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“We believe First Resources will benefit from the newly revised export levies in Indonesia as it channels the bulk of CPO sales to its downstream refinery, which in turn, should enjoy an additional margin advantage of US$90.00 per tonne,” the RHB research team in Singapore writes in a note dated Jan 15. RHB has maintained its “buy” rating for the stock with a higher target price of $1.90 from $1.45 previously. As at 2.39 pm, First Resources was flat at $1.63 with 3.5 million shares changed hands.