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We expect earnings to continue growing in FY26F, coming from the full year impact of the Austindo Nusantara Jaya (ANJ) acquisition. However, First Resources's share price has rallied significantly and we believe valuation is fair now, trading at 12x 2026F P/E – at the high end of its peer range of 7-12x.
First Resources’ 1Q26 came in within expectations.
- - Read this at SGinvestors.io -
Briefing highlights:
1Q26 nucleus FFB rose 19.5% y-o-y due to the ANJ consolidation, but fell 22.6% q-o-q, in line with seasonal patterns.
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This is higher than our projection of 6.4% and management guidance of 5-10% y-o-y for FY26F, due to the low base of 1Q25 without ANJ. Excluding ANJ, First Resources’s nucleus output was flattish y-o-y. CPO production rose by a larger 34.5% y-o-y in 1Q26, due to an inventory drawdown of 59k tonnes.
- - Read this at SGinvestors.io -
Raising unit cost guidance to US$300-320/tonne (from US$280-300/tonne previously), on higher fertiliser costs.
- 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/.
Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2026-05-18
Read also RHB's most recent report:
2026-06-22 First Resources - Upgrade To BUY On El Nino Confirmation.
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
