First Resources’ Sequential Weakness in 2Q Results Within Expectation, FVE Intact
No-moat First Resources’ 2017 second-quarter net profit of USD 23.2 million, down 52% quarter over quarter, was within our expectation. The decline was due to lower sales volume and higher operating cost. Although interim 2017 net profit only accounted for 45% of our full-year forecast, our estimate is unchanged as we expect stronger second-half production volume while the uptick in fertilizer costs should be largely captured in the first half. We retain our fair value estimate of SGD 2.02 per s...First Resources is an investment holding company. Through its subsidiaries, Co. is engaged in oil palm plantation, palm oil refining and palm kernel crushing, marketing and distribution of palm oil products, investment holding, oil palm seed breeding, aircraft ownership and management, and rubber plantation. Co. and its subsidiaries have two reportable segments: Plantations and Palm Oil Mills, which is involved in the cultivation and maintenance of oil palm plantations and operation of palm oil mills; and Refinery and Processing, which markets and sells processed palm based products produced from the refinery, fractionation and biodiesel plants and other downstream processing facilities.
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