First Resources - Maybank Research 2026-03-02: Excellent End To The Year

• First Resources (SGX:EB5)'s FY25 core PATMI beat ours / street estimates. FY25’s results included better-than-expected maiden contribution from newly acquired Austindo Nusantara (ANJ) in May 2025.
• - Read this at SGinvestors.io -

FY25: Strong upstream and downstream lifted results

• 2H25 core PATMI of US$206m (+50% y-o-y) brings FY25 core PATMI to US$358m (+57% y-o-y) which beat ours and street full-year estimates by 22% and 9% respectively. Higher y-o-y 2H25 profits were due to better upstream and downstream contributions. Had it not been a net inventory build-up of 36,000t and US$5.6m in administrative charges for land handed over to the Indonesia government, earnings could have been even better.
• - Read this at SGinvestors.io -
• First Resources has substantially completed its fertiliser plan in FY25.

FY26E FFB output to grow by 5%-10%

• 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:
2026-05-17 First Resources - Good Start To The Year.

Price targets by 2 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