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 @ 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 2022-02-28
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.
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