First Resources - DBS Research 2023-01-11: Striving Amid Strong Productivity Outlook

First Resources - Striving Amid Strong Productivity Outlook

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  • We see First Resources's earnings trending lower in 2023 alongside the lower CPO price vis-à-vis that seen in early 2022. We maintain our FY23F earnings forecast of US$205m alongside our CPO price assumption of US$1,125 per MT. As we believe the export levies and taxes will be reintroduced when international prices rebound to above US$900 per MT, we assume CPO prices would average US$850 per MT in the domestic market. We peg First Resources’s selling price at US$1,137 per MT equivalent due to its exposure to refined palm oil products as well as the export market.
  • First Resources's share price retreat reflected earnings downtrend on the back of the lower CPO price trend in 2023 being priced in.

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    Above is the excerpt from report by DBS Group Research.
    Clients of DBS may access the full report in PDF @

    William Simadiputra DBS Group Research | 2023-01-11

    Previous report by DBS:
    2022-03-21 First Resources - Upside Risk To Earnings.

    Price targets by 4 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

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