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DBS downgrades First Resources to 'hold' citing limited further upside potential

Khairani Afifi Noordin
Khairani Afifi Noordin11/5/2021 02:49 PM GMT+08  • 2 min read
DBS downgrades First Resources to 'hold' citing limited further upside potential
First Resources' share price climbed 32% year-to-date, outperforming its plantation peers.
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DBS Group Research analyst William Simadiputra has downgraded his “buy” call on First Resources to “hold”, with an unchanged target price of $1.83.

In a Nov 2 note, Simadiputra says First Resources’ share price performed well amid rising crude palm oil (CPO) prices. Its share price climbed 32% year-to-date, outperforming its plantation peers.

Despite this, Simadiputra believes further share price upside potential is limited, unless First Resources 2H21 earnings beat DBS’ expectations.

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