Despite 1Q21 underperformance, First Resources can still catch-up in 2H21: analysts

Analysts believe First Resources will have a better 2HFY2021 ended December after its 1QFY2021 results came below expectations.

To that end, analysts from UOB Kay Hian, CGS-CIMB Research and Maybank Kim Eng have maintained their earnings forecasts, underpinning unchanged target prices of $1.65, $1.69, and $1.88 respectively. Their ratings also remain unchanged at 'buy' for UOB Kay Hian and Maybank Kim Eng and 'add' for CGS-CIMB.

RHB Group Research, however, has kept its ‘buy’ call but with a lower target price of $1.60 from $1.70 previously after its FY2021 - FY2022 earnings forecast was cut by 4% - 14%.