SINGAPORE (Nov 15): RHB is maintaining its “neutral” call on First Resources with a target price of $2.13, based on an unchanged FY18F P/E multiple of 13 times, in line with its five-year historical average. This implies an equity value per hectare (EV/ha) of US$13,500 ($18,352), which is in line with that of its peers who are trading in the US$10,000-15,000/ha range.

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