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Golden Agri-Resources's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:E5H PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.00
SGX:E5H Share Price ** SGX (2019-07-16) in SGD SGD0.3
SGX:E5H Share Price converted to USD reporting currency Exchange rate (SGD/ USD) 0.737 $0.22
Singapore Food Industry PE Ratio Median Figure of 16 Publicly-Listed Food Companies 16.63x
Singapore Market PE Ratio Median Figure of 326 Publicly-Listed Companies 13.11x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Golden Agri-Resources.

SGX:E5H PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:E5H Share Price ÷ EPS (both in USD)

= 0.22 ÷ 0.00

600.94x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Golden Agri-Resources is overvalued based on earnings compared to the SG Food industry average.
  • Golden Agri-Resources is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does Golden Agri-Resources's expected growth come at a high price?
Raw Data
SGX:E5H PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 600.94x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
25.5%per year
Singapore Food Industry PEG Ratio Median Figure of 7 Publicly-Listed Food Companies 1.08x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.62x

*Line of best fit is calculated by linear regression .

SGX:E5H PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 600.94x ÷ 25.5%

23.59x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Golden Agri-Resources is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Golden Agri-Resources's assets?
Raw Data
SGX:E5H PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $0.33
SGX:E5H Share Price * SGX (2019-07-16) in SGD SGD0.3
SGX:E5H Share Price converted to USD reporting currency Exchange rate (SGD/ USD) 0.737 $0.22
Singapore Food Industry PB Ratio Median Figure of 19 Publicly-Listed Food Companies 0.83x
Singapore Market PB Ratio Median Figure of 430 Publicly-Listed Companies 0.72x
SGX:E5H PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:E5H Share Price ÷ Book Value per Share (both in USD)

= 0.22 ÷ 0.33

0.67x

* Primary Listing of Golden Agri-Resources.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Golden Agri-Resources is good value based on assets compared to the SG Food industry average.
X
Value checks
We assess Golden Agri-Resources's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Food industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Food industry average (and greater than 0)? (1 check)
  5. Golden Agri-Resources has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

E5H Future Performance

 How is Golden Agri-Resources expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
25.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Golden Agri-Resources expected to grow at an attractive rate?
  • Golden Agri-Resources's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Golden Agri-Resources's earnings growth is expected to exceed the Singapore market average.
  • Golden Agri-Resources's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:E5H Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:E5H Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 25.5%
SGX:E5H Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 9.3%
Singapore Food Industry Earnings Growth Rate Market Cap Weighted Average 11.2%
Singapore Food Industry Revenue Growth Rate Market Cap Weighted Average 7.2%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.6%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:E5H Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:E5H Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 8,551 408 95 8
2020-12-31 8,053 395 140 11
2019-12-31 7,039 360 93 7
SGX:E5H Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 6,969 486 5
2018-12-31 7,167 283 -2
2018-09-30 7,438 466 -110
2018-06-30 7,381 177 -13
2018-03-31 7,277 287 48
2017-12-31 7,508 533 74
2017-09-30 7,722 170 149
2017-06-30 7,776 545 325
2017-03-31 7,762 246 343
2016-12-31 7,209 102 400
2016-09-30 6,623 133 373
2016-06-30 6,361 -120 137

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Golden Agri-Resources's earnings are expected to grow significantly at over 20% yearly.
  • Golden Agri-Resources's revenue is expected to grow by 9.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:E5H Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Golden Agri-Resources Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:E5H Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.01 0.01 0.01 3.00
2020-12-31 0.01 0.02 0.01 8.00
2019-12-31 0.01 0.01 0.01 3.00
SGX:E5H Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.00
2018-12-31 0.00
2018-09-30 -0.01
2018-06-30 0.00
2018-03-31 0.00
2017-12-31 0.01
2017-09-30 0.01
2017-06-30 0.03
2017-03-31 0.03
2016-12-31 0.03
2016-09-30 0.03
2016-06-30 0.01

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Golden Agri-Resources is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Golden Agri-Resources's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Golden Agri-Resources has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

E5H Past Performance

  How has Golden Agri-Resources performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Golden Agri-Resources's growth in the last year to its industry (Food).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Golden Agri-Resources's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Golden Agri-Resources's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Golden Agri-Resources's 1-year earnings growth is negative, it can't be compared to the SG Food industry average.
Earnings and Revenue History
Golden Agri-Resources's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Golden Agri-Resources Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:E5H Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 6,968.55 4.69 804.29
2018-12-31 7,167.43 -1.77 850.49
2018-09-30 7,438.01 -110.16 836.93
2018-06-30 7,380.87 -12.57 827.21
2018-03-31 7,277.33 48.33 837.88
2017-12-31 7,507.60 74.03 845.47
2017-09-30 7,722.37 149.39 862.67
2017-06-30 7,776.43 325.43 853.24
2017-03-31 7,761.69 343.08 821.50
2016-12-31 7,208.85 399.62 828.53
2016-09-30 6,622.69 372.89 826.47
2016-06-30 6,361.04 136.76 852.88
2016-03-31 6,450.32 107.68 875.23
2015-12-31 6,510.05 10.35 822.47
2015-09-30 6,780.58 -31.13 804.00
2015-06-30 7,050.69 -10.36 822.00
2015-03-31 7,258.47 6.46 880.40
2014-12-31 7,619.31 113.55 944.28
2014-09-30 7,698.90 258.46 1,008.24
2014-06-30 7,425.59 284.31 968.74
2014-03-31 7,069.03 302.31 909.79
2013-12-31 6,584.96 311.29 861.33
2013-09-30 6,201.73 241.90 846.07
2013-06-30 6,303.46 297.63 893.42
2013-03-31 5,962.74 360.44 923.06
2012-12-31 6,051.75 409.64 973.27
2012-09-30 5,861.04 1,103.86 966.03

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Golden Agri-Resources has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Golden Agri-Resources used its assets less efficiently than the SG Food industry average last year based on Return on Assets.
  • Golden Agri-Resources's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Golden Agri-Resources's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Food industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Golden Agri-Resources has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

E5H Health

 How is Golden Agri-Resources's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Golden Agri-Resources's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Golden Agri-Resources is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Golden Agri-Resources's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Golden Agri-Resources's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Golden Agri-Resources Company Filings, last reported 3 months ago.

SGX:E5H Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 4,344.69 2,984.74 562.34
2018-12-31 4,310.08 3,343.33 506.46
2018-09-30 3,953.69 3,116.73 372.84
2018-06-30 4,059.25 3,235.87 428.40
2018-03-31 4,120.69 3,110.18 368.34
2017-12-31 4,108.55 3,248.92 384.34
2017-09-30 4,181.67 3,123.50 348.52
2017-06-30 4,132.92 2,964.64 411.76
2017-03-31 4,127.76 2,937.99 393.64
2016-12-31 4,095.95 3,385.89 342.33
2016-09-30 4,048.68 3,004.02 388.37
2016-06-30 3,829.60 3,230.02 387.51
2016-03-31 3,845.96 2,977.77 448.97
2015-12-31 3,749.40 3,416.76 455.55
2015-09-30 8,833.53 3,332.75 832.19
2015-06-30 8,825.66 2,986.22 496.85
2015-03-31 8,814.93 3,082.16 526.51
2014-12-31 8,818.32 3,315.27 519.39
2014-09-30 8,885.18 2,894.31 475.56
2014-06-30 8,880.93 2,854.38 582.65
2014-03-31 8,903.91 2,591.51 638.76
2013-12-31 8,803.37 2,794.83 579.32
2013-09-30 8,740.93 2,444.04 699.49
2013-06-30 8,717.45 2,053.63 624.72
2013-03-31 8,731.81 1,831.51 650.48
2012-12-31 8,618.20 2,060.59 685.21
2012-09-30 8,594.32 1,372.04 498.73
  • Golden Agri-Resources's level of debt (68.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (29.1% vs 68.7% today).
  • Debt is not well covered by operating cash flow (16.3%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Golden Agri-Resources's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Golden Agri-Resources has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

E5H Dividends

 What is Golden Agri-Resources's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.9%
Current annual income from Golden Agri-Resources dividends. Estimated to be 1.61% next year.
If you bought SGD2,000 of Golden Agri-Resources shares you are expected to receive SGD38 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Golden Agri-Resources's pays a lower dividend yield than the bottom 25% of dividend payers in Singapore (2.56%).
  • Golden Agri-Resources's dividend is below the markets top 25% of dividend payers in Singapore (5.53%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:E5H Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
Singapore Food Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 2.6%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.8%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.7%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
Singapore Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:E5H Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.00 5.00
2020-12-31 0.00 8.00
2019-12-31 0.00 5.00
SGX:E5H Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-02 0.004 2.011
2019-02-26 0.004 2.095
2018-11-12 0.000 0.000
2018-02-27 0.006 2.743
2017-11-14 0.005 1.852
2017-11-13 0.005 1.755
2017-04-04 0.005 1.684
2017-02-24 0.004 1.664
2016-02-29 0.003 1.296
2015-11-12 0.000 0.000
2015-08-12 0.000 0.000
2015-02-27 0.003 0.882
2014-11-12 0.006 1.840
2014-02-28 0.008 1.881
2013-11-12 0.009 2.150
2013-02-28 0.009 2.130
2012-11-12 0.010 1.875
2012-08-10 0.010 1.816
2012-04-09 0.014 2.650
2012-02-27 0.015 2.458
2011-04-11 0.006 1.128
2011-02-28 0.006 1.115
2010-04-15 0.004 0.766
2010-02-26 0.004 0.863
2009-11-11 0.000 0.000
2009-08-14 0.000 0.000
2009-05-15 0.000 0.000
2009-04-16 0.000 0.000
2009-02-27 0.000 0.000
2008-08-13 0.010 5.944

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Golden Agri-Resources's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.1x coverage).
Future Payout to shareholders
  • No need to calculate the sustainability of Golden Agri-Resources's dividends in 3 years as they are not expected to pay a notable one for Singapore.
X
Income/ dividend checks
We assess Golden Agri-Resources's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Golden Agri-Resources afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Golden Agri-Resources has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

E5H Management

 What is the CEO of Golden Agri-Resources's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Franky Widjaja
AGE 61
TENURE AS CEO 23.5 years
CEO Bio

Mr. Franky Oesman Widjaja has been the Chief Executive Officer and Executive Director of Golden Agri-resources Ltd since 1996. Mr. Widjaja serves as the Head of the Agri-Business and Consumer Food Products Division of the Sinar Mas Group. He serves as Vice President of GAR's Indonesian subsidiary, PT Sinar Mas Agro Resources & Technology Tbk. He served as the Chief Executive Officer and Executive Chairman of Bund Center Investment Ltd. He served as the Chief Executive Officer of Sinarmas Land Ltd. from 2000 to December 2006. He has a variety of managerial and operational experience in various industries, such as paper, property, chemicals, financial services and agribusiness, in the period 1982 to 2003. Since 1982, he has been involved with different businesses including pulp and paper, property, chemical, financial services and agriculture. He has been the Chairman of Golden Agri-Resources Ltd since 2000. He has been the Executive Chairman of Sinarmas Land, Ltd. since December 2006. He serves as the President Commissioner of P.T. Sawit Mas Sejahtera. He has been the President Commissioner at PT Sinar Mas Agro Resources & Technology Tbk since June 27, 2003. Mr. Widjaja has been the President Commissioner of PT Dian Swastatika Sentosa Tbk since May 31, 2011. He has been the President Commissioner of PT Plaza Indonesia Realty Tbk since May 30, 2001 and serves as its Commissioner since May 30, 2001. He served as Acting Executive Chairman at Bund Center Investment Ltd. since May 9, 2012. He served as the President Director of PT SMaRT Tbk from 1991 to 1992 and served as its Vice President Director from 1992 to 2003. He served as Vice President Commissioner of PT Puradelta Lestari Tbk from 1996 to May 11, 2016. He serves as Group Vice Chairman of Sinar Mas Tunggal PT. He serves as a Vice President Director of AFP's Indonesian property subsidiary and PT Sinar Mas. He served as Vice President Commissioner of PT Duta Pertiwi Tbk since 2007. He served as Vice President Commissioner of AFP's Indonesia Stock Exchange listed property subsidiary, PT Bumi Serpong Damai Tbk since December 2007. He serves as Vice President Commissioner of Duta Pertiwi PT. He served as Vice President Director of PT Duta Pertiwi Tbk from 1994 to 2004 and served as its President Commissioner from 2004 to 2007. He has been an Executive Director of AFP Properties Limited since 1997; Sinarmas Land Ltd. since 1997. He has been a Non-Executive Director of Bund Center Investment Ltd., since September 9, 2009. He serves as a Commissioner of PT Sinar Mas Agro Resources & Technology TBK and PT Bumi Serpong Damai Tbk. He sits on the Boards of Directors of several Sinar Mas companies. He serves as the Chairman of the indonesian Palm oil Board (DMSi), Vice Chairman of indonesia Chamber of Commerce and industry (kadin) agribusiness, Food and Livestock Sector, Counsel of indonesian Palm oil association (GaPki), a Member of the Steering Board of Food & Beverage association of indonesia (GaPMMi) as well as Member of the Honorary Board of the Indonesia Issuer Association (aei). He received his tertiary education at the Aoyama Gakuin University, Japan where he graduated with a Bachelor's Degree in Commerce in 1979.

CEO Compensation
  • Insufficient data for Franky to compare compensation growth.
  • Insufficient data for Franky to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the Golden Agri-Resources management team in years:

13.5
Average Tenure
56
Average Age
  • The average tenure for the Golden Agri-Resources management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Franky Widjaja

TITLE
Chairman & CEO
AGE
61
TENURE
23.5 yrs

Muktar Widjaja

TITLE
President & Executive Director
AGE
65
TENURE
19.5 yrs

Rafael Concepcion

TITLE
CFO & Executive Director
AGE
52
TENURE
6.5 yrs

Khoo Yeow

TITLE
Chief Information Officer

Richard Fung

TITLE
Director of Investor Relations

Pedy Harianto

TITLE
Head of Controllership & Compliance

Anita Neville

TITLE
Vice President of Corporate Communications & Sustainability Relations

Harjanto Tanuwidjaja

TITLE
Chief Human Resources Officer

Hemant Bhatt

TITLE
Head of Downstream & Commercial
AGE
56

Paul Hickman

TITLE
Head of Global Vegetable Oils & Oilseeds
AGE
53
TENURE
7.5 yrs
Board of Directors Tenure

Average tenure and age of the Golden Agri-Resources board of directors in years:

9.2
Average Tenure
65
Average Age
  • The tenure for the Golden Agri-Resources board of directors is about average.
Board of Directors

Franky Widjaja

TITLE
Chairman & CEO
AGE
61
TENURE
19.5 yrs

Muktar Widjaja

TITLE
President & Executive Director
AGE
65
TENURE
20.5 yrs

Rafael Concepcion

TITLE
CFO & Executive Director
AGE
52
TENURE
16.9 yrs

Syn Pau Lew

TITLE
Non-Executive Lead Independent Director
AGE
65
TENURE
2.2 yrs

Meng-Kee Foo

TITLE
Non-Executive Independent Director
AGE
69
TENURE
2.3 yrs

Kaneyalall Hawabhay

TITLE
Independent Non-Executive Director
AGE
71
TENURE
16.2 yrs

William Chung

TITLE
Non-Executive Independent Director
AGE
62
TENURE
2.3 yrs

Christian G. H. de Charnace

TITLE
Non-Executive Independent Director
TENURE
0.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
13. Dec 18 Buy PT Sinar Mas Group Company 07. Dec 18 07. Dec 18 750,000,000 SGD1.00 SGD750,000,009
13. Dec 18 Sell PT Sinar Mas Group Company 07. Dec 18 07. Dec 18 -750,000,000 SGD1.00 SGD-750,000,009
14. Aug 18 Sell PT Sinar Mas Group Company 03. Aug 18 03. Aug 18 -700,000,000 SGD1.00 SGD-700,000,394
14. Aug 18 Buy PT Sinar Mas Group Company 03. Aug 18 03. Aug 18 700,000,000 SGD1.00 SGD700,000,394
10. Aug 18 Buy Silchester International Investors LLP Company 07. Aug 18 07. Aug 18 3,922,200 SGD0.28 SGD1,098,215
X
Management checks
We assess Golden Agri-Resources's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Golden Agri-Resources has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

E5H News

Simply Wall St News

Golden Agri-Resources (SGX:E5H) Seems To Be Using An Awful Lot Of Debt

Because it carries more debt than cash, we think it's worth watching Golden Agri-Resources's balance sheet over time. … Golden Agri-Resources shareholders face the double whammy of a high net debt to EBITDA ratio (5.85), and fairly weak interest coverage, since EBIT is just 1.05 times the interest expense. … Looking at the most recent three years, Golden Agri-Resources recorded free cash flow of 44% of its EBIT, which is weaker than we'd expect.

Simply Wall St -

How Do Golden Agri-Resources Ltd’s (SGX:E5H) Returns Compare To Its Industry?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Golden Agri-Resources: 0.021 = US$125m ÷ (US$8.6b - US$2.7b) (Based on the trailing twelve months to March 2019.) Therefore, Golden Agri-Resources has an ROCE of 2.1%. … How Golden Agri-Resources's Current Liabilities Impact Its ROCE Liabilities, such as supplier bills and bank overdrafts, are referred to as current liabilities if they need to be paid within 12 months. … The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise.

Simply Wall St -

Such Is Life: How Golden Agri-Resources (SGX:E5H) Shareholders Saw Their Shares Drop 53%

For example, after five long years the Golden Agri-Resources Ltd (SGX:E5H) share price is a whole 53% lower. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … Over five years Golden Agri-Resources's earnings per share dropped significantly, falling to a loss, with the share price also lower.

Simply Wall St -

What You Must Know About Golden Agri-Resources Ltd's (SGX:E5H) Financial Strength

Small-cap and large-cap companies receive a lot of attention from investors, but mid-cap stocks like Golden Agri-Resources Ltd (SGX:E5H), with a market cap of S$3.5b, are often out of the spotlight. … Don’t forget that this is a general and concentrated examination of Golden Agri-Resources’s financial health, so you should conduct further analysis. … View our latest analysis for Golden Agri-Resources

Simply Wall St -

Could The Golden Agri-Resources Ltd (SGX:E5H) Ownership Structure Tell Us Something Useful?

The big shareholder groups in Golden Agri-Resources Ltd (SGX:E5H) have power over the company. … Generally speaking, as a company grows, institutions will increase their ownership. … With a market capitalization of S$3.2b, Golden Agri-Resources is a decent size, so it is probably on the radar of institutional investors.

Simply Wall St -

Golden Agri-Resources Ltd (SGX:E5H): Time For A Financial Health Check

Small and large cap stocks are widely popular for a variety of reasons, however, mid-cap companies such as Golden Agri-Resources Ltd (SGX:E5H), with a market cap of S$3.2b, often get neglected by retail investors. … While they are less talked about as an investment category, mid-cap risk-adjusted returns have generally been better than more commonly focused stocks that fall into the small- or large-cap categories. … Note that this commentary is very high-level and solely focused on financial health, so I suggest you dig deeper yourself.

Simply Wall St -

What Kind Of Shareholder Owns Most Golden Agri-Resources Ltd (SGX:E5H) Stock?

Every investor in Golden Agri-Resources Ltd (SGX:E5H) should be aware of the most powerful shareholder groups. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Companies that have been privatized tend to have low insider ownership.

Simply Wall St -

Golden Agri-Resources Ltd (SGX:E5H): The Return Story

This share represents a portion of capital used by the company to operate the business, and it is important the company is able to use the capital base efficiently to create adequate cash flows for you as an investor. … To understand Golden Agri-Resources’s capital returns we will look at a useful metric called return on capital employed. … Calculating Return On Capital Employed for E5H

Simply Wall St -

Interested In Golden Agri-Resources Ltd (SGX:E5H)? Here's How It Performed Recently

Today I will take a look at Golden Agri-Resources Ltd's (SGX:E5H) most recent earnings update (31 March 2018) and compare these latest figures against its performance over the past few years, as well as how the rest of the food industry performed. … View our latest analysis for Golden Agri-Resources? … E5H's trailing twelve-month earnings (from 31 March 2018) of US$48.33m has

Simply Wall St -

Is There Now An Opportunity In Golden Agri-Resources Ltd (SGX:E5H)?

received a lot of attention from a substantial price movement on the SGX over the last few months, increasing to SGD0.36 at one point, and dropping to the lows of SGD0.30. … A question to answer is whether Golden Agri-Resources's current trading price of SGD0.30 reflective of the actual value of the? … Let’s take a look at Golden Agri-Resources’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

E5H Company Info

Description

Golden Agri-Resources Ltd, an investment holding company, operates as an integrated palm oil plantation company worldwide. It operates through four segments: Plantation and Palm Oil Mills; and Palm, Laurics and Others. The company offers bulk products, such as crude palm oil, palm kernel, palm kernel oil, palm kernel meal, olein, stearin, cocoa butter substitute, soybean oil, and soybean meal; oleo chemicals; palm oil based bio-diesel and other renewable resources based bio-fuels; and refined products, including cooking oil, margarine, shortening, butter oil substitute, and fats for end-customers, restaurants, hotels, cafés, and industrial markets. It also produces other food products, such as instant noodles, as well as snack products and beverages. The company manages approximately 170 oil palm estates with a total area of 498,395 hectares in Indonesia. In addition, it offers treasury management, building management, business and management consultancy, telecommunication and multimedia, commercial and industrial real estate management, aerial manuring, construction, training, ship management, chartering, and technology product services. Further, the company provides IT consultancy, as well as IT application design, development, and maintenance services; Web hosting; facilities for data center resources and other IT outsourced activities; and port loading, storage, packaging, and transportation services. Additionally, it engages in importing, marketing, and distributing palm oil products; the cultivation of ornamental plants; wholesale trade; property investment activities; and vessels operation. The company was founded in 1996 and is based in Singapore. Golden Agri-Resources Ltd is a subsidiary of Flambo International Limited.

Details
Name: Golden Agri-Resources Ltd
E5H
Exchange: SGX
Founded: 1996
SGD3,820,426,846
12,734,756,156
Website: http://www.goldenagri.com.sg
Address: Golden Agri-Resources Ltd
No. 06-00 Golden agri Plaza,
108 Pasir Panjang Road,
Singapore,
118535,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX E5H Ordinary Shares Singapore Exchange SG SGD 16. Jul 1999
OTCPK GARP.F Ordinary Shares Pink Sheets LLC US USD 16. Jul 1999
DB 4G3A Ordinary Shares Deutsche Boerse AG DE EUR 16. Jul 1999
OTCPK GARP.Y ADR Pink Sheets LLC US USD 06. Nov 2008
Number of employees
Current staff
Staff numbers
96,394
Golden Agri-Resources employees.
Industry
Agricultural Products
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/16 12:42
End of day share price update: 2019/07/16 00:00
Last estimates confirmation: 2019/07/12
Last earnings filing: 2019/05/13
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.