- First Resources (SGX:EB5)'s FY22 core PATMI beat ours but met street estimates. As CPO price has eased from recent historic high, we expect FY23E core PATMI to fall 42% y-o-y on lower CPO ASP assumption of MYR3,400/t and higher costs, mitigated by higher output.
- - Read this at SGinvestors.io -
Net inventory drawdown help lifted sales in 2H22
- First Resources's 2H22 core PATMI of US$197m (+66% y-o-y) brings FY22 core PATMI to US$334m (+125% y-o-y) which met 111%/100% of our (above)/street (inline) FY22 estimates.
- - Read this at SGinvestors.io -
- The 2H22 plantation EBITDA grew +50% y-o-y to US$253m, in part due to missed fertilizer application (i.e. lower expenses) due to wet weather. As for downstream, First Resources posted a LBITDA of –US$2m in 2H22 (2H21: EBITDA of US$44m) in a volatile market.
FY23E: FFB output growth of up to 5% y-o-y
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Ong Chee Ting CA Maybank Research | https://www.maybank-ke.com.sg/ 2023-03-02
Read also Maybank's most recent report:
2024-11-15 First Resources - 9M24 results Ahead Of Expectations.
Previous report by Maybank:
2024-10-14 First Resources - Lagging Long Term “E” Targets For ESG 2.0.
Price targets by 3 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
