Analysts mixed on First Resources growth output for FY20

SINGAPORE (May 27): While First Resources reported earnings (or net profit) of US$22.2 million (S$31.4 million), an 80.9% surge y-o-y for 1Q20, the results still fell short of expectations, according to CGS-CIMB, DBS Group Research, Maybank Kim Eng, and RHB.

See also: First Resources posts 80.9% surge in earnings to $31.4 mil for 1Q20

All brokerages agree that the palm oil producer’s net profit for 1Q20 came up to a fraction of their full-year estimates at 18% for CGS-CIMB, 12% below street level for DBS Group Research, 19%/17% for Maybank Kim Eng, and 20% for RHB.