Using Q3 latest results the NAV of Golden Agri and First Resources are USD 0.69 and USD 0.66 respectively, and given the Shares price of $0.42 and $1.865, and using a exchange rate of 1USD : 1.35, the discount and premium to NAV are: (55%) discount and 110% premium What a big difference isn't it? There are good reasons for the difference. First, a big part of the asset is from the item Biological assets, which is the plantations that produce the fruit punch used to make CPO. Look at the two profile of plantations: 50% of Golden Agri plantation is of prime age and and 27% is beyond, whereas First resources has a 30% of planatation at prime age and only 13% beyond it. Also, First resources is still actively investing and growing the plantation size. The growth for Golden Agri is relatively ......