First Resources - RHB Invest 2024-05-16: Pulled Down By Downstream Unit

First Resources - Pulled Down By Downstream Unit

First Resources (SGX:EB5) | SGinvestors.ioFirst Resources (SGX:EB5)
  • Still NEUTRAL on First Resources (SGX:EB5), with new S$1.45 target price from MYR1.40, 2% upside with ~5% FY24F yield. In FY24F, productivity should improve and costs decrease, but downstream margins may remain under pressure.
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1Q24 net profit surged 58% q-o-q & 87% y-o-y

  • First Resources recorded a 58% q-o-q and 87% y-o-y surge in net profit in 1Q24 to US$36.1m. This came in slightly below our and Street forecasts (at 20% and 19% of FY24 estimates), likely due to higher-than-expected losses incurred by its downstream segment.

Analyst briefing highlights:

1Q24 FY24 nucleus FFB production dropped by 20% q-o-q but rose 7.1% y-o-y.

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  • We make no changes to our (conservative) FFB growth assumptions of 2-4% y-o-y for FY24-26F.

FR recorded a net inventory drawdown in 1Q24

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Singapore Research RHB Securities Research | 2024-05-16

Previous report by RHB:
2024-02-29 First Resources - Decent Ending To The Year.

Price targets by 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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