1Q22 core net profit grew 739% yoy to US$73.6m, above our expectation. We project weaker 2Q22F earnings as export ban may lead to lower sales. We lift our earnings forecasts but downgrade our call to Hold from Add as its share price (+38% YTD) has reached our TP.
Equity Analysis /
SingaporeSG : First Resources Ltd - 2Q earnings likely hit by palm oil export ban
Ivy Ng Lee
Head of Malaysia Research, Regional Head of Agribusiness @ CGS-CIMB
16 May 2022
16 May 2022
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