Broker Name: Maybank Research Pte Ltd
Date of Report: November 16, 2025
Excerpt from Maybank Research Pte Ltd report.
- First Resources (FR SP) delivered resilient 9M25 results, beating estimates due to higher-than-expected average selling prices (ASPs) and strong output, with core PATMI up 58% YoY to USD240m.
- The company’s downstream biodiesel segment continues to provide stable margins, and the successful acquisition and operational turnaround of ANJ—including shutting down or divesting underperforming assets—has improved outlook.
- Maybank has raised FY25E/26E/27E earnings forecasts by up to 15%, upgraded the target price to SGD2.40 (from SGD1.90), and maintains a BUY call, citing a 6% net dividend yield and efficient operations despite industry risks.
- Key risks include weather anomalies, lower CPO prices, unfavorable policies, and volatility in competing oil prices.
Report Summary
- First Resources’ strong 9M25 results exceeded market expectations due to high CPO ASPs and increased output, supported by the integration of ANJ.
- Maybank remains positive on the stock, raising its target price and earnings outlook, and highlights the company’s effective streamlining and stable dividend yield.
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.com/investment-banking
