FirstRes - First Resources started at Buy by Phillip Securities

Stock Name: FirstRes
Company Name: FIRST RESOURCES LIMITED
Research House: Phillip Securities

Phillip Securities starts First Resources (EB5.SG) at Buy with $1.33 target, says Dow Jones.



Phillip says company one of purest upstream planters in industry, managing about 115,000 ha of planted oil palm in Indonesia.



“The group has one of the youngest oil palms and we expect CPO production to increase with yields to continue to improve in the next few years,” says broker.

Phillip adds while FFB (fresh fruit bunch), CPO yields may sometimes decline when new plantings increase, “these operational metrics should be trending higher for the group in the next few years, given that First Resources has very little old oil palms and has the bulk of its trees in their early prime age.”



Shares +1.8% at $1.16.