First Resources - CGS-CIMB Research 2022-02-28: Highest Final Dividend Since Listing

First Resources - Highest Final Dividend Since Listing

  • First Resources (SGX:EB5) posted a 43% y-o-y rise in FY21 core net profit (excluding one-off gain/loss) of US$143m due to higher plantation and refining profits. Final core net profit was 4% above our forecast but was in line with consensus.
  • First Resources proposed a final dividend of S$0.05 per share (3% dividend yield), which brings full year dividend to S$0.0635.
  • We raise our FY22-23 net profit forecasts for First Resources by 21-50% to reflect higher CPO price assumptions and downstream margins. We expect First Resources to post a 46% jump in its FY22F net profit, driven mainly by higher CPO price achievement of US$757 per tonne (after export tax and levy).
  • We raise our target price for First Resources to S$2.12. Reiterate ADD.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

Ivy NG Lee Fang CFA CGS-CIMB Research | Nagulan RAVI CGS-CIMB Research | 2022-02-28
SGX Stock Analyst Report ADD MAINTAIN ADD 2.12 UP 1.760

Read also CGS-CIMB's most recent report:
2022-11-15 First Resources - Stock Drawdown To Boost 4QFY22 Earnings

Target prices by 3 other brokers at First Resources Target Prices.
Listing of broker reports at First Resources Analyst Report.

Relevant links:
First Resources Share Price History,
First Resources Announcements,
First Resources Dividends & Corp Actions,
First Resources News Articles


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