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First Resources (EB5)
Technical BUY with 9.2%+ potential return
Last price: S$2.36
BUY with a target price of S$2.60, as the stock may trend higher after prices appear to be supported at its rising 50-day EMA. A close above S$2.42 in the next few trading sessions may increase its odds for further upside, as its 14-day Stochastics has formed a bulllish crossover above its oversold region. Watch to see if its MACD indicator does the same above its centreline. Protective stops could be placed at S$2.31.
Our institutional research has a fundamental BUY with a target price of S$2.80.
Higher sales boost final results ....
First Resources' FY13 core net profit was 11% above our forecast and 8.5% above consensus due to the higher CPO sales and lower cost of production. The group sold 36k tonnes more CPO than its production of 589k tonnes in FY13, which we suspect came from inventory drawdown. This, coupled with the realisation of forward sales in the earlier quarters helped the group report a 3% rise in its FY13 core net profit.
A final dividend of S$0.0325 was declared, bringing total dividends in FY13 to S$0.045, the highest level since listing. We fine-tuned our earnings forecasts for housekeeping purposes. Our Add rating and target price (based on 12.3x P/E, 1 s.d. above its 4-year mean) are intact.
...last:$2.280...
First Resources: reported FY13 production numbers in line with estimates. FFB nucleus grew 6.5% YoY. FFB plasma decline was compensated by a jump in external FFB purchases. Total FFB processed was recorded up 13.1% YoY. CPO production reached 588,792 t (+12% YoY), in line with estimates (100% of FY13E). In terms of productivity, in 2013, FR recorded lower yield (FFB yield and CPO yield at 18.7 and 4.3 tons/ha), contributed by the dilutive effect from higher percentage of young trees and the lower yielding newly acquired plantations. Mgt expects yield to return to 20- 22 tonnes/ha level in 2014 following the recovery of tree stress.
Watch the $2.00 support for First Resources.
http://mystocksinvesting.com/singapore-stocks/first-resources/first-resources-watch-the-support/
CIMB - Asia Pacific Conviction Ideas 2014
http://singaporestockmarketnews.blogspot.sg/2014/01/first-resources-our-pick-of-crops.html#more
First Resources is our top pick among the regional planters due to its superior operating efficiency over peers, strong FFB output growth prospects and attractive P/E valuations compared to peers. It is also expected to gain additional income from its refinery expansion in 2014.
We project that the group's free cashflow will improve in FY14 due to the higher operating cashflow and lower capex spend. This could lead to better dividend payouts. Under our new rating structure, our rating changes from Outperform to Add. We maintain our S$2.75 target price, based on 12.3x CY14 P/E (1 s.d. above its 4-year mean). The re-rating catalysts are its strong FFB production and higher dividends.
...last: $2.11...
FirstRes is trending downwards.
See my view at http://sporeshare.blogspot.sg/2013/12/firstresource.html
Frist Resources reported Nov 2013 CPO production of 57,914 tons (+18% y/y, -11% q/q) and palm kernel (PK) production at 13,136 tons (+14.1% y/y, -11% q/q). CPO extraction rate was flat at 23.3%, while PK extraction rate dipped slightly to 5.3% from 5.5% For 11M13, CPO production was 538,836 tons (+12%) and PK production was 123,523 (+10%)
FirstRes: Bullish Setup!
Author: stistocktrading
Bullish Signal: Bullish reversal candlestick signal!
Entry price: $2.15
Stop loss: $2.04
Profit target: $2.28
Reward to risk ratio: 1.2
...last: $2.13...
The latest FFB production figures for Oct showed 18.2% y-y blended growth, and, for 10M13, FFB production grew 3.8% y-y. Mgt said that Oct was FR?s peak production month and Nov and Dec?s FFB growth will be lower y-y, and at best, production will rise 5% y-y in 2013. FR will buy more third-party FFB to keep its mills running above 60% utilisation. For 2013, BNP lowers FFB growth to 3% y-y (from 10%) while in 2014, it now expects 13% y-y FFB growth (15%). Nevertheless the house keeps its TP of $2.76, based on 14.7x FY14e P/E. Maintains its Buy rating as FR still has an attractive oil palm age distribution ? 69% of trees are in the maturity stage.
First Resources' Q3 net profit down 20%
First Resources on Wednesday posted a 20 per cent drop in net profit to US$51.4 million for its third quarter ended September 30, 2013.
The palm oil producer's earnings per share fell in tandem to 3.25 US cents, from 4.06 US cents a year ago.
The decline in profit was mainly due to lower average selling prices and losses on foreign exchange, it said. The group recorded forex losses of US$8.1 million in the quarter compared to gains of US$2.6 million a year ago due to the 15-per-cent depreciation of the Indonesian rupiah against the USD in Q3 which affected its USD-denominated intercompany liabilities.
Revenue climbed a marginal 0.8 per cent to US$153 million on higher sales volumes from its plantations and palm oil mills segment, partially offset by lower average selling oil prices from the refinery and processing segment.
Ran :)
lglg666 ( Date: 08-Nov-2013 12:20) Posted:
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Will run fast fast....
lglg666 ( Date: 05-Nov-2013 21:02) Posted:
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Yes...spot on! Where will it goes from here now?
hello123 ( Date: 01-Nov-2013 14:56) Posted:
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First Resources , having fell from 194 to our target of 181 stated in 18 sept post , has rebounded strongly .. now 204 ..
for more details , see http://sgxswinger.blogspot.sg/
hello123 ( Date: 18-Sep-2013 00:30) Posted:
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barely 3 weeks past sgxswinger short call, first resources fell from 194 to now 181.5 ...
bouncing at each reaction point ( 190, 186 etc ) along the way ...
for more details , see http://sgxswinger.blogspot.sg/
hello123 ( Date: 18-Sep-2013 00:30) Posted:
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as predicted , first resources fell from 194 to 190 to bounce [to 197] , then proceed on downward trajectory to 186 to bounce, now 188.
for more details , see http://sgxswinger.blogspot.sg/
hello123 ( Date: 18-Sep-2013 00:30) Posted:
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first resources did fall as predicted from 194 on day of last post below wed down to 190 on friday to bounce to 197 for more details , see http://sgxswinger.blogspot.sg/
hello123 ( Date: 18-Sep-2013 00:30) Posted:
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First resources , now 194 , may fall to 189-190 bounce then 186 then 181-182.
for more details , see http://sgxswinger.blogspot.sg/
First Resources is moving up. Any good news eh?
PALM oil producer, First Resources Limited, reported on Tuesday that its net profit for the second quarter ended June 30, 2013 fell 25.7 per cent from a year ago to US$37.70 million.
Sales fell 21.6 per cent to US$119.68 million during the quarter, mainly due to the lower sales volumes and average selling prices from the refinery and processing segment.
For the first six months of 2013, net profit was up 1.6 per cent from a year ago at US$101.27 million.
Sales slipped 7.3 per cent to US$294.32 million.