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

First Resources - Highest Final Dividend Since Listing

FIRST RESOURCES LIMITED (SGX:EB5) | SGinvestors.ioFIRST RESOURCES LIMITED (SGX:EB5)
  • 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 @ https://www.itradecimb.com.sg/.



Ivy NG Lee Fang CFA CGS-CIMB Research | Nagulan RAVI CGS-CIMB Research | https://www.cgs-cimb.com 2022-02-28
SGX Stock Analyst Report ADD MAINTAIN ADD 2.12 UP 1.760




Previous report by CGS-CIMB:
2021-11-15 First Resources - On Track For Stronger 4Q21 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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