Equity Analysis /
Singapore

SG : First Resources Ltd - 2Q earnings likely hit by palm oil export ban

    Ivy Ng Lee
    Ivy Ng Lee

    Head of Malaysia Research, Regional Head of Agribusiness

    CGS-CIMB
    16 May 2022
    Published by

    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.