We like First Resources (SGX:EB5) for its strong management, integrated business model, and good capital management. Trading at ~10x P/E with ~6% net dividend yield, we tactically upgrade First Resources to BUY (from HOLD) with an unchanged First Resources's target price of S$3.84 on 13x FY26 P/E, its +1 standard deviation 6-year mean.
Resilient integrated business model
- 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/.
Ong Chee Ting CA Maybank Research | https://www.maybanktrade.com.sg/ 2026-06-17
Previous report by Maybank:
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
