Golden Agri-Resources stock supported by stabilizing CPO prices

Helping offset dismal 3Q13 performance.

Despite a disappointing set of 3Q13 results, Golden Agri-Resources (GAR) share price has continued to do well, according to OCBC, likely buoyed by more signs that crude palm oil (CPO) prices are stabilizing around current levels (MYR2500/ton), aided by slightly better demand and supply factors.

"Note that our $830/ton (MYR2650/ton) forecast has already taken these factors into consideration. But further CPO price upside may still be capped by the expected jump in global oilseed production," said OCBC.

"And as the market appears to be taking on more "risk on approach", we apply a higher 13.5x peg (versus 12.5x previously) to our FY14F EPS, thus raising our fair value from S$0.465 to S$0.50," it cautioned, stressing that valuations still look pricey.

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