First Resources - The Biodiesel Play | I3investor

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First Resources - The Biodiesel Play

StockFanatic

Publish date: Thu, 11 Sep 2014, 01:14 PM

We maintain our BUY call on First Resources and raise our TP slightly to SGD2.42 (from SGD2.31) as we peg it back to 16x CY15 earnings. We continue to like this well-managed company, which also provides investors with biodiesel exposure. Its biodiesel plant capacity could absorb about 52% of its nucleus CPO production - which means extra margin of c.USD100 per tonne. The biodiesel boost was only partly reflected in the 2Q.

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