Golden Agri-Resources (E5H) AI Stock Analysis

• Market Cap: $3.30B
• Dividend Yield: 3.09%
• Average Volume (3M): 6.36M
• Price to Earnings (P/E): 6.8
• Beta (1Y): 0.26
• Revenue Growth: 11.22%
• EPS Growth: 84.13%
• Country: SG
• Employees: 100,100
• Sector: Consumer Defensive
• Sector Strength: 67
• Industry: Agricultural Farm Products
• EPS (TTM): 0.02
• Shares Outstanding: 12,837,549,000
• 10 Day Avg. Volume: 8,402,000
• 30 Day Avg. Volume: 6,360,733
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 2.25
• Enterprise Value/Revenue: 0.59
• Enterprise Value/Gross Profit: 3.09
• Enterprise Value/Ebitda: 6.16
• 1Y Price Target: $0.50
• Price Target Upside: 91.90% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 72 Outperform
• Price Target: S$0.50 ▲(92.31% Upside)

The overall stock score of Golden Agri-Resources is supported by a balanced financial performance with solid revenue growth, offset by cash flow challenges and limited profitability. The technical analysis indicates bullish momentum, while the attractive valuation suggests potential upside. Managing debt and improving cash flow are critical areas for future improvement.

Golden Agri-Resources Business Overview & Revenue Model

Company Description

Golden Agri-Resources Ltd, an investment holding company, operates as an integrated palm oil plantation company in Europe, China, India, Pakistan, the Middle east, and the United States. It operates in two segments, Plantation and Palm Oil Mills; and Palm, Laurics and Others. The company offers bulk products, such as crude palm oil, palm kernel, palm kernel oil, palm kernel meal, olein, stearin, soybean oil, and soybean meal; oleo chemicals; palm oil based bio-diesel and other renewable resources based energy; and refined products, including cooking oil, margarine, shortening, butter oil substitute, and fats. It also produces processed food products, such as instant noodles, as well as snack products and beverages. The company manages oil palm estates with a total area of 536,013 hectares in Indonesia. In addition, it offers treasury management, building management, business and management consultancy, telecommunication and multimedia, commercial and industrial real estate management, digital analytics; aerial manuring, construction, training, ship management, chartering, and technology product services. Further, the company provides IT consultancy, IT application design, development, and maintenance services; facilities for data center resources and other IT outsourced activities; and port loading, storage, packaging, and transportation service. Additionally, it engages in importing, marketing, and distributing palm oil products; cultivation of ornamental plants; wholesale trade; property investment activities; production and distribution of bottled ionised mineral water and fatty alcohol, acid, derivatives, and other chemical; shipping and logistics; vessels operation; office administration and dormant services; refinery operation; and sale of food and beverage products. The company was incorporated in 1996 and is based in Singapore.

How the Company Makes Money

Golden Agri-Resources generates revenue primarily through the cultivation, production, and sale of palm oil and its derivatives. The company's key revenue streams include the sale of crude palm oil and palm kernel oil, which are produced from its vast network of plantations and processing facilities. Additionally, Golden Agri-Resources earns income from the sale of refined products such as cooking oil, margarine, and specialty fats, which are distributed to both domestic and international markets. The company also benefits from strategic partnerships and joint ventures that enhance its distribution capabilities and expand its market presence. Factors such as global demand for palm oil, commodity prices, and sustainable agricultural practices significantly influence its earnings.

Golden Agri-Resources Financial Statement Overview

Summary

Golden Agri-Resources demonstrates robust revenue growth and operational stability. However, profitability margins remain constrained, and cash flow challenges highlight areas for improvement in liquidity and cash management. The company exhibits a balanced capital structure, but the high debt levels require careful monitoring to mitigate 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	12.56B	10.91B	9.76B	11.44B	10.18B	7.08B
Gross Profit	2.40B	2.05B	1.85B	3.03B	2.35B	1.15B
EBITDA	1.21B	1.16B	972.37M	1.82B	1.25B	646.51M
Net Income	222.40M	364.55M	197.60M	782.10M	476.18M	31.75M
Balance Sheet
Total Assets	9.93B	10.69B	9.72B	9.90B	9.61B	9.13B
Cash, Cash Equivalents and Short-Term Investments	1.01B	999.83M	1.14B	1.15B	666.02M	1.10B
Total Debt	3.19B	3.71B	3.06B	2.98B	3.00B	3.15B
Total Liabilities	4.72B	5.32B	4.54B	4.65B	4.72B	4.69B
Stockholders Equity	4.94B	5.10B	4.93B	5.00B	4.68B	4.25B
Cash Flow
Free Cash Flow	76.58M	-410.47M	238.22M	885.48M	357.68M	543.11M
Operating Cash Flow	396.05M	-80.91M	554.54M	1.09B	564.79M	743.86M
Investing Cash Flow	-571.20M	-626.21M	-604.61M	-705.86M	-196.19M	-320.61M
Financing Cash Flow	44.73M	680.07M	-175.97M	-292.87M	-282.66M	-231.20M

Golden Agri-Resources Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.26
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:E5H, the sentiment is Positive. The current price of 0.26 is above the 20-day moving average (MA) of 0.26, above the 50-day MA of 0.25, and above the 200-day MA of 0.25, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 64.75 is Neutral, neither overbought nor oversold. The STOCH value of 55.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:E5H.

Golden Agri-Resources Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
E5H	72 Outperform	$3.30B	6.77	7.27%	3.09%	11.22%	84.13%
Sector *	63 Neutral	$21.01B	14.53	-7.26%	3.13%	3.36%	-7.91%
FTROF	―	$2.00B	7.70	18.32%	6.92%	―	―
OLGPF	―	$3.07B	74.03	1.32%	5.84%	―	―
WLMIF	―	$14.49B	12.17	5.86%	5.32%	―	―
2BU	―	€1.06B	6.69	20.72%	8.32%	―	―
5JS	72 Outperform	S$516.48M	5.37	8.46%	2.70%	13.03%	35.10%

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.