CGS-CIMB’s Ivy Ng Lee Fang and Nagulan Ravi have kept their “add” call on First Resources, raising their FY22-FY23 net profit forecasts by 21%-50% to reflect higher CPO price assumptions and downstream margins.
Analysts at RHB Group Research, CGS-CIMB Research and Maybank have raised their target prices for First Resources to $2, $2.12 and $1.88 respectively on the back of higher crude palm oil (CPO) price assumptions.
Maybank Investment Bank analyst Ong Chee Ting who has a “hold” call on First Resources expects the company to deliver 37% y-o-y growth in FY22 core PATMI, following Maybank's industry-wide CPO average selling price (ASP) revisions to RM4,100 per tonne from the previous RM3,200 per tonne.
