- 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.
- - Read this at SGinvestors.io -
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.
- - Read this at SGinvestors.io -
- the extension of the Black Sea Grain Deal which will be expiring in early-November.
3Q22 results preview.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Leow Huey Chuen UOB Kay Hian Research | Jacquelyn Yow Hui Li UOB Kay Hian | https://research.uobkayhian.com/ 2022-10-28
Read also UOB's most recent report:
2023-11-14 First Resources - 3q23 Results Slightly Below Expectation.
Previous report by UOB:
2023-10-25 First Resources 3Q23 Preview - Strong Earnings Coming Through.
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 Dividends & Corporate Actions,
First Resources News Articles
