Golden-Agri Resources | Hold (maintain) Fair value: S$0.30 July 11 close: S$0.27 OCBC Investment Research, July 11

Crude palm oil (CPO) prices have continued to trend lower in Q2 2018, and are down about 6 per cent so far this quarter. As for Golden-Agri Resources (GAR), its share price is down about 16 per cent from end-March.

GAR's sales to customers within Indonesia and China are denominated in their local currencies, while export sales for most of the group's products and cost of certain key purchases are quoted in US dollars.