SINGAPORE (Nov 16): Nomura is keeping its “buy” recommendation on First Resources, but reduces its target price to $2.20 from $2.31 amid an expected decline in palm oil production in the fourth quarter.

Nomura says the palm planter's nine-month core net profit of US$94 million, a 21% decline on year, was below its expectations.

The weaker results were mostly due to weaker selling prices and lower sales volume, Nomura notes.

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