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06.05.

2013

Company Analysis - Overview


Ticker:

Golden Agri-Resources Ltd

GGR SP

Benchmark:
Straits Times Index STI (FSSTI)

Singapore: GGR, Currency: SGD

Currency:
Sector: Consumer Staples

Industry: Food Products

Year:

Telephone
65-6590-0800
Revenue (M)
Website
www.goldenagri.com.sg
No of Employees
Address
108 Pasir Panjang Road #06-00 Golden Agri Plaza Singapore Singapore
Share Price Performance in SGD
Price
0.54
1M Return
52 Week High
0.76
6M Return
52 Week Low
0.51
52 Wk Return
52 Wk Beta
1.52
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and sells


crude palm oil and palm kernel. The Company also refines crude palm oil into cooking
oil, margarine, and shortening for sale and distribution.

7'561
47'000

Date
Date
Date

12/09
6.9x
15.2x
12.5x
1.8x
0.8x
1.0%

12/10
5.3x
15.1x
13.2x
2.2x
1.1x
1.0%

12/11
5.3x
9.2x
8.3x
1.1x
0.8x
2.7%

12/12
16.1x
13.6x
11.4x
1.1x
0.8x
1.8%

12/13E
11.1x
8.3x
1.0x
0.6x
2.3%

12/14E
10.3x
7.4x
0.9x
0.6x
2.5%

12/15E
9.2x
6.7x
0.8x
0.6x
3.5%

12/09
Gross Margin
22.2
EBITDA Margin
16.9
Operating Margin
13.9
Profit Margin
26.5
Return on Assets
8.2
Return on Equity
12.1
Leverage and Coverage Ratios
12/09
Current Ratio
1.5
Quick Ratio
0.6
EBIT/Interest
7.2
Tot Debt/Capital
0.1
Tot Debt/Equity
0.1
Eff Tax Rate %
-

12/10
27.2
18.3
15.9
40.6
15.8
23.2

12/11
30.9
15.3
13.7
21.3
11.6
17.1

12/12
26.6
11.8
9.9
6.8
3.3
4.9

12/13E
22.8
14.3
11.7
8.1
3.7
5.4

12/14E
22.4
14.3
11.7
8.1
3.9
5.8

12/15E
18.3
14.5
12.4
8.5
4.7
6.0

12/10
1.4
0.4
12.5
0.1
0.1
25.0

12/11
1.6
0.5
13.9
0.1
0.1
25.0

12/12
1.9
0.8
9.5
0.2
0.2
32.1

Outlook
Outlook
Outlook

Sales (M)
5949
1611

-4.3%
-10.5%
-24.7%
-16.8%

Business Segments in SGD


Palm Oil Plantation and Refining
Vegetable Oil and Oilseed Processing

STABLE
-

Geographic Segments in SGD


Rest of Asia
China
India
Indonesia
Europe
Other Countries

10%

Sales (M)
2801
2149
999
823
735
54

1%

21%
11%

37%

Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %

13%

79%
28%

Palm Oil Plantation and Refining

Rest of Asia

China

India

Indonesia

Europe

Other Countries

Vegetable Oil and Oilseed Processing

Current Capitalization in SGD


Common Shares Outstanding (M)
Market Capitalization (M)
Cash and ST Investments (M)
Total Debt (M)
Preferred Equity (M)
LT Investments in Affiliate Companies (M)
Investments (M)
Enterprise Value (M)

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12837.5
6868.1
817.6
2265.5
0.0
0.0
111.9
8427.9

Company Analysis - Analysts Ratings


Golden Agri-Resources Ltd

35%

1
1

40%

75%

75%

84%

80%

81%

77%
67%

67%

62%

57%

20%

0
50%
40%

0
0

0%

0
mai.12

juin.12

juil.12

aot.12

sept.12

Buy

oct.12

Hold

nov.12

Sell

dc.12

Price

janv.13

fvr.13

mars.13

avr.13

Target Price

Date

Buy

Hold

Sell

Date

30-Apr-13
29-Mar-13
28-Feb-13
31-Jan-13
31-Dec-12
30-Nov-12
31-Oct-12
28-Sep-12
31-Aug-12
31-Jul-12
29-Jun-12
31-May-12

40%
50%
57%
62%
67%
67%
77%
81%
80%
84%
75%
75%

35%
25%
24%
24%
29%
24%
18%
14%
15%
11%
20%
20%

25%
25%
19%
14%
5%
10%
5%
5%
5%
5%
5%
5%

6-May-13
3-May-13
2-May-13
1-May-13
30-Apr-13
29-Apr-13
26-Apr-13
25-Apr-13
24-Apr-13
23-Apr-13
22-Apr-13
19-Apr-13
18-Apr-13
17-Apr-13
16-Apr-13
15-Apr-13
12-Apr-13
11-Apr-13
10-Apr-13
9-Apr-13
8-Apr-13
5-Apr-13
4-Apr-13
3-Apr-13
2-Apr-13
1-Apr-13
29-Mar-13
28-Mar-13
27-Mar-13
26-Mar-13

Price Target Price


0.54
0.53
0.52
0.53
0.53
0.55
0.56
0.56
0.54
0.52
0.52
0.52
0.52
0.53
0.54
0.55
0.56
0.56
0.56
0.55
0.55
0.56
0.56
0.57
0.57
0.58
0.57
0.57
0.58
0.58

0.65
0.65
0.65
0.65
0.65
0.65
0.65
0.65
0.65
0.65
0.65
0.66
0.66
0.66
0.66
0.67
0.67
0.67
0.67
0.67
0.67
0.69
0.69
0.69
0.69
0.69
0.69
0.69
0.69
0.69

Broker

Analyst

UOB Kay Hian


Phillip Securities
Goldman Sachs
Deutsche Bank
CIMB
RHB Research Institute Sdn Bhd
BNP Paribas Equity Research
Nomura
OCBC Investment Research
Macquarie
Morgan Stanley
Credit Suisse
JPMorgan
HSBC
Standard Chartered
EVA Dimensions
Jefferies
Affin Securities Sdn Bhd
IIFL

STEFANUS DARMAGIRI
NICHOLAS HUAI GIM ONG
PATRICK TIAH
MICHELLE FOONG
IVY NG
TEAM COVERAGE
MICHAEL GREENALL
MUZHAFAR MUKHTAR
CAREY WONG
CONRAD WERNER
CHARLES C SPENCER
TAN TING MIN
YING-JIAN CHAN
THILAN WICKRAMASINGHE
ADRIAN FOULGER
AUSTIN BURKETT
ARYA SEN
ONG KENG WEE
ZUO LI

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Recommendation
sell
neutral
neutral/neutral
sell
neutral
buy
buy
neutral
hold
underperform
Overwt/Attractive
outperform
underweight
overweight
in-line
hold
buy
not rated
add

IIFL

25%

Affin Securities Sdn Bhd

24%

60%

Jefferies

24%

EVA Dimensions

29%

Standard Chartered

25%

HSBC

25%

JPMorgan

19%

Credit Suisse

14%

Morgan Stanley

24%

5%

Macquarie

10%

OCBC Investment Research

5%
18%

Nomura

5%
14%

BNP Paribas Equity Research

5%
15%

CIMB

5%
11%

RHB Research Institute Sdn


Bhd

5%
20%

Deutsche Bank

5%
20%

Brokers' Target Price


1
1
1
1
1
1
0
0
0
0
0
Goldman Sachs

80%

Phillip Securities

100%

UOB Kay Hian

Buy and Sell Recommendations vs Price and Target Price

Price

Broker Recommendation

Target price in SGD

Target

Date

0.55
0.55
0.63
0.50
0.58
0.71
0.83
0.65
0.63
0.50
0.70
0.80
0.50
0.75
0.67

26-Apr-13
22-Apr-13
12-Apr-13
11-Apr-13
10-Apr-13
10-Apr-13
10-Apr-13
8-Apr-13
4-Apr-13
26-Mar-13
12-Mar-13
28-Feb-13
28-Feb-13
6-Feb-13
5-Feb-13
15-Jan-13
14-Mar-12
2-Feb-12
14-Nov-11

0.88
0.77

06.05.2013

Golden Agri-Resources Ltd

Company Analysis - Ownership


Ownership Type

Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership

37%

63.19%
36.80%
0.01%

63%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in SGD


Top 20 Owners:
Holder Name
FLAMBO INTERNATIONAL
BLACKROCK
ALLIANZ ASSET MANAGE
VAN ECK ASSOCIATES C
ROYAL BANK OF CANADA
ROBECO INVESTOR SERV
CARMIGNAC GESTION
VANGUARD GROUP INC
TIAA CREF INVESTMENT
JF ASSET MANAGEMENT
ROBECO FUND MANAGEME
GRANTHAM MAYO VAN OT
CI INVESTMENTS INC
BOSTON COMMON ASSET
NORTHERN TRUST CORPO
CARMIGNAC GESTION LU
AMUNDI LUXEMBOURG SA
PRUDENTIAL FINANCIAL
FMR LLC
LANDESBANK BERLIN IN

Unknown Country
United States
Luxembourg
Canada
France
Hong Kong
Britain
Others

79.05%
10.20%
3.04%
2.18%
1.52%
0.69%
0.67%
2.65%

Institutional Ownership Distribution


Unclassified
Investment Advisor
Pension Fund (Erisa)
Insurance Company
Others

79.04%
20.71%
0.15%
0.08%
0.03%

Country

SYN PAU LEW


PIAN TEE HONG

2%
3%

2% 1% 1% 3%

10%

78%

Unknown Country

United States

Luxembourg

Canada

France

Hong Kong

Britain

Others

TOP 20 ALL

Position
6'412'447'897
187'285'812
174'938'282
147'270'163
132'800'000
117'790'000
116'682'668
72'013'698
71'838'647
55'822'000
38'496'685
34'705'000
29'310'934
26'581'350
25'949'957
25'311'810
23'028'912
20'715'600
17'904'401
17'356'000

Position Change
250'000
10'631'000
30'341'900
104'000
4'630'300
-1'850'000
-3'536'149
2'271'645
-2'862'000
54'322'000
3'771'502
-914'000
13'308'844
4'888'350
6'642'427
3'339'495
-99'000
-716'100
-12'700'587
1'255'000

Market Value
3'430'659'625
100'197'909
93'591'981
78'789'537
71'048'000
63'017'650
62'425'227
38'527'328
38'433'676
29'864'770
20'595'726
18'567'175
15'681'350
14'221'022
13'883'227
13'541'818
12'320'468
11'082'846
9'578'855
9'285'460

% of Ownership
49.95%
1.46%
1.36%
1.15%
1.03%
0.92%
0.91%
0.56%
0.56%
0.43%
0.30%
0.27%
0.23%
0.21%
0.20%
0.20%
0.18%
0.16%
0.14%
0.14%

Report Date

Position

Position Change

Market Value

% of Ownership

Report Date

200'000

535'000
107'000

22.04.2013
02.05.2013
31.03.2013
03.05.2013
28.02.2013
28.02.2013
29.03.2013
31.03.2013
28.02.2013
30.09.2011
28.02.2013
31.05.2012
31.12.2012
31.03.2013
31.03.2013
29.03.2013
31.12.2012
31.03.2013
31.03.2013
30.04.2013

Source
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG

Top 5 Insiders:
Holder Name

Geographic Ownership

Geographic Ownership Distribution

0%

12837.5
50.0%

1'000'000
200'000

0.01%
0.00%
0.01%

Source
05.03.2013
01.03.2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

EXCH
EXCH

Institutional Ownership
0%
0%

UNITED STATES
GERMANY
UNITED STATES
CANADA
LUXEMBOURG
FRANCE
UNITED STATES
UNITED STATES
HONG KONG
NETHERLANDS
UNITED STATES
CANADA
UNITED STATES
UNITED STATES
LUXEMBOURG
LUXEMBOURG
UNITED STATES
UNITED STATES
GERMANY

0%

21%

79%

Unclassified

Investment Advisor

Insurance Company

Others

Pension Fund (Erisa)

Company Analysis - Financials I/IV


Golden Agri-Resources Ltd
Financial information is in SGD (M)
Periodicity:

Fiscal Year

Equivalent Estimates
12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

Revenue
- Cost of Goods Sold

925
663

1'080
816

1'284
942

1'364
1'030

1'794
1'366

2'823
1'831

4'225
2'986

3'335
2'594

4'775
3'475

7'483
5'174

7'561
5'548

7'191

8'061

8'756

Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)

263
139
0

263
130
0

342
136
0

334
151
0

429
172
0

992
289
0

1'240
499
0

741
292
0

1'301
571
0

2'309
1'322
0

2'012
1'305
0

1'640

1'802

1'602

Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)

124
68
19
-2

134
50
2
44

207
50
-3
6

194
46
3
-417

263
53
-2
-956

707
49
5
-2'064

751
55
49
-2'109

463
64
2
-465

761
61
-41
-1'888

1'028
74
-24
-1'175

745
78
9
-106

843

943

1'088

39
28

37
32

154
34

562
128

1'168
319

2'717
796

2'755
748

862
-28

2'629
657

2'152
538

764
245

789

888

1'000

11
0
-31

5
0
-34

120

434
0
46

849
0
110

1'920
0
165

2'008
0
51

891
0
8

1'972
0
33

1'614
0
20

519
0
7

0.08

0.16

0.17

0.08

0.16

0.13

0.04

0.00
5.8

0.00
6.5

1'646
0.15
0.00
5.8

1'956
0.17
0.01
4.0

882
0.07
0.01
7.1

1'939
0.16
0.01
5.1

463
0.04
0.02
13.6

512
0.04
0.01
30.2

583
0.05
0.01
0.24

655
0.05
0.01
0.27

740
0.06
0.02
0.31

1'030

1'150

1'271

Income Statement

Pretax Income
- Income Tax Expense
Income Before XO Items
- Extraordinary Loss Net of Tax
- Minority Interests
Diluted EPS Before XO Items

9
0.01

0.04

Net Income Adjusted*


EPS Adjusted
Dividends Per Share
Payout Ratio %

0.00
0.0

0.00
0.0

Total Shares Outstanding


Diluted Shares Outstanding

9'822
9'822

9'822
9'822

9'822
9'822

9'822
9'822

9'822
9'822

11'296
10'805

11'296
11'296

12'139
11'558

12'139
12'206

12'139
12'285

12'838
12'570

215

217

308

251

332

783

833

563

873

1'147

890

EBITDA

*Net income excludes extraordinary gains and losses and one-time charges.

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials II/IV


Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

0.90

0.94

0.98

Balance Sheet
Total Current Assets
+ Cash & Near Cash Items
+ Short Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Long-Term Assets
+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets
+ Other Long Term Assets

343.972674 338.106525 394.515172 601.790987


67
68
84
126
1
1
65
8
73
41
55
82
98
142
147
238
106
86
44
147

650.5856 1098.67437 1016.22571 1553.28596 1914.86263 2439.37864 2958.48432


199
173
185
393
208
301
664
1
3
7
92
74
120
154
70
172
202
144
269
303
489
221
448
356
590
790
974
1'026
160
302
266
333
574
741
626

2'003
35
1'863
473
1'390
577

1'931
44
1'881
520
1'362
525

1'849
254
1'885
572
1'313
282

2'961
157
1'518
440
1'077
1'726

3'930
214
1'552
459
1'092
2'624

6'112
208
1'686
506
1'179
4'725

8'788
304
2'044
650
1'395
7'089

9'545
259
2'269
720
1'549
7'737

11'067
258
2'613
738
1'875
8'934

12'905
330
3'133
851
2'282
10'294

13'272
994
3'376
922
2'454
9'823

Total Current Liabilities


+ Accounts Payable
+ Short Term Borrowings
+ Other Short Term Liabilities

771
50
562
159

589
52
459
78

376
88
200
87

570
232
269
70

534
175
292
67

745
220
378
146

787
217
445
126

1'017
377
441
199

1'362
421
694
246

1'482
636
547
299

1'591
837
530
224

Total Long Term Liabilities


+ Long Term Borrowings
+ Other Long Term Borrowings

267
267
0

374
362
12

496
444
52

708
346
362

1'099
445
654

1'602
329
1'273

2'256
351
1'905

2'307
519
1'789

2'706
570
2'137

3'347
861
2'485

4'112
1'736
2'376

Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity

1'039
0
78
891
340

964
0
46
872
387

872
0
54
838
479

1'278
0
210
1'299
775

1'633
0
332
788
1'828

2'347
0
113
1'469
3'281

3'043
0
134
1'467
5'160

3'325
0
135
1'739
5'900

4'068
0
153
1'589
7'172

4'829
0
113
1'605
8'798

5'702
0
112
1'878
8'538

Total Shareholders Equity

1'308

1'305

1'371

2'284

2'948

4'864

6'761

7'774

8'914

10'516

10'528

Total Liabilities & Equity

2'347

2'269

2'243

3'563

4'581

7'210

9'804

11'099

12'982

15'345

16'230

0.13
0.12

0.13
0.12

0.13
0.13

0.21
0.21

0.27
0.26

0.42
0.41

0.59
0.57

0.63
0.62

0.72
0.71

0.86
0.84

0.81
0.80

Book Value Per Share


Tangible Book Value Per Share

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials III/IV


Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital

41
92
41
-98

37
83
44
-34

111
102
73
-34

388
57
-240
-61

747
69
-546
-163

1'755
76
-1'231
-346

1'956
82
-1'528
96

882
99
-551
-52

1'939
112
-1'318
-505

1'594
119
-746
-145

512
145
-84
-62

583

655

740

Cash From Operating Activities


+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities

76
10
-55
0
0
61

129
6
-106
0
0
31

252
8
-113
0
0
-56

144
25
-110
0
0
126

107
20
-154
0
0
-29

254
56
-235
-102
0
-534

607
14
-345
0
0
-155

378
7
-372
0
0
-208

228
10
-441
-28
0
-238

822
8
-561
-69
0
-132

510
26
-513
-559
0
-138

-584

-515

-623

Cash From Investing Activities


+ Dividends Paid
+ Change in Short Term Borrowings
+ Increase in Long Term Borrowings
+ Decrease in Long Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities

17
0
-13
15
-72
0
0
-8

-69
0
-13
47
-90
0
0
-1

-162
0
1
194
-261
0
0
-6

40
0
14
14
-174
0
0
2

-163
-22
16
375
-223
0
0
-5

-815
-107
151
79
-340
765
0
-1

-487
-131
48
165
-191
0
0
-1

-574
-4
-22
366
-230
314
0
-8

-697
-61
216
299
-142
0
0
-4

-754
-100
-120
488
-236
0
0
-12

-1'183
-305
-92
6
-156
1'611
0
-3

Cash From Financing Activities

-79

-57

-71

-144

141

547

-109

416

308

20

1'062

Net Changes in Cash

14

19

41

85

-13

11

220

-161

88

389

Free Cash Flow (CFO-CAPEX)

21

23

138

34

-46

19

262

-213

261

-2

249

343

173

40
-39
0.00

30
-27
0.00

177
81
0.01

70
-87
0.00

-8
141
0.00

54
-34
0.00

302
298
0.02

126
0.00

-167
170
-0.02

317
401
0.02

51
-217
0.00

Cash Flows

Free Cash Flow To Firm


Free Cash Flow To Equity
Free Cash Flow per Share

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials IV/IV


Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

6.3x
9.2x
5.3x
0.3x
0.2x
0.0%

14.4x
10.2x
6.3x
0.5x
0.4x
0.0%

9.4x
7.8x
5.2x
0.8x
0.8x

2.1x
7.7x
5.9x
0.6x
0.4x
4.5%

3.6x
13.7x
10.9x
1.5x
1.0x
1.8%

6.0x
16.6x
15.0x
3.8x
2.2x
0.4%

1.2x
4.0x
3.6x
0.5x
0.4x
3.0%

6.9x
15.2x
12.5x
1.8x
0.8x
1.0%

5.3x
15.1x
13.2x
2.2x
1.1x
1.0%

5.3x
9.2x
8.3x
1.1x
0.8x
2.7%

16.1x
13.6x
11.4x
1.1x
0.8x
1.8%

11.1x

10.3x

9.2x

8.3x
1.0x
0.6x
2.3%

7.4x
0.9x
0.6x
2.5%

6.7x
0.8x
0.6x
3.5%

28.4%
23.3%
13.4%
4.5%
1.7%
3.4%

24.4%
20.1%
12.4%
3.6%
1.6%
3.0%

26.7%
24.0%
16.1%
8.6%
4.8%
8.5%

24.5%
18.4%
14.2%
28.5%
13.3%
22.7%

23.9%
18.5%
14.7%
41.2%
18.1%
31.5%

35.1%
27.8%
25.1%
62.2%
29.1%
46.5%

29.3%
19.7%
17.8%
46.3%
23.4%
34.9%

22.2%
16.9%
13.9%
26.5%
8.2%
12.1%

27.2%
18.3%
15.9%
40.6%
15.8%
23.2%

30.9%
15.3%
13.7%
21.3%
11.6%
17.1%

26.6%
11.8%
9.9%
6.8%
3.3%
4.9%

22.8%
14.3%
11.7%
8.1%
3.7%
5.4%

22.4%
14.3%
11.7%
8.1%
3.9%
5.8%

18.3%
14.5%
12.4%
8.5%
4.7%
6.0%

Leverage & Coverage Ratios


Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity

0.45
0.18
1.82
0.39
0.63

0.57
0.19
2.67
0.39
0.63

1.05
0.54
4.13
0.32
0.47

1.06
0.38
4.21
0.21
0.27

1.22
0.51
4.98
0.20
0.25

1.48
0.47
14.40
0.13
0.15

1.29
0.50
13.56
0.11
0.12

1.53
0.62
7.24
0.11
0.12

1.41
0.40
12.54
0.12
0.14

1.65
0.49
13.86
0.12
0.13

1.86
0.82
9.54
0.18
0.22

Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover

0.38
16.77
14.09
7.00

0.46
18.79
16.66
6.68

0.56
26.49
13.33
6.41

0.47
19.82
6.96
5.31

0.44
23.83
6.79
5.98

0.47
22.72
10.35
5.33

0.50
22.95
13.47
7.54

0.31
18.84
9.33
5.34

0.39
22.42
9.20
4.92

0.54
26.83
10.38
6.02

0.48
19.09
7.70
5.58

72.5%

87.1%

22.0%

22.8%

27.3%

29.3%

27.1%

25.0%

25.0%

32.1%

Ratio Analysis
Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity

Effective Tax Rate

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Peers Comparision


GOLDEN AGRIRESO
Latest Fiscal Year:

12/2012
0.78
18.07.2012
0.52
19.04.2013
109'243'000

52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume

Current Price (5/dd/yy)


52-Week High % Change
52-Week Low % Change
Total Common Shares (M)

Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents

Enterprise Value
Total Revenue

EV/Total Revenue

EBITDA

EV/EBITDA

EPS

P/E

Revenue Growth
EBITDA Growth
EBITDA Margin

WILMAR
INTERNATI

LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
1 Year
5 Year
1 Year
5 Year
LTM
CY+1
CY+2

GENTING
PLANTATI

12/2012
4.86
07.05.2012
2.99
13.09.2012
3'010'000

INDOFOOD AGRI
RE

12/2012
10.17
05.07.2012
8.10
31.01.2013
340'500

12/2012
1.52
11.07.2012
1.06
06.05.2013
868'000

KUALA LUMPUR
KEP
09/2012
24.50
04.07.2012
17.00
11.05.2012
877'600

IOI CORP BHD


06/2012
5.42
20.07.2012
4.58
15.03.2013
8'126'400

OLAM
INTERNATION

ASTRA AGRO LEST

PP LONDON
SUMATR

FIRST RESOURCES

06/2012
2.25
07.05.2012
1.37
14.12.2012
4'980'000

12/2012
24'000.00
18.07.2012
17'250.00
01.05.2013
602'500

12/2012
3'050.00
17.07.2012
1'490.00
03.05.2013
4'298'500

12/2012
2.23
27.08.2012
1.51
25.05.2012
1'957'000

HAP SENG
PLANTAT
12/2012
3.22
17.07.2012
2.66
26.12.2012
40'600

0.54

3.31

8.50

1.07

21.54

5.07

1.65

17'900.00

1'550.00

1.68

2.76

-31.4%
2.9%
12'837.5

-31.9%
10.7%
6'396.1

-16.4%
5.0%
758.8

-29.6%
0.9%
1'434.3

-12.1%
26.7%
1'065.0

-6.5%
10.7%
6'398.3

-26.7%
20.9%
2'390.2

-25.4%
3.8%
1'574.7

-49.2%
4.0%
6'822.9

-24.9%
10.9%
1'584.1

-14.3%
3.8%
800.0

6'868

21'172

6'449

1'535

22'939

32'391

3'944

28'187'936

10'575'439

2'653

2'208

1'854.5
91.6
669.3

22'245.3
849.3
2'319.1

703.4
229.4
1'051.3

6'780'217.0
9'032'242.0
5'082'296.0

2'478.8
397.8
2'358.9

8'268.9
288.0
4'435.9

7'489.4
276.9
122.2
1'110.9

971'950.0
336'232.0
227'769.0

(714.0)
1'799'137.0

538.2
51.2
404.7

131.4

11'785
Valuation

6'850

37'956

6'331

23'667'620

23'362

37'073

6'051.7
6'051.7
5'791.4
6'492.3
1.3x
1.3x
1.1x
1.0x
712.4
727.2
829.8
926.2
11.4x
11.1x
8.0x
7.2x
0.03
0.03
0.04
0.04
13.1x
11.1x
10.3x
1.7%
21.9%
(21.9%)
6.5%
12.0%
14.3%
14.3%

45'463.4
45'463.4
49'051.8
54'715.2
0.8x
0.8x
0.6x
0.6x
1'766.3
2'258.7
2'563.5
2'809.4
21.7x
16.9x
12.4x
11.4x
0.19
0.20
0.22
0.24
13.7x
13.7x
12.4x
11.4x
1.7%
13.5%
(8.6%)
16.2%
5.0%
5.2%
5.1%

1'233.4
1'233.4
1'311.5
1'505.3
5.4x
5.4x
4.9x
4.2x
418.2
418.4
525.3
619.6
16.0x
16.0x
12.1x
10.2x
0.43
0.50
0.59
19.7x
17.1x
14.5x
(7.7%)
9.2%
(31.8%)
(1.8%)
33.9%
40.1%
41.2%

13'844'891.0
13'742'129.0
13'734'038.6
15'361'556.7
1.8x
1.9x
1.5x
1.3x
3'001'808.0
2'909'470.0
3'271'046.0
3'806'304.8
8.5x
8.7x
6.4x
5.3x
733.70
542.00
716.50
887.48
15.6x
14.0x
11.8x
9.5x
9.8%
4.1%
(16.2%)
14.3%
21.2%
23.8%
24.8%

10'507.3
9'741.8
10'270.4
11'381.0
2.5x
2.7x
2.3x
2.1x
1'734.4
1'550.7
1'817.6
2'079.1
15.0x
16.8x
13.0x
11.4x
0.96
1.05
1.21
22.3x
20.6x
17.8x
(1.7%)
7.5%
(24.8%)
12.4%
15.9%
17.7%
18.3%

15'488.1
14'290.8
15'315.9
15'998.0
2.4x
2.6x
2.4x
2.2x
2'362.4
2'543.4
2'565.8
2'771.4
15.8x
14.7x
14.0x
12.9x
0.25
0.33
0.27
0.30
15.6x
15.8x
18.7x
17.2x
(3.3%)
2.2%
(2.5%)
4.6%
17.8%
16.8%
17.3%

21.8%
17.7%
2.550x
1.630x
11.397x

155.1%
59.4%
9.849x
8.822x
2.725x

20.5%
16.1%
1.681x
-0.832x
110.682x

49.1%
22.9%
2.356x
0.847x
6.036x

34.9%
24.8%
1.547x
0.005x
27.328x

65.5%
39.0%
3.095x
1.729x
11.588x

BBB+
14.03.2008
-

17'093.8
18'966.9
20'693.5
23'528.4
0.7x
0.6x
0.6x
0.6x
929.3
963.3
1'090.8
1'292.7
12.4x
12.0x
11.2x
10.0x
0.14
0.16
0.14
0.17
10.1x
10.2x
12.2x
9.6x
8.2%
21.1%
38.7%
31.3%
5.1%
5.3%
5.5%

29'267'530

9'119'439

2'338

2'077

11'564'319.0
11'706'812.0
12'242'737.1
13'635'992.6
2.6x
2.6x
2.4x
2.1x
3'930'947.0
3'893'712.0
3'780'977.7
4'145'735.3
7.7x
7.8x
7.7x
7.0x
1'530.57
1'516.90
1'409.45
1'527.36
11.8x
11.8x
12.7x
11.7x
7.3%
9.2%
10.0%
5.2%
33.3%
30.9%
30.4%

4'211'578.0
4'123'026.0
4'582'126.5
5'041'896.0
2.8x
2.8x
1.7x
1.4x
1'509'513.0
1'286'403.0
1'551'037.9
1'764'335.2
7.8x
9.1x
5.1x
4.1x
135.38
165.31
191.84
11.4x
9.4x
8.1x
(10.1%)
4.2%
(32.1%)
6.6%
31.2%
33.8%
35.0%

603.4
603.4
699.7
879.9
4.6x
4.6x
3.4x
2.6x
320.7
322.1
339.9
395.1
8.7x
8.7x
7.0x
5.8x
0.15
0.15
0.13
0.16
8.9x
9.0x
10.2x
8.6x
22.0%
9.3%
53.4%
48.6%
44.9%

526.5
526.5
537.3
576.0
4.0x
4.0x
3.6x
3.2x
214.3
214.5
249.0
272.3
9.9x
9.9x
7.7x
6.8x
0.18
0.22
0.24
15.7x
12.7x
11.5x
(19.6%)
(41.0%)
9.0%
40.7%
46.3%
47.3%

10.8%
9.4%
0.251x
0.187x
134.640x

0.0%
0.0%
0.000x
-1.131x
408.529x

48.6%
31.7%
1.671x
0.414x
9.338x

0.0%
0.0%
0.000x
-0.612x
6697.563x

Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense

239.4%
68.0%
9.173x
8.040x
2.099x

Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |