SGX:E5H

Stock Analysis Report

Executive Summary

Golden Agri-Resources Ltd, an investment holding company, operates as an integrated palm oil plantation company in China, Indonesia, India, Rest of Asia, Europe, and internationally.

Snowflake

Fundamentals

Fair value with imperfect balance sheet.


Similar Companies

Share Price & News

How has Golden Agri-Resources's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-2.4%

E5H

-0.7%

SG Food

-0.002%

SG Market


1 Year Return

-14.6%

E5H

6.3%

SG Food

0.6%

SG Market

Return vs Industry: E5H underperformed the SG Food industry which returned 6.3% over the past year.

Return vs Market: E5H underperformed the SG Market which returned 0.6% over the past year.


Shareholder returns

E5HIndustryMarket
7 Day-2.4%-0.7%-0.002%
30 Day-16.3%-4.9%-1.5%
90 Day-30.5%-9.1%-6.8%
1 Year-12.8%-14.6%9.1%6.3%4.7%0.6%
3 Year-41.2%-44.6%-3.4%-10.6%15.1%2.7%
5 Year-54.0%-57.7%-11.4%-21.3%10.1%-8.2%

Price Volatility Vs. Market

How volatile is Golden Agri-Resources's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Golden Agri-Resources undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: E5H (SGD0.21) is trading below our estimate of fair value (SGD0.51)

Significantly Below Fair Value: E5H is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: E5H is unprofitable, so we can't compare its PE Ratio to the Food industry average.

PE vs Market: E5H is unprofitable, so we can't compare its PE Ratio to the SG market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate E5H's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: E5H is good value based on its PB Ratio (0.5x) compared to the SG Food industry average (0.8x).


Next Steps

Future Growth

How is Golden Agri-Resources forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

84.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: E5H is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: E5H is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: E5H is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: E5H's revenue (6.5% per year) is forecast to grow faster than the SG market (5.4% per year).

High Growth Revenue: E5H's revenue (6.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: E5H's Return on Equity is forecast to be low in 3 years time (3%).


Next Steps

Past Performance

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

-23.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: E5H is unprofitable, and losses have increased over the past 5 years at a rate of -23% per year.

Accelerating Growth: Unable to compare E5H's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: E5H is unprofitable, making it difficult to compare its past year earnings growth to the Food industry (-16.5%).


Return on Equity

High ROE: E5H has a negative Return on Equity (-0.21%), as it is currently unprofitable.


Return on Assets

ROA vs Industry: E5H is currently unprofitable, so its Return on Assets is negative.


Return on Capital Employed

ROCE Improving: E5H is currently unprofitable, so its Return on Capital Employed is negative.


Next Steps

Financial Health

How is Golden Agri-Resources's financial position?


Financial Position Analysis

Short Term Liabilities: E5H's short term assets ($2.8B) exceeds its short term liabilities ($2.8B)

Long Term Liabilities: E5H's short term assets (2.8B) exceeds its long term liabilities (1.5B)


Debt to Equity History and Analysis

Debt Level: E5H's debt to equity ratio (71.2%) is considered high

Reducing Debt: E5H's debt to equity ratio has increased from 32.1% to 71.2% over the past 5 years.

Debt Coverage: E5H's debt is not well covered by operating cash flow (17.6%).

Interest Coverage: E5H is unprofitable, therefore interest payments are not well covered by earnings.


Balance Sheet

Inventory Level: E5H has a high level of physical assets or inventory.

Debt Coverage by Assets: E5H's debt is not covered by short term assets (assets are 0.9x debt).


Next Steps

Dividend

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

2.78%

Current Dividend Yield


Dividend Yield vs Market

company2.8%marketbottom25%2.6%markettop25%5.7%industryaverage2.9%forecastin3Years1.5%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: E5H's dividend (2.78%) is higher than the bottom 25% of dividend payers in the SG market (2.55%).

High Dividend: E5H's dividend (2.78%) is low compared to the top 25% of dividend payers in the SG market (5.71%).

Stable Dividend: E5H's dividend payments have been volatile in the past 10 years.

Growing Dividend: E5H's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: E5H is paying a dividend but the company is unprofitable.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of E5H's dividend in 3 years as they are not forecast to pay a notable one for the SG market.


Next Steps

Management

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

13.8yrs

Average management tenure


CEO

Franky Widjaja (61yo)

23.8yrs

Tenure

0

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 ...


Management Age and Tenure

13.8yrs

Average Tenure

56yo

Average Age

Experienced Management: E5H's management team is seasoned and experienced (13.8 years average tenure).


Board Age and Tenure

9.5yrs

Average Tenure

65yo

Average Age

Experienced Board: E5H's board of directors are considered experienced (9.5 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUS$750,000,00913 Dec 18
PT Sinar Mas Group
EntityCompany
Shares750,000,000
Max PriceUS$1.00
SellUS$750,000,00913 Dec 18
PT Sinar Mas Group
EntityCompany
Shares750,000,000
Max PriceUS$1.00

Ownership Breakdown


Management Team

  • Rafael Concepcion (52yo)

    CFO & Executive Director

    • Tenure: 17.2yrs
  • Franky Widjaja (61yo)

    Chairman & CEO

    • Tenure: 23.8yrs
  • Muktar Widjaja (65yo)

    President & Executive Director

    • Tenure: 20.8yrs
  • Hemant Bhatt (56yo)

    Head of Downstream & Commercial

    • Tenure: 0yrs
  • Paul Hickman (53yo)

    Head of Global Vegetable Oils & Oilseeds

    • Tenure: 7.8yrs
  • Harjanto Tanuwidjaja

    Chief Human Resources Officer

    • Tenure: 0yrs
  • Khoo Yeow

    Chief Information Officer

    • Tenure: 0yrs
  • Pedy Harianto

    Head of Controllership & Compliance

    • Tenure: 0yrs
  • Anita Neville

    Vice President of Corporate Communications & Sustainability Relations

    • Tenure: 0yrs
  • Richard Fung

    Director of Investor Relations

    • Tenure: 0yrs

Board Members

  • Syn Pau Lew (65yo)

    Non-Executive Lead Independent Director

    • Tenure: 2.4yrs
  • Meng-Kee Foo (69yo)

    Non-Executive Independent Director

    • Tenure: 2.5yrs
  • Rafael Concepcion (52yo)

    CFO & Executive Director

    • Tenure: 17.2yrs
  • Franky Widjaja (61yo)

    Chairman & CEO

    • Tenure: 23.8yrs
  • Muktar Widjaja (65yo)

    President & Executive Director

    • Tenure: 20.8yrs
  • Kaneyalall Hawabhay (71yo)

    Independent Non-Executive Director

    • Tenure: 16.4yrs
  • William Chung (62yo)

    Non-Executive Independent Director

    • Tenure: 2.5yrs
  • Christian G. H. de Charnace

    Non-Executive Independent Director

    • Tenure: 0.9yrs

Company Information

Golden Agri-Resources Ltd's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Golden Agri-Resources Ltd
  • Ticker: E5H
  • Exchange: SGX
  • Founded: 1996
  • Industry: Agricultural Products
  • Sector: Food, Beverage & Tobacco
  • Market Cap: S$2.611b
  • Shares outstanding: 12.73b
  • Website: https://www.goldenagri.com.sg

Number of Employees


Location

  • Golden Agri-Resources Ltd
  • No. 06-00 Golden agri Plaza
  • 108 Pasir Panjang Road
  • Singapore
  • 118535
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
GARP.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJul 1999
E5HSGX (Singapore Exchange)YesOrdinary SharesSGSGDJul 1999
4G3ADB (Deutsche Boerse AG)YesOrdinary SharesDEEURJul 1999
GARP.YOTCPK (Pink Sheets LLC)ADRUSUSDNov 2008

Biography

Golden Agri-Resources Ltd, an investment holding company, operates as an integrated palm oil plantation company in China, Indonesia, India, Rest of Asia, Europe, and internationally. It operates in two seg ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/20 12:36
End of Day Share Price2019/10/18 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.