First Resources - RHB Research 2026-03-02: Increasing Dividend Payout Policy To 60%

• First Resources (SGX:EB5)’s FY25 results beat expectations. We expect earnings to continue growing in FY26, from the full-year impact of the Austindo Nusantara Jaya (ANJ) acquisition.
• - Read this at SGinvestors.io -

4Q25 core net profit surged 38% q-o-q

• 4Q25 core net profit surged 38% q-o-q, bringing the FY25 total up by 57% y-o-y, i.e. beating expectations, at 110-111% of our and Street FY25F.
• FY25 included an 8-month PBT contribution from ANJ. The main discrepancy was higher-than-expected external FFB acquired, which led to higher-than-expected CPO volumes in FY25, as well as lower-than-expected unit costs.

FY25 dividend of S$0.147

• - Read this at SGinvestors.io -
• It is revising its dividend payout policy to up to 60% (rom 50%) from FY26 onwards.

Briefing highlights:

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Previous report by RHB:
2025-11-17 First Resources - Strong Earnings Growth Continues.

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