Golden Agri Resources - Credit Suisse revised FY16-17 earnings downwards by 7%
-FY16 FFB output expected to fall by 10% y/y
-57% of planted area is in Kalimantan, among worst drought hit areas in 2015
-New accounting standards IAS16 & IAS41 effective 1 Jan'16 requires accumulated biological gains of US$6.8b to be written off from FY16 balance sheet
-net gearing expected to spike to 58% from previous estimate of 28%
-Maintains Hold, but revised TP upwards to $0.40 from $0.35, as it sees palm oil rally from El Nino still has legs.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment