This is mainly attributed to the tax levy holiday impact, forward hedging gains, lower-than-expected unit costs, as well as effective tax rate.
RHB Group Research analysts have maintained their “neutral” call on First Resources with a higher target price of $1.75 from $1.50 previously following the company’s 9MFY2022 ended September earnings announcement.
In their Nov 15 report, the analysts note that First Resources’ 9MFY2022 numbers came in strongly above expectations — earnings rose 205.8% y-o-y, representing 92%-94% of RHB’s and consensus’ full year earnings estimates.
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