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GOLDEN AGRI-RESOURCES LTD (E5H) Fair Value & Analysis

Consumer Defensive · SG · Market cap 3.4B SGD

GA GOLDEN AGRI-RESOURCES LTD E5H · SG
Price0.2950 SGD
Fair Value0.4298 SGD
Upside+45.7%
Quality62/100
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Healthy Growth
Thin margins · 3.0% net margin
Low debt · generates free cash flow
Ranks above peers (9/15)
Narrow moat 28/100
Evidence: High Range 0.3256 SGD – 0.5405 SGD Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 4 days ago

Fair value updated Aug 13, 2026, revised from 0.6600 SGD to 0.4298 SGD (−34.9%) since Aug 9, 2026. Share price +7.3% over the past month.

A solid business, screening 46% undervalued on our models.

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What matters now

  • The price is below even our cautious bear case (0.3256 SGD). The market is more pessimistic than our downside scenario.
  • Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

0.3450 SGD 0.1713 SGD Fair Value 0.4298 SGD May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 0.1713 SGD – 0.3450 SGD · fair‑value band 0.3256 SGD – 0.5405 SGD · the 0.2950 SGD price screens below the 0.4298 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

GOLDEN AGRI-RESOURCES LTD (E5H) currently trades at 0.2950 SGD, while our model-based Fair Value estimate is 0.4298 SGD, implying the stock looks roughly 45.7% undervalued today. The Quality Score stands at 62/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, GOLDEN AGRI-RESOURCES LTD generated revenue of 13.1B SGD at a net margin of 3.0%. Revenue grew 6.4% year over year. It earns a return on equity of 8.0%. Net debt stands at 2.7B SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.3256 SGD (bear case) to 0.5405 SGD (bull case); at 0.2950 SGD, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 14% below its 52-week high and 24% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 97% fair-value upside, at 46%, E5H screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 0.6000 SGD 1.02 SGD 1.65 SGD 80
Residual Income 0.3400 SGD 0.3600 SGD 0.3900 SGD 76
Rev-Margin DCF 0.5200 SGD 0.9000 SGD 1.36 SGD 74
All 24 models by family
DCF Models
FCF DCF 0.6000 SGD 1.04 SGD 1.73 SGD 38
Owner Earnings 0.2400 SGD 0.4400 SGD 0.7600 SGD 31
5Y Revenue Exit 0.5200 SGD 0.9000 SGD 1.40 SGD 39
5Y EBITDA Exit 0.6900 SGD 1.24 SGD 1.90 SGD 41
5Y P/E Exit 0.4600 SGD 0.7800 SGD 1.13 SGD 38
10Y Revenue Exit 0.5300 SGD 0.8900 SGD 1.40 SGD 36
10Y EBITDA Exit 0.6500 SGD 1.12 SGD 1.79 SGD 37
10Y P/E Exit 0.5000 SGD 0.8000 SGD 1.19 SGD 35
Earnings-Based
Graham-Dodd 0.2100 SGD 0.8400 SGD 1.15 SGD 54
Lynch FV 0.2100 SGD 0.3000 SGD 0.3900 SGD 50
PEG = 1.0 0.2100 SGD 0.3000 SGD 0.3900 SGD 46
EPV 0.2100 SGD 0.2600 SGD 0.3000 SGD 59
Multiples
P/E Multiple 0.5000 SGD 0.6600 SGD 0.8300 SGD 63
P/S Multiple 0.4000 SGD 0.5400 SGD 0.6700 SGD 58
P/B Multiple 0.4000 SGD 0.5400 SGD 0.6700 SGD 55
EV/EBIT 0.7200 SGD 0.9800 SGD 1.24 SGD 53
EV/EBITDA 0.8200 SGD 1.12 SGD 1.41 SGD 54
EV/Revenue 0.4900 SGD 0.7300 SGD 0.9700 SGD 43
Asset-Based
NCAV (Graham) 0.2100 SGD 0.2900 SGD 0.4300 SGD 50
Growth DCF
Growth DCF 0.6000 SGD 1.02 SGD 1.65 SGD 80
Rev-Margin DCF 0.5200 SGD 0.9000 SGD 1.36 SGD 74
Economic Profit
Residual Income 0.3400 SGD 0.3600 SGD 0.3900 SGD 76
ROIC Compounder 0.2100 SGD 0.2600 SGD 0.3000 SGD 72
Growth Earnings
Growth-Adj P/E 0.3700 SGD 0.5300 SGD 0.6900 SGD 68

Widest divergence: Growth DCF (0.9000 SGD) versus Economic Profit (0.2600 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 13.1B SGD
Revenue growth (YoY) +6.4%
Net margin 3.0%
Return on equity 8.0%
Free cash flow 738M SGD FY2025
P/E ratio 7.4
More key figures
Operating margin 1.6%
EPS (TTM) 0.0400 SGD
EPS growth (YoY) -45.1%
Net debt 2.7B SGD FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 61 · Market factors (momentum, volatility) 58

Profitability 44
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 56
Earnings quality: real cash, not paper profit
Fin. Strength 52
Balance sheet, leverage, solvency risk
Investment 89
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 50
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Golden Agri-Resources Ltd, an investment holding company, operates as an integrated palm oil plantation company in China, Indonesia, India, rest of Asia, Europe, and internationally. The company operates through Plantations and Palm Oil Mills; and Palm, Laurics and Others segments.

Full company description

Golden Agri-Resources Ltd, an investment holding company, operates as an integrated palm oil plantation company in China, Indonesia, India, rest of Asia, Europe, and internationally. The company operates through Plantations and Palm Oil Mills; and Palm, Laurics and Others segments. It offers snacks and instant noodles; edible oils, such as sunflower, rice bran, mustard, groundnut, and palm olein; margarines, shortenings, sauces, and beverages; and specialty fats, as well as trades in, buys, and sells crude and refined palm olein, palm kernel, sunflower, and soybean oils. The company also provides palm-derived oleochemicals; palm-based bioenergy; shipping and logistics; IT consultancy, IT application design, development and maintenance, and facilities for data center resources and other IT outsourcing; maintenance services for palm oil processing units; records and document management services; and construction services. In addition, it is involved in sugar storage and distribution business; seed production; treasury management; business and management consultancy activities; commercial and industrial real estate management and property investment; operation of bulking stations, export, import, and administration of transportation services; general wholesale trade; ship management; training; toll crushing of oilseeds and toll processing of biscuit shortening; sale of food products; forestry, carbon storage, and absorption services; port and storage facilities activities; and refinery operations. Further, the company engages in the building management; office administration; food and nutrition and animal nutrition; marine terminal facilities operation; aerial manuring; palm oil and stearin trading; and marine cargo ownership and operation businesses. The company was incorporated in 1996 and is based in Singapore.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

GOLDEN AGRI-RESOURCES LTD reported revenue of 13.0B SGD in FY2025 versus 10.2B SGD in FY2021, a compound +6.2%/yr. Reported net income was 400M SGD in FY2025, compounding −4.3%/yr from FY2021.

Growth Quality 83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
13.0B SGD
Latest YoY
+18.7%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.2%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.8%
Avg. growth/yr (12Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.8%
Revenue +6.2%/yr
FY21 10.2B SGD
FY22 11.4B SGD
FY23 9.8B SGD
FY24 10.9B SGD
FY25 13.0B SGD
Net income −4.3%/yr
FY21 476M SGD
FY22 782M SGD
FY23 198M SGD
FY24 365M SGD
FY25 400M SGD

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Cite: Fair Value Calculator (2026). "GOLDEN AGRI-RESOURCES LTD Fair Value". https://www.fairvalue-calculator.com/stock/E5H

Peer Group

Farm Products · 297 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 62 · Above median
Fair Value upside +46% · Top 25%
Return on equity (TTM) 8% · Above median
Return on assets 5% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 2% · Below median
Revenue growth 6% · Above median
Dividend yield (TTM) 2.3% · Below median
Debt / equity 0.26× · Higher than median

Valuation Multiples vs Farm Products median · lower = cheaper

P/E (TTM) 7.4× · Cheaper than 75% of peers
P/B 0.49× · Cheaper than median
P/S (TTM) 0.20× · Cheaper than 75% of peers
P/FCF 3.6× · Pricier than median
EV/EBITDA 3.1× · Cheaper than median
PEG 45.98× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 94 · sector 26
FUTURE 32 · sector 22
PAST 32 · sector 18
HEALTH 87 · sector 95
DIVIDEND 47 · sector 48

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Farm Products stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Muyuan Foods Group 002714 ¥40.15 ¥47.42 +18%
Charoen Pokphand Foods Public Company CPF 21.90 THB 43.24 THB +97%
PT Charoen Pokphand Indonesia Tbk, CPIN 3,150 IDR 6,818 IDR +116%
PT Triputra Agro Persada Tbk TAPG 1,805 IDR 3,087 IDR +71%
PT FAP Agri Tbk FAPA 7,350 IDR 6,420 IDR -13%
PT Japfa Comfeed Indonesia Tbk JPFA 2,260 IDR 6,974 IDR +209%
PT Jhonlin Agro Raya Tbk JARR 1,890 IDR 610.80 IDR -68%
PT Nusantara Sawit Sejahtera Tbk NSSS 860.00 IDR 402.24 IDR -53%
PT Sinar Mas Agro Resources and Technology Tbk SMAR 5,625 IDR 16,227 IDR +188%
PT Dharma Satya Nusantara Tbk DSNG 1,320 IDR 2,696 IDR +104%

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Frequently asked questions

Is GOLDEN AGRI-RESOURCES LTD (E5H) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.4298 SGD versus a price of 0.2950 SGD, about +46% (undervalued).
What is the fair value of E5H?
Our model-based fair value for GOLDEN AGRI-RESOURCES LTD is 0.4298 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.2950 SGD.
What is the quality score of E5H?
GOLDEN AGRI-RESOURCES LTD has a Quality Score of 62/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of GOLDEN AGRI-RESOURCES LTD (E5H)?
GOLDEN AGRI-RESOURCES LTD reported trailing-twelve-month revenue of about 13.1B SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of E5H?
The net profit margin of GOLDEN AGRI-RESOURCES LTD is about 3.0%, meaning it keeps roughly 3.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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