Golden Agri Resources - RHB Invest 2024-02-29: Dragged By One-off Tax Expenses In 4Q23; Downgrade To NEUTRAL

• Downgrade Golden Agri-Resources to NEUTRAL from Buy, with new SOP-based S$0.29 target price from S$0.30, 5% upside.
• Golden Agri-Resources’s FY23 earnings disappointed. While we expect moderate earnings growth in 2024 to come from lower unit costs, we believe valuation is now fair, as Golden Agri-Resources's share price is trading at 8.2x 2024F P/E, which is at the higher-end of its peer range of 6-9x.

4Q23 core net profit -43% q-o-q

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• Golden Agri-Resources declared a 0.613 cents dividend for 2023 (FY22: S$1.791), implying a core net payout ratio of 20%, or FY23 yield of 2.2%

4Q23 nucleus FFB fell 12.1% q-o-q and rose 0.4% y-o-y

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Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2024-02-29 SGinvestors.io

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