SINGAPORE (Sept 15): UOB Kay Hian is maintaining its “buy” call on First Resources and its target price of $2, even as with the palm oil grower’s share price rising 19% from recent lows.
First Resources’ share price fell in mid July following weak 1QFY16 results and the sharp decline in crude palm oil (CPO) prices. It subsequently recovered when the group outperformed its peers in 2QFY16.
At the same time, CPO prices started to rise when the market took into account the limited palm oil supply situation.
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