First Resources’ Robust 3Q Production Volumes Offset by Weaker Selling Prices and Inventory Build-up
No-moat First Resources’ 2018 third-quarter net profit of USD 39 million was up 22% year over year and 9% quarter over quarter, mainly attributable to higher sales volume. However, cumulative nine-month earnings of SGD 102.7 million was flat year over year, slightly below our expectation on the back of a drop in average selling price for crude palm oil, or CPO, and inventory build-up. After fine-tuning our valuation model, we keep our fair value estimate of SGD 1.76. We think there is limited up...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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