Broker Name: Maybank Research Pte Ltd
Date of Report: November 16, 2025

Excerpt from Maybank Research Pte Ltd report.

• Report Summary
• First Resources’ (FR) 9M25 results beat expectations, driven by higher average selling prices (ASP) for crude palm oil (CPO) and palm kernel (PK), as well as increased fresh fruit bunch (FFB) output, including contributions from the recently acquired ANJ operations.
• The company is actively streamlining its portfolio by divesting underperforming assets, particularly in West Papua, and maintains strong FFB growth and stable biodiesel margins; as a result, the target price was raised to SGD2.40 and the BUY rating was maintained.

Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website: https://www.maybank-keresearch.com