First Resources 3Q22 Preview - UOB Kay Hian 2022-10-28: Buoyed By Strong Sales Volume And Stable Downstream Margin

• We expect First Resources's 3Q22 earnings to be slightly higher q-o-q and y-o-y on the back of strong sales volume growth and steady refining margin. Having said that, this is partially offset by lower operating margin, due to lower CPO ASP and higher cost of production.
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Upgrade First Resources to BUY with an unchanged target price of S$1.70.

• First Resources's share price had declined by 14% since our last downgrade in Jun 22. This has could have factored in the negative earnings impact from the Indonesian policy changes.
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• the extension of the Black Sea Grain Deal which will be expiring in early-November.

3Q22 results preview.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2026-01-16 First Resources - Accumulate On Weakness.

Previous report by UOB:
2025-11-17 First Resources - 3Q25 Results Beat Estimates; 4Q25 Production Peak Expected.

Price targets by 2 other brokers at First Resources Target Prices.

Listing of research reports at First Resources Analyst Reports.

Relevant links:
First Resources Share Price History,
First Resources Announcements,
First Resources Dividend Payout Dates & Corporate Actions,
First Resources News