First Resources - Maybank Research 2025-08-15: A Stellar 1H25 Performance

• First Resources (SGX:EB5)'s 1H25 results exceeded expectations on better-than-expected ASPs and downstream outperformance. We believe 2H25 earnings will likely be lower h-o-h in anticipation of lower ASPs, mitigated by higher output.
• - Read this at SGinvestors.io -

1H25 upstream results: Lifted by ASPs and output

• Adjusted for Fair Value loss on biological assets of US$4m, 1H25 core PATMI of US$152m (+68% y-o-y) was 73%/62% of our/consensus full year estimates – beat estimates. Both upstream and downstream performed significantly better y-o-y. Included in the results is the maiden contribution (since May 25) from ANJ’s acquired upstream assets.
• - Read this at SGinvestors.io -
• As for fertilizer, we understand 1H’s application is on track with 50% completion of its annual plan (1Q25: ~25%).

1H25 downstream: Strong biodiesel contribution

• 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.

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 Dividend Payout Dates & Corporate Actions,
First Resources News