First Resources - Maybank Research 2026-05-17: Good Start To The Year

• 1Q26 PATMI beat our/street estimates, boosted by inventory drawdown. Upcoming quarterly results should be lifted by higher ASPs and output.

FY26E FFB growth guidance unchanged at +5%-10%

• 1Q26 headline PATMI of US$97m (+53% y-o-y) met 30% /28% of our/consensus FY26E estimates. 1Q results were boosted by strong sales revenue (+70% y-o-y) underpinned by

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  • large inventory drawdown of 59,000t in 1Q26 (1Q25: net inventory build-up of 18,000t).

• 1Q FFB nucleus production met 21% of our full-year estimate, within historical ranges. First Resources maintains its 5-10% nucleus growth guidance for 2026 (MIBG estimate: +5%).

Raising its unit cash cost guidance by +7% for FY26E

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• As for downstream division, we understand 1Q26’s downstream margins were positive, anchored by its biodiesel plants. However, the recent spike in methanol cost may put pressure on margins in the coming quarters if Indonesia’s biodiesel subsidy formula stays the same.

FY26E-28E core PATMI raised by +8%-11%

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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:
2026-03-02 First Resources - Excellent End 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,
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First Resources Dividend Payout Dates & Corporate Actions,
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