- Maintain NEUTRAL on First Resources with S$1.65 target price, 7% upside. We expect production to be lower q-o-q in 4Q, coming off from its peak output, while costs could register slightly higher on a lower output base.
- - Read this at SGinvestors.io -
First Resources’ 9M24 results were largely in line with our, but above consensus FY24 forecasts.
- First Resources's 3Q24 core profit slipped 10% q-o-q (+19% y-o-y), bringing 9M24 earnings to US$151.6m (+c.28% y-o-y). The lower q-o-q profit occurred despite stronger q-o-q FFB output and higher ASPs, likely due to higher q-o-q unit costs as First Resources applied more fertiliser during the quarter.
- - Read this at SGinvestors.io -
Briefing highlights:
- Read more at SGinvestors.io.
Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2024-11-15
Previous report by RHB:
2024-11-12 First Resources - Fairly Valued Despite CPO Price Assumption Hike.
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
