Golden Agri-Resources (E5H) AI Stock Analysis

• Market Cap: $3.55B
• Dividend Yield: 2.98%
• Average Volume (3M): 21.72M
• Price to Earnings (P/E): 6.3
• Beta (1Y): 0.42
• Revenue Growth: 16.86%
• EPS Growth: 252.80%
• Country: SG
• Employees: 100,100
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Agricultural Farm Products
• EPS (TTM): 0.02
• Shares Outstanding: 12,837,549,000
• 10 Day Avg. Volume: 17,608,219
• 30 Day Avg. Volume: 21,715,528
• PEG Ratio: 0.08
• Price to Book (P/B): 0.48
• Price to Sales (P/S): 0.23
• P/FCF Ratio: -5.99
• Enterprise Value/Market Cap: 1.83
• Enterprise Value/Revenue: 0.54
• Enterprise Value/Gross Profit: 3.24
• Enterprise Value/Ebitda: 5.57
• 1Y Price Target: $0.27
• Price Target Upside: 0.75% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 66 Neutral
• Price Target: S$0.50 ▲(85.19% Upside)

Golden Agri-Resources' strong valuation and revenue growth are offset by liquidity challenges and weak technical indicators. The stock appears undervalued, but addressing cash flow issues is crucial for future stability.

Golden Agri-Resources Business Overview & Revenue Model

Company Description

Golden Agri-Resources (E5H) is one of the largest palm oil plantation companies in the world, based in Singapore. The company operates through the cultivation of oil palm plantations and the production of crude palm oil (CPO) and palm kernel oil (PKO). Golden Agri-Resources is engaged in various sectors, including upstream activities such as plantation management, and downstream activities such as refining and marketing of palm oil products. It also focuses on sustainable practices to enhance its environmental and social impact.

How the Company Makes Money

Golden Agri-Resources generates revenue primarily through the sale of crude palm oil (CPO) and palm kernel oil (PKO), both of which are key products derived from its extensive plantations. The company has established a diverse revenue model that includes not only the direct sale of these oils but also the production and sale of value-added products such as refined palm oil, oleochemicals, and biodiesel. Significant partnerships and collaborations with various stakeholders in the supply chain enhance its market reach and efficiency. Additionally, its commitment to sustainable practices positions it favorably in the market, attracting environmentally conscious consumers and businesses, which further contributes to its earnings. The global demand for palm oil, driven by its versatile applications in food, cosmetics, and biofuels, also plays a crucial role in the company's revenue generation.

Golden Agri-Resources Financial Statement Overview

Summary

Golden Agri-Resources exhibits solid revenue growth and operational stability. However, profitability is limited by low net margins, and there are significant cash flow challenges that need to be addressed. The capital structure is balanced, but high debt levels pose financial risk.

Income Statement

Golden Agri-Resources showed solid revenue growth, with a notable increase from $9.76 billion in 2023 to $10.91 billion in 2024, marking a growth rate of approximately 11%. The company's gross profit margin improved slightly to 18.8%, while the net profit margin increased to 3.34%. EBIT and EBITDA margins indicate stable operational efficiency, but the net profit margin remains relatively low, highlighting limited profitability.

Balance Sheet

The balance sheet reflects a stable equity base with an equity ratio of 47.7%, indicating a balanced capital structure. The debt-to-equity ratio stands at 0.73, which is reasonable for the industry. However, the return on equity (ROE) is 7.15%, suggesting moderate efficiency in generating returns from equity investments. The company maintains a consistent asset base, but the relatively high total debt could pose potential risk if not managed properly.

Cash Flow

The cash flow statement indicates challenges, with a negative operating cash flow in 2024. Free cash flow was also negative, signaling potential liquidity issues. The operating cash flow to net income ratio is negative, aligning with the negative operating cash flow, while the free cash flow to net income ratio reveals inefficiencies in converting income to cash flow, posing concerns over cash management and sustainability of operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	11.92B	10.91B	9.76B	11.44B	10.18B	7.08B
Gross Profit	2.00B	2.05B	1.85B	3.03B	2.35B	1.15B
EBITDA	1.17B	1.16B	972.37M	1.82B	1.25B	646.51M
Net Income	422.81M	364.55M	197.60M	782.10M	476.18M	31.75M
Balance Sheet
Total Assets	10.67B	10.69B	9.72B	9.90B	9.61B	9.13B
Cash, Cash Equivalents and Short-Term Investments	1.05B	999.83M	1.14B	1.15B	666.02M	1.10B
Total Debt	3.37B	3.71B	3.06B	2.98B	3.00B	3.15B
Total Liabilities	5.16B	5.32B	4.54B	4.65B	4.72B	4.69B
Stockholders Equity	5.22B	5.10B	4.93B	5.00B	4.68B	4.25B
Cash Flow
Free Cash Flow	449.73M	-410.47M	238.22M	885.48M	357.68M	543.11M
Operating Cash Flow	632.13M	-80.91M	554.54M	1.09B	564.79M	743.86M
Investing Cash Flow	-167.70M	-626.21M	-604.61M	-705.86M	-196.19M	-320.61M
Financing Cash Flow	-468.41M	680.07M	-175.97M	-292.87M	-282.66M	-231.20M

Golden Agri-Resources Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.27
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:E5H, the sentiment is Negative. The current price of 0.27 is below the 20-day moving average (MA) of 0.30, below the 50-day MA of 0.29, and above the 200-day MA of 0.26, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 33.17 is Neutral, neither overbought nor oversold. The STOCH value of 16.80 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:E5H.

Golden Agri-Resources Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
P8Z	81 Outperform	€2.22B	9.98	20.72%	7.09%	15.89%	21.52%
5JS	74 Outperform	S$523.46M	5.44	8.46%	2.67%	13.03%	35.10%
EB5	71 Outperform	$2.75B	7.07	21.70%	6.35%	24.70%	62.15%
E5H	66 Neutral	$3.55B	6.35	8.32%	2.98%	16.86%	252.80%
F34	66 Neutral	$18.29B	11.65	5.86%	4.75%	3.92%	-25.13%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
VC2	61 Neutral	$3.67B	10.59	3.56%	2.06%	-11.89%	50.41%

Golden Agri-Resources Corporate Events

Golden Agri-Resources Reports Financial Position for Mid-2025

Golden Agri-Resources, through its subsidiary PT Sinar Mas Agro Resources and Technology Tbk, has released its consolidated financial statements for June 30, 2025, and December 31, 2024. The report highlights a slight decrease in total assets from Rp 45,333,131 million to Rp 45,126,378 million. The company’s current assets have decreased, while non-current assets have seen a marginal increase, indicating a shift in asset allocation. This financial update may impact stakeholders’ perception of the company’s financial health and strategic positioning in the market.

Golden Agri-Resources Launches Major Bond and Sukuk Issuance

Golden Agri-Resources has announced a significant financial move with the issuance of ‘Obligasi Berkelanjutan V SMART’ and ‘Sukuk Ijarah Berkelanjutan I SMART’ to raise a total of IDR 5 trillion. This issuance aims to refinance existing debts and optimize financial operations. The bonds and sukuk, both rated AA- by PEFINDO, are not backed by specific collateral but are secured by the company’s total assets, reflecting its strong financial flexibility and stable demand in the palm oil market. The initiative is expected to strengthen the company’s financial position and support its operational growth, despite challenges such as climate change and commodity price fluctuations.

Golden Agri-Resources Concludes Annual Shareholders Meeting with Key Resolutions

Golden Agri-Resources held its Annual General Meeting of Shareholders on June 16, 2025, both physically and electronically. Key decisions included approval of the 2024 financial reports, appointment of new board members for 2025-2030, and authorization for the board to manage significant company assets.

Golden Agri-Resources Ltd Conducts 2025 Annual Meeting

Golden Agri-Resources Ltd held its Annual Meeting on April 25, 2025, at the Orchard Hotel Singapore, where the board members and auditors were introduced, and the meeting was chaired by Mr. Franky Oesman Widjaja. The meeting commenced with a quorum, indicating active shareholder participation, which underscores the company’s commitment to transparency and stakeholder engagement.