Singapore Stock Market News

First Resources - Our Favoured Pick

StockFanatic
Publish date: Thu, 18 Jun 2015, 10:28 AM
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Reiterate BUY on FR for its good track record of delivering good productivity, it being a beneficiary of the new policies in Indonesia and high leverage on CPO price movements. Based on our re-rated valuation, FR offers 59% upside from its current share price level if a strong El Nino occurs. Its FFB production growth is on track to meet our expectation of 9-11% for 2015. Going forward FR will slow down in new planting activities and focus on sustainability. Target price: S$2.40.
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