Singapore Stock Market News
First Resources Ltd - Elixir of youth
StockFanatic
Publish date: Wed, 22 May 2013, 03:04 PM
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Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
First Resources' 1Q13 results cement our conviction of its superior
operating efficiency over peers. Its young estates offer strong FFB
prospects, partially mitigating lower CPO prices. Low production costs
render it one of the most profitable planters under our coverage.
We initiate coverage with an
Outperform and S$2.22 target price,
based on 12.3x CY14 P/E (1SD above
its 4-year mean). Re-rating catalysts
are expected from higher FFB
production and potential dividend
uplifts when free cash flows strengthen from 2014.
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