First Resources - Maybank Research 2025-06-11: 1Q25 Results Beat Expectations

• We believe the recent First Resources's share price weakness has priced in some market negatives and offer a good entry price.
• Its 1Q25 headline PATMI of US$63m (+75% y-o-y) met 29% /26% of our/consensus FY25E estimates – beat expectations.

1Q25: Lifted by ASPs and output

• - Read this at SGinvestors.io -
• As for fertilizer, we understand 1Q’s application is on track at ~25% of its annual plan (1Q24: ~20%).
• We expect a seasonally weaker 2Q25 earnings on low output before earnings pick up again in 2H25.

Downstream margins was good in 1Q25

• As for its downstream division, we understand 1Q’s downstream margins were positive, anchored by its biodiesel plants which benefited from high glycerin (i.e. by-product) prices.
• - Read this at SGinvestors.io -

ANJ’s purchase & higher export levy now factored in

• 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/.

Previous report by Maybank:
2025-03-19 First Resources - Spending US$329.8m For A 91.2% Stake In ANJT; Short Term Pain For Long Term Gain..

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 Dividend Payout Dates & Corporate Actions,
First Resources News