First Resources - Maybank Research 2023-03-02: A Record Year; FY22 Results Beat Expectations

• 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.
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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 an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-11-16 First Resources 9M25 - A Resilient Performance.

Previous report by Maybank:
2025-08-15 First Resources - A Stellar 1H25 Performance.

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

Listing of research reports at First Resources Analyst Reports.

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