OCBC Investment Research in a 13th April research report says: "Golden Agri-Resources (GAR) has provided more details on its Forest Conservation Policy (FCP). Meanwhile, in the nearer term, we note that CPO prices continue to hold up pretty well, no doubt buoyed by the rising crude oil prices, as well as lessened demand concerns following the Japan twin disaster in early March.
"And with the MENA (Middle East North Africa) region still looking slightly uncertain, we believe that it may continue to drive demand for alternative sources of fuel, especially bio-diesel. The world's second largest CPO producer Malaysia plans to implement the use of B5 bio-diesel this year; it has also allocated MYR200 million for the establishment of blending facilities. Fair value of 88 cents (17x FY11F core EPS). MAINTAIN BUY."
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