First Resources - Maybank Research 2023-05-15: A Typical Slow Start To The Year; Better Prospects In 2H

• First Resources (SGX:EB5)'s 1Q23 headline PATMI was below our / consensus expectations. Headline PATMI was in part dragged by FX translation losses.
• We are keeping our earnings forecasts as we anticipate stronger earnings in the coming quarters but more pronounced recovery in 2H on seasonally higher output, and lower fertiliser cost. Maintain BUY & target price of S$1.85 for First Resources on 11x FY23 PER, its -1 standard deviation of 5-year mean.

1Q23: Results below expectations, hurt by FX losses

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• Lower y-o-y revenue were due to moderated CPO ASP in 1Q as well as lower sales volume impacted by a net inventory build-up of 19,000t (1Q22: net inventory build-up of 31,000t).

Downstream margins affected by DMO obligations

• 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.

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