reports
With a more favourable environment, FIRST RESOURCES improves to Positi...
FIRST RESOURCES (SG), a company active in the Farming & Fishing industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date March 22, 2022, the closing price was SGD 2.11 and its potential was estimated...
- Chokwai Lee
- Chokwai Lee
- Chokwai Lee
Morningstar | First Resources’ 2018 Results Trail Expectation on Inv...
First Resources has been profitable since its listing in 2007, thanks to the firm's low production costs, which benefited from the young plantation age profile, focus on production yields, and stringent cost management. While its total planted area is smaller than that of larger competitors such as Golden Agri-Resources, the company has a young plantation age profile with a weighted average age of about 10 years, as about 43% of its plantations are either immature or young (4-7 years of age). Oi...
- Chokwai Lee
First Resources’ 2018 Results Trail Expectation on Inventory Buildup...
No-moat First Resources’ 2018 net profit of USD 120 million, down 13% year over year, was below our expectations, largely attributable to lower average selling prices and a net inventory buildup. After fine-tuning our valuation model, we are cutting our fair value estimate to SGD 1.74 from SGD 1.76. We think the firm is currently fairly valued, with share prices supported by firmer crude palm oil, or CPO, prices going forward. While EBITDA for the upstream segment was down 8% year over year to...
- Chokwai Lee
Morningstar | First Resources’ 2018 Results Trail Expectations on In...
No-moat First Resources’ 2018 net profit of USD 120 million, down 13% year over year, was below our expectations, largely attributable to lower average selling prices and a net inventory buildup. After fine-tuning our valuation model, we are cutting our fair value estimate to SGD 1.74 from SGD 1.76. We think the firm is currently fairly valued, with share prices supported by firmer crude palm oil, or CPO, prices going forward. While EBITDA for the upstream segment was down 8% year over year t...
- Chokwai Lee
Morningstar | First Resources’ 2018 Results Trail Expectations on In...
First Resources has been profitable since its listing in 2007, thanks to the firm's low production costs, which benefited from the young plantation age profile, focus on production yields, and stringent cost management. While its total planted area is smaller than that of larger competitors such as Golden Agri-Resources, the company has a young plantation age profile with a weighted average age of about 10 years, as about 43% of its plantations are either immature or young (4-7 years of age). Oi...
- Chokwai Lee
First Resources’ 2018 Results Trail Expectations on Inventory Buildu...
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 ...
- Chokwai Lee
First Resources’ 2018 Results Trail Expectations on Inventory Buildu...
No-moat First Resources’ 2018 net profit of USD 120 million, down 13% year over year, was below our expectations, largely attributable to lower average selling prices and a net inventory buildup. After fine-tuning our valuation model, we are cutting our fair value estimate to SGD 1.74 from SGD 1.76. We think the firm is currently fairly valued, with share prices supported by firmer crude palm oil, or CPO, prices going forward. While EBITDA for the upstream segment was down 8% year over year to...
- Chokwai Lee
Morningstar | First Resources’ Robust 3Q Production Volumes Offset b...
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 ...
- Chokwai Lee
Morningstar | First Resources’ Robust 3Q Production Volumes Offset b...
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 ...
- Chokwai Lee
First Resources’ Robust 3Q Production Volumes Offset by Weaker Selli...
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 ...
- Chokwai Lee
Morningstar | Higher Sales Volumes in 2Q Offset by Lower Selling Price...
No-moat First Resources reported a decent 2018 second-quarter net profit of USD 35.9 million, up 55% year over year and 30% quarter over quarter, on the back of higher sales volume. However, first-half results (down 11% year over year) were below our expectation mainly attributable to lower average selling price for crude palm oil, or CPO, and inventory build-up. After updating our valuation model to account for the lower CPO prices, we cut our fair value estimate to SGD 1.76 from SGD 1.86, and ...
- Chokwai Lee
Morningstar | Higher Sales Volumes in 2Q Offset by Lower Selling Price...
No-moat First Resources reported a decent 2018 second-quarter net profit of USD 35.9 million, up 55% year over year and 30% quarter over quarter, on the back of higher sales volume. However, first-half results (down 11% year over year) were below our expectation mainly attributable to lower average selling price for crude palm oil, or CPO, and inventory build-up. After updating our valuation model to account for the lower CPO prices, we cut our fair value estimate to SGD 1.76 from SGD 1.86, and ...
- Chokwai Lee
Higher Sales Volumes in 2Q Offset by Lower Selling Prices; Lowering Fi...
No-moat First Resources reported a decent 2018 second-quarter net profit of USD 35.9 million, up 55% year over year and 30% quarter over quarter, on the back of higher sales volume. However, first-half results (down 11% year over year) were below our expectation mainly attributable to lower average selling price for crude palm oil, or CPO, and inventory build-up. After updating our valuation model to account for the lower CPO prices, we cut our fair value estimate to SGD 1.76 from SGD 1.86, and ...
- Chokwai Lee
- CFA
First Resources’ 1Q Results Affected by Lower Selling Prices and Inv...
No-moat First Resources’ 2018 first-quarter net profit of USD 27.7 million was down 42.8% year over year. The weak performance was primarily owing to lower average selling price for crude palm oil, or CPO, and inventory build-up. Although the results accounted for only 17.1% of our full-year estimate, we are maintaining our earnings forecasts as we expect stronger results ahead due to the recovering CPO prices and higher sales volumes. Our fair value estimate of SGD 1.86 per share is unchanged...
- Chokwai Lee
- CFA
First Resources’ 3Q Results Disappoint on Lower Selling Prices and I...
Despite no-moat First Resources’ 2017 cumulative nine-month net profit rising by 54% year over year to USD 104 million, the results were below our expectations due to lower average selling prices and inventory buildup in the third-quarter. We cut our 2017 earnings estimate by 12% to reflect the near-term weakness, but our long-term forecasts are largely unchanged. We marginally reduce our fair value estimate to SGD 2.00 per share from SGD 2.02, and we think the firm is currently fairly valued....
- Chokwai Lee
- CFA
First Resources’ Sequential Weakness in 2Q Results Within Expectatio...
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...
- Chokwai Lee
- CFA
First Resources’ 1Q Results Boosted by Higher Selling Prices and Pro...
No-moat-rated First Resources’ 2017 first-quarter net profit of USD 48.5 million was a significant improvement from the earnings of USD 5.3 million, a year ago. The stronger performance was primarily owing to higher average selling prices for crude palm oil, or CPO, and increased production volume. The results accounted for 31% of our full-year estimate but we are maintaining our earnings forecasts as we expect weaker results ahead due to the weakening CPO prices. We retain our fair value esti...
- Chokwai Lee
- CFA
First Resources’ 4Q Results Underpinned by Strong Upstream Earnings;...
No-moat First Resources reported solid fourth-quarter results, with revenue and EBITDA up by 33.9% and 85.1% year over year, respectively, mainly driven by higher average selling prices for crude palm oil, or CPO. As a result, the company’s full-year net profit for 2016 soared by 31.1% year over year to USD 125 million, despite a 5.1% year-over-year decline in the production volume of fresh fruit bunches, owing to the negative effect of El Nino. Excluding the USD 13.2 million fair value gains ...
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