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Golden Agri-Resources's 1Q26 results were slightly below our and Street expectations. We expect 2Q26 to improve q-o-q on higher FFB output and ASP, although this would be offset slightly by lower downstream margin.
- - Read this at SGinvestors.io -
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1Q26 core profit fell 25% q-o-q, but rose 32% y-o-y, making up 18-19% of the consensus and our full-year forecasts, i.e. slightly below expectations. The main discrepancy came from the lower-than-expected FFB output (-12% y-o-y) and, subsequently, higher-than-expected unit costs.
A provision of US$40m
- - Read this at SGinvestors.io -
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Management cautioned that neither the land size nor the fine has been finalised yet as discussions are still ongoing. However, it is expecting potentially more fines to come from this exercise by 2Q26.
1Q26 nucleus FFB fell 23% q-o-q and 12% y-o-y, on the back of higher replanting during the quarter.
- Read more at SGinvestors.io.
Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.
Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2026-05-18
Previous report by RHB:
2026-04-30 Golden Agri-Resources - Geopolitics Outstrips All Other Factors; Upgrade To BUY.
Price targets by other brokers at Golden Agri-Resources Target Prices.
Listing of research reports at Golden Agri-Resources Analyst Reports.
Relevant links:
Golden Agri-Resources Share Price History,
Golden Agri-Resources Announcements,
Golden Agri-Resources Dividend Payout Dates & Corporate Actions,
Golden Agri-Resources News
