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Published Wed, Feb 28, 2018 · 09:50 PM

Golden Agri-Resources | Reduce Target price: S$0.31 Feb 28 close: S$0.36 CGS-CIMB Research, Feb 27

Golden Agri-Resources' FY17 core net profit came in below expectations - mainly due to lower FFB (fresh fruit bunch) production - accounting for only 70 per cent of our and 60 per cent of Bloomberg consensus full-year net profit forecasts.

The group blamed the lower-than-expected 4Q17 FFB output on the El Nino drought in 2015. It projects strong recovery in FFB yields for 2018 and expects FFB output to increase by 8-10 per cent in 2018.

Golden Agri-Resources

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