Shares of Golden Agri-Resources will likely be in focus after it reported earnings.
For the full year, the plantation company reported net profit fell 82 percent to US$74 million, while revenue grew 4 percent to US$7.51 billion.
The company called its own performance “strong,” noting that full-year EBITDA (earnings before interest, tax, depreciation and amortisation) rose 16 percent to US$665 million despite lower output and prices in the fourth quarter.
But those figures broadly missed Daiwa’s forecasts from a January report, which estimated net profit of US$159 million on revenue of US$7.56 billion. Daiwa rated Golden Agri at Underperform with a S$0.33 target in January.
The stock ended Monday at S$0.36.
On the downside, initial support is likely at the February low of S$0.35, followed by the April 2017 low of S$0.34. On the upside, resistance is likely around the February high of S$0.39.