Announcement • Apr 29
Golden Agri-Resources Ltd to Report Q1, 2026 Results on May 15, 2026 Golden Agri-Resources Ltd announced that they will report Q1, 2026 results During-Market on May 15, 2026 New Risk • Apr 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (41% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Mar 01
Dividend increased to S$0.0095 Dividend of S$0.0095 is 18% higher than last year. Ex-date: 7th May 2026 Payment date: 20th May 2026 Dividend yield will be 3.3%, which is lower than the industry average of 5.5%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 8.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 66% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 27
Golden Agri-Resources Ltd announces Annual dividend, payable on May 20, 2026 Golden Agri-Resources Ltd announced Annual dividend of SGD 0.0095 per share payable on May 20, 2026, ex-date on May 07, 2026 and record date on May 08, 2026. Reported Earnings • Feb 27
Full year 2025 earnings released Full year 2025 results: Revenue: US$13.0b (up 19% from FY 2024). Net income: US$400.2m (up 9.8% from FY 2024). Profit margin: 3.1% (down from 3.3% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 6.4% p.a. on average during the next 3 years, while revenues in the Food industry in Singapore are expected to grow by 3.3%. Announcement • Feb 26
Golden Agri-Resources Ltd, Annual General Meeting, Apr 24, 2026 Golden Agri-Resources Ltd, Annual General Meeting, Apr 24, 2026. Announcement • Feb 12
Golden Agri-Resources Ltd to Report Fiscal Year 2025 Results on Feb 26, 2026 Golden Agri-Resources Ltd announced that they will report fiscal year 2025 results After-Market on Feb 26, 2026 Buy Or Sell Opportunity • Jan 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.5% to S$0.29. The fair value is estimated to be S$0.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 22%. Revenue is forecast to decline by 17% in 2 years. Earnings are forecast to grow by 155% in the next 2 years. Buy Or Sell Opportunity • Jan 07
Now 21% overvalued Over the last 90 days, the stock has fallen 1.7% to S$0.29. The fair value is estimated to be S$0.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 22%. Revenue is forecast to decline by 17% in 2 years. Earnings are forecast to grow by 155% in the next 2 years. Reported Earnings • Nov 18
Third quarter 2025 earnings released Third quarter 2025 results: EPS: US$0.01. Revenue: US$3.38b (up 23% from 3Q 2024). Net income: US$124.0m (up 5.1% from 3Q 2024). Profit margin: 3.7% (down from 4.3% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 5.8% p.a. on average during the next 3 years, while revenues in the Food industry in Singapore are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
First half 2025 earnings released First half 2025 results: Revenue: US$6.15b (up 20% from 1H 2024). Net income: US$160.3m (up 56% from 1H 2024). Profit margin: 2.6% (up from 2.0% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 5.6% p.a. on average during the next 3 years, while revenues in the Food industry in Singapore are expected to grow by 4.9%. Announcement • Jul 30
Golden Agri-Resources Ltd to Report First Half, 2025 Results on Aug 14, 2025 Golden Agri-Resources Ltd announced that they will report first half, 2025 results on Aug 14, 2025 Announcement • May 24
Golden Agri-Resources Ltd Recommends A Final Dividend for Fy2024 The Board of Golden Agri-Resources Ltd. at a meeting held on April 25, 2025 has recommended a final dividend of 0.804 Singapore cents per ordinary share for FY2024. Reported Earnings • Apr 06
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: US$0.029 (up from US$0.016 in FY 2023). Revenue: US$10.9b (up 12% from FY 2023). Net income: US$364.6m (up 85% from FY 2023). Profit margin: 3.3% (up from 2.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.5%. Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Food industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. New Risk • Mar 04
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Paying a dividend despite having no free cash flows. Declared Dividend • Mar 01
Dividend of S$0.008 announced Shareholders will receive a dividend of S$0.008. Ex-date: 8th May 2025 Payment date: 20th May 2025 Dividend yield will be 3.2%, which is lower than the industry average of 5.5%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • Feb 28
Golden Agri-Resources Ltd announces Annual dividend, payable on May 20, 2025 Golden Agri-Resources Ltd. announced Annual dividend of SGD 0.0080 per share payable on May 20, 2025, ex-date on May 08, 2025 and record date on May 09, 2025. Reported Earnings • Feb 28
Full year 2024 earnings: Revenues in line with analyst expectations Full year 2024 results: Revenue: US$10.9b (up 12% from FY 2023). Net income: US$364.6m (up 85% from FY 2023). Profit margin: 3.3% (up from 2.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Food industry in Singapore. Announcement • Feb 27
Golden Agri-Resources Ltd, Annual General Meeting, Apr 25, 2025 Golden Agri-Resources Ltd, Annual General Meeting, Apr 25, 2025. Announcement • Feb 12
Golden Agri-Resources Ltd to Report Fiscal Year 2024 Results on Feb 27, 2025 Golden Agri-Resources Ltd announced that they will report fiscal year 2024 results Pre-Market on Feb 27, 2025 Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Non-Executive Independent Director Marie Wan-Min-Kee was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 19
Third quarter 2024 earnings released Third quarter 2024 results: EPS: US$0.009. Revenue: US$2.76b (up 13% from 3Q 2023). Net income: US$118.0m (up 74% from 3Q 2023). Profit margin: 4.3% (up from 2.8% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Food industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Oct 31
Golden Agri-Resources Ltd to Report Q3, 2024 Results on Nov 14, 2024 Golden Agri-Resources Ltd announced that they will report Q3, 2024 results After-Market on Nov 14, 2024 Major Estimate Revision • Aug 20
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$10.7b to US$10.2b. EPS estimate also fell from US$0.044 per share to US$0.039 per share. Net income forecast to grow 276% next year vs 3.7% growth forecast for Food industry in Singapore. Consensus price target broadly unchanged at S$0.27. Share price was steady at S$0.27 over the past week. New Risk • Aug 14
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (1.2% net profit margin). Reported Earnings • Aug 14
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: US$2.58b (up 10% from 2Q 2023). Net income: US$65.4m (down 28% from 2Q 2023). Profit margin: 2.5% (down from 3.9% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Food industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Jul 30
Golden Agri-Resources Ltd to Report Q2, 2024 Results on Aug 13, 2024 Golden Agri-Resources Ltd announced that they will report Q2, 2024 results After-Market on Aug 13, 2024 Major Estimate Revision • Jul 01
Consensus revenue estimates increase by 17% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$9.16b to US$10.7b. EPS estimate reaffirmed at US$0.044. Net income forecast to grow 226% next year vs 12% growth forecast for Food industry in Singapore. Consensus price target broadly unchanged at S$0.28. Share price was steady at S$0.27 over the past week. Reported Earnings • May 16
First quarter 2024 earnings released First quarter 2024 results: Revenue: US$2.56b (flat on 1Q 2023). Net income: US$37.0m (down 60% from 1Q 2023). Profit margin: 1.4% (down from 3.6% in 1Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 2.5% growth forecast for the Food industry in Singapore. Announcement • May 01
Golden Agri-Resources Ltd to Report Q1, 2024 Results on May 15, 2024 Golden Agri-Resources Ltd announced that they will report Q1, 2024 results on May 15, 2024 Announcement • Apr 23
Golden Agri-Resources Ltd Approves Final Dividend for the Fiscal Year Ended December 31, 2023 Golden Agri-Resources Ltd. at its AGM held on April 23, 2024 approved final dividend of 0.613 Singapore cents cents for the fiscal year ended December 31, 2023 against 1.791 Singapore cents cents a year ago. Announcement • Apr 17
Golden Agri-Resources Ltd Appoints Marie Chantale Wan-Min-Kee Aws Non-Executive Independent Director, Effective April 24, 2024 Golden Agri-Resources Ltd. announced that upon recommendation of the Nominating Committee after due consideration being given to the relevant factors, including experience, qualifications, independence, commitment and contribution in this role, the Board approved the appointment of Ms. Marie Chantale Wan-Min-Kee. Working Experience is July 2006 - May 2018: TMF Mauritius Limited Country Managing Director. Date of appointment of April 24, 2024. Job Title is Non-Executive Independent Director. Reported Earnings • Apr 03
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$0.016 (down from US$0.062 in FY 2022). Revenue: US$9.76b (down 15% from FY 2022). Net income: US$197.6m (down 75% from FY 2022). Profit margin: 2.0% (down from 6.8% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates by 65%. Revenue is forecast to stay flat during the next 3 years compared to a 2.5% growth forecast for the Food industry in Singapore. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Apr 02
Golden Agri-Resources Ltd, Annual General Meeting, Apr 23, 2024 Golden Agri-Resources Ltd, Annual General Meeting, Apr 23, 2024, at 14:00 Singapore Standard Time. Location: Orchard Hotel Singapore, Orchard Ballroom 1&2, Level 3, 442 Orchard Road, Singapore 238879 Singapore Singapore Agenda: To consider the Adoption of Reports and Audited Financial Statements; to consider the Declaration of Final Dividend; to consider the Approval of Directors' Fees for the year ended 31 December 2023; to consider the Re-appointment of Auditors; to approve the Renewal of Share Issue Mandate; to approve the Renewal of Share Purchase Mandate; to approve the Renewal of Interested Person Transactions Mandate; to re-appointment of Mr. Christian G H Gautier De Charnacé; to re-appointment of Mr. Willy Shee Ping Yah; to re-appointment of Mr. Muktar Widjaja. Reported Earnings • Feb 28
Full year 2023 earnings released Full year 2023 results: Revenue: US$9.76b (down 15% from FY 2022). Net income: US$197.6m (down 75% from FY 2022). Profit margin: 2.0% (down from 6.8% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 2 years, compared to a 3.0% growth forecast for the Food industry in Singapore. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Feb 14
Golden Agri-Resources Ltd to Report Fiscal Year 2023 Results on Feb 28, 2024 Golden Agri-Resources Ltd announced that they will report fiscal year 2023 results Pre-Market on Feb 28, 2024 New Risk • Nov 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.5% net profit margin). Announcement • Nov 01
Golden Agri-Resources Ltd to Report Q3, 2023 Results on Nov 14, 2023 Golden Agri-Resources Ltd announced that they will report Q3, 2023 results After-Market on Nov 14, 2023 Reported Earnings • Aug 14
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: US$2.34b (down 16% from 2Q 2022). Net income: US$90.3m (down 55% from 2Q 2022). Profit margin: 3.9% (down from 7.2% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Food industry in Singapore are expected to grow by 2.7%. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 07
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: US$0.062 (up from US$0.038 in FY 2021). Revenue: US$11.4b (up 12% from FY 2021). Net income: US$782.1m (up 64% from FY 2021). Profit margin: 6.8% (up from 4.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 7.8%. Revenue is expected to decline by 3.2% p.a. on average during the next 3 years, while revenues in the Food industry in Singapore are expected to grow by 1.6%. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 06
Consensus EPS estimates increase by 26% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from US$0.028 to US$0.036. Revenue forecast steady at US$10.4b. Net income forecast to shrink 42% next year vs 19% decline forecast for Food industry in Singapore. Consensus price target broadly unchanged at S$0.32. Share price rose 7.8% to S$0.28 over the past week. Reported Earnings • Feb 28
Full year 2022 earnings released Full year 2022 results: Revenue: US$11.4b (up 12% from FY 2021). Net income: US$782.1m (up 64% from FY 2021). Profit margin: 6.8% (up from 4.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 5.7% p.a. on average during the next 2 years, while revenues in the Food industry in Singapore are expected to remain flat. Announcement • Feb 14
Golden Agri-Resources Ltd to Report Fiscal Year 2022 Results on Feb 28, 2023 Golden Agri-Resources Ltd announced that they will report fiscal year 2022 results at 9:00 AM, Singapore Standard Time on Feb 28, 2023 Major Estimate Revision • Dec 10
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$12.5b to US$11.8b. EPS estimate also fell from US$0.06 per share to US$0.06 per share. Net income forecast to shrink 48% next year vs 0.9% growth forecast for Food industry in Singapore . Consensus price target down from S$0.40 to S$0.31. Share price fell 8.8% to S$0.26 over the past week. Major Estimate Revision • Nov 21
Consensus EPS estimates increase by 31% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from US$12.1b to US$12.5b. EPS estimate increased from US$0.05 to US$0.06 per share. Net income forecast to shrink 40% next year vs 0.4% decline forecast for Food industry in Singapore. Consensus price target broadly unchanged at S$0.41. Share price was steady at S$0.28 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: EPS: US$0.022. Revenue: US$3.08b (up 8.9% from 3Q 2021). Net income: US$285.0m (up 148% from 3Q 2021). Profit margin: 9.3% (up from 4.1% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 7.8% p.a. on average during the next 3 years, while revenues in the Food industry in Singapore are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: US$0.016 (vs US$0.009 in 2Q 2021) Second quarter 2022 results: EPS: US$0.016 (up from US$0.009 in 2Q 2021). Revenue: US$2.79b (up 16% from 2Q 2021). Net income: US$201.7m (up 80% from 2Q 2021). Profit margin: 7.2% (up from 4.7% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 3.2% compared to a 2.8% decline forecast for the Food industry in Singapore. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 15
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$11.2b to US$11.0b. EPS estimate also fell from US$0.05 per share to US$0.05 per share. Net income forecast to shrink 8.3% next year vs 15% decline forecast for Food industry in Singapore. Consensus price target broadly unchanged at S$0.38. Share price was steady at S$0.28 over the past week. Major Estimate Revision • Jul 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from US$0.07 to US$0.05 per share. Revenue forecast steady at US$11.2b. Net income forecast to shrink 9.9% next year vs 18% growth forecast for Food industry in Singapore . Consensus price target broadly unchanged at S$0.42. Share price was steady at S$0.24 over the past week. Upcoming Dividend • Apr 28
Upcoming dividend of S$0.011 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of Singaporean dividend payers (5.8%). Higher than average of industry peers (3.8%). Reported Earnings • Apr 10
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$0.038 (up from US$0.003 in FY 2020). Revenue: US$10.2b (up 44% from FY 2020). Net income: US$476.2m (up US$444.4m from FY 2020). Profit margin: 4.7% (up from 0.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Over the next year, revenue is expected to shrink by 2.3% compared to a 4.8% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 15
Consensus revenue estimates increase by 11% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from US$8.96b to US$9.92b. EPS estimate increased from US$0.05 to US$0.05 per share. Net income forecast to shrink 3.5% next year vs 14% growth forecast for Food industry in Singapore . Consensus price target up from S$0.36 to S$0.43. Share price fell 3.3% to S$0.29 over the past week. Major Estimate Revision • Mar 07
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$9.45b to US$8.96b. EPS estimate rose from US$0.03 to US$0.05. Net income forecast to grow 5.4% next year vs 14% growth forecast for Food industry in Singapore. Consensus price target up from S$0.33 to S$0.35. Share price rose 8.8% to S$0.31 over the past week. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: US$10.2b (up 44% from FY 2020). Net income: US$476.2m (up US$444.4m from FY 2020). Profit margin: 4.7% (up from 0.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 15%. Over the next year, revenue is expected to shrink by 8.9% compared to a 1.7% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS US$0.009 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$2.83b (up 76% from 3Q 2020). Net income: US$115.0m (up US$120.0m from 3Q 2020). Profit margin: 4.1% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 17
Consensus EPS estimates increase to US$0.026 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from US$7.96b to US$8.17b. EPS estimate increased from US$0.022 to US$0.026 per share. Net income forecast to grow 945% next year vs 9.2% growth forecast for Food industry in Singapore. Consensus price target up from S$0.23 to S$0.24. Share price was steady at S$0.24 over the past week. Major Estimate Revision • May 14
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from US$8.27b to US$8.36b. EPS estimate fell from US$0.023 to US$0.019 per share. Net income forecast to grow 881% next year vs 21% growth forecast for Food industry in Singapore. Consensus price target up from S$0.29 to S$0.30. Share price rose 2.0% to S$0.25 over the past week. Executive Departure • May 04
Independent Non-Executive Director has left the company On the 28th of April, Kaneyalall Hawabhay's tenure as Independent Non-Executive Director ended after 17.9 years in the role. We don't have any record of a personal shareholding under Kaneyalall's name. A total of 2 executives have left over the last 12 months. Major Estimate Revision • Apr 28
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from US$7.30b to US$8.27b. EPS estimate reaffirmed at US$0.018. Net income forecast to grow 840% next year vs 21% growth forecast for Food industry in Singapore. Consensus price target down from S$0.29 to S$0.28. Share price rose 12% to S$0.23 over the past week. Reported Earnings • Apr 08
Full year 2020 earnings released: EPS US$0.003 (vs US$0.015 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: US$7.08b (up 10.0% from FY 2019). Net income: US$31.8m (down 84% from FY 2019). Profit margin: 0.4% (down from 3.0% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 08
New 90-day high: S$0.21 The company is up 32% from its price of S$0.16 on 08 December 2020. The Singaporean market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$0.78 per share. Major Estimate Revision • Mar 04
Analysts update estimates The 2021 consensus revenue estimate was lowered from US$8.18b to US$7.30b. Earning per share (EPS) estimate received an upgrade, with analysts raising their estimates from US$0.011 to US$0.016 for the same period. Net income is expected to grow by 357% next year compared to 21% growth forecast for the Food industry in Singapore. The consensus price target increased from S$0.16 to S$0.20. Share price is up 1.6% to S$0.20 over the past week. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.3%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 16%, compared to a 9.4% growth forecast for the Food industry in Singapore. Reported Earnings • Feb 26
Full year 2020 earnings released The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: US$7.08b (up 10.0% from FY 2019). Net income: US$31.8m (down 84% from FY 2019). Profit margin: 0.4% (down from 3.0% in FY 2019). Major Estimate Revision • Jan 21
Analysts update estimates The company's losses in 2020 are expected to improve with analysts raising their consensus EPS forecasts from -US$0.00089 to -US$0.00079. Revenue estimate was approximately flat at US$7.06b. The Food industry in Singapore is expected to see an average net income growth of 1.2% next year. The consensus price target increased from S$0.16 to S$0.16. Share price is down by 3.0% to S$0.19 over the past week. 
