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First Resources kept at 'buy' on strong 3Q output numbers and attractive valuations

PC Lee
PC Lee11/13/2018 03:12 PM GMT+08  • 3 min read
First Resources kept at 'buy' on strong 3Q output numbers and attractive valuations
SINGAPORE (Nov 13): Analysts of three research houses are keeping First Resources at “buy” on robust 3Q18 performance, strong output numbers and attractive valuations.
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SINGAPORE (Nov 13): Analysts of three research houses are keeping First Resources at “buy” on robust 3Q18 performance, strong output numbers and attractive valuations.

First Resources’ 3Q18 earnings rose 22% y-o-y to US$39 million, largely in line with consensus. The robust performance was driven by stronger than expected profitability even though the crude palm oil (CPO) price environment remains challenging.

The weakening IDR currency trend against the US dollar also supported overall profitability performance in the quarter. Revenue rose 25% y-o-y to US$171 million in line with consensus forecast.

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