First Resources 9M25 - Maybank Research 2025-11-16: A Resilient Performance

• First Resources (SGX:EB5)'s 9M25 results beat our/street estimates on better-than-expected ASPs. 4Q25 earnings may be weaker q-o-q following recent CPO price correction and possibly weaker biodiesel margins.

9M25 upstream results: Lifted by ASPs and output

• - Read this at SGinvestors.io -
• Meanwhile 3Q25 group EBITDA margin was down to 35% (-6-ppts y-o-y, -4-ppts q-o-q), in part due to accelerated fertilising application whereby First Resources completed 90% of its annual plan in 9M25 (1H25: 50%). In addition, there was a small inventory build-up of 5,000t (1H25: 75,000t) in 3Q25.

9M25 downstream: Biodiesel remains key contributor

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Raising our earnings forecasts by +9% to +15%

• 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:
2025-08-15 First Resources - A Stellar 1H25 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