This report is an updated version of the report published on 1 December 2025 at 11:16 AM AEDT.

Select Harvests Limited (ASX: SHV)

Select Harvests Limited is an ASX listed producer of almond products for retail and industrial markets.

Recommendation Rationale – SELL at AUD 4.550            

• Technical Standpoint: SHV’s share price has surpassed the R2 level of AUD 4.415 recommended on 6 November 2025. The 14-day RSI is showing a reading of ~73.95, indicating overbought territory, hence the stock may witness some consolidation in the near term.
• Cost of Sales Jumps: In FY25 ending 30 September 2025, SHV's cost of sales increased by 34.5% year-on-year to AUD 388.2mn compared to AUD 288.6mn in FY24.
• Overvalued Multiples: On a forward 12-month basis – key trading multiple EV/Sales is higher than industry (Food and Tobacco) median, hence, looks overvalued.
• Climate & Weather-Related Risk/Water Dependence: Almond cultivation — SHV’s core business — is heavily dependent on winter chill and hot, dry weather for proper production. Wet/cool conditions or extreme weather can severely impact yields.

Daily Price Chart

Valuation Methodology: Price/Cash Flow Approach (Illustrative)

The stock might trade at a slight premium to its peers considering the 35.4% annual jump in revenue and 3,433% annual jump in NPAT in FY25, 32.4% increase in almond price and 19.4% jump in value-added price, reduced debt following capital raise and positive outlook for FY26.

For conducting the valuation, peers including Graincorp Ltd (ASX: GNC), Inghams Group Ltd (ASX: ING), Lynch Group Holdings Ltd (ASX: LGL) and others have been considered.

Given the stock has crossed its R2 level, recent rally in the share price, and risks associated, it is prudent to sell the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of AUD 4.55, as of 1 December 2025, at 10:01 AM AEDT.

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 1 December 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Note 5: Dividend Yield may vary as per the stock price movement.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices