Ong from Maybank says that First Resource’s full year core patmi missed his and the Street's estimates.
Analysts from Maybank Securities and RHB Bank Singapore have lowered their target price for First Resources (SGX:EB5
) , following the group’s FY2023 results ended December, with Maybank downgrading its call from “buy” to “hold”.
First Resources recorded a net profit of US$145.4 million ($195.69 million), a 55.3% decline against FY2022. As a result, Maybank’s Ong Chee Ting has lowered his target price to $1.45 from $1.82 previously, while RHB has kept its “neutral” call and lowered its price to $1.40 from $1.45 previously.
