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First Resources Last:2.73

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First Resources

Estimated more than 8 mil shares had been bght bk
by the Co yet the relentless selling still lingers and
usual suspects remained in cahoots

Opined there wl be a time the scripts need to be
returned to the custodian acct

The unwavering fm the SBB wl render support
to it' s share price

The improvement of profitability and possibly of
higher dividend payout wl also pave way to higher
price appreciation.

Awaits FR turn to take the lead

Cheers

UOBKH upgraded FR to buy with TP $1.65

First Resources posts 86.6% higher Q1 profit of US$36.1 million

Sales is up 6.2 per cent at US$210.5 million

FIRST Resources&rsquo net profit grew 86.6 per cent to US$36.1 million for the first quarter ended March 2024, from US$19.3 million a year prior.

On Wednesday (May 15), the Indonesian palm oil producer attributed its improved financial performance to greater overall sales volume and reduced export taxes despite lower average selling prices.

Sales increased 6.2 per cent to US$210.5 million, prompting a 26 per cent rise in earnings before interest, taxes, depreciation and amortisation to US$69.4 million.

First Resources said the sales volume growth came mainly from a net inventory drawdown of 28,000 tonnes during the quarter, alongside higher production volumes and yields.

Equity attributable to owners of the company however fell 1.1 per cent to slightly under US$1.3 billion, mainly due to foreign currency translation losses arising from depreciation of the Indonesian rupiah against the US dollar.

Over the quarter, fresh fruit bunches (FFB) harvested grew 6.4 per cent to 778,618 tonnes, versus 731,672 tonnes in Q1 FY2023. FFB yield strengthened to 3.9 tonnes per hectare, from 3.7 tonnes per hectare in the year prior.

Crude palm oil production for the quarter grew 8.9 per cent on the year to 201,754 tonnes.

First Resources noted that as Q1 was a seasonally lower production period, falling stocks in producing countries along with increased festive demand leading up to Ramadan resulted in higher palm oil prices.

&ldquo With expectations of a seasonal uptick in production, palm oil prices have since moderated and improved its competitiveness against other vegetable oils,&rdquo added the company.

The group expects consumption demand and prices of global vegetable oil to be supported by an ongoing push towards higher biodiesel blends by countries.

With a gross gearing ratio of 0.23 times and cash and bank balances of US$261.4 million as at end-March 2024, First Resources said its financial position &ldquo remains strong&rdquo .

The group also said it had available undrawn committed unsecured credit facilities of US$35 million which may be utilised for general corporate purposes.

Co immdly embarked SBB of 444900 shares btwn 1,4 - 1,41
after releasing their 1Q24 result yesterday mrng .

If memory serves me right, SBB shld hv more than
8 mil shares ,

With the increased profitability of 86.6% in 1Q24, looking fwd to
higher revenue/profit and dividend payout vis-a-vis
comparison in corresponding period

If a business does well, the stock eventually follows: Warren Bufffet

FR is on its way up after being trapped in decline for more than a year

Glory days ahead and price wl go higher

Cheers

Another tranche married deal of
441 lots @ 1.415

Prelude to a rally

msksmsks ( Date: 15-May-2024 11:31) Posted:

There' s a married deal of ard
1.2 mil shares @ 1.415

Based on price actions, opined
FR wl be pushed up soon

PDYODD

msksmsks ( Date: 15-May-2024 07:18) Posted:

FR reported their 1Q24 result this mrng
with sterling Net profit. Up 86.6$

Shall be FR turn to take the lead after
trailing behind it's peers

Cheers

Getting Div tommorrow, can put back to FR

There' s a married deal of ard
1.2 mil shares @ 1.415

Based on price actions, opined
FR wl be pushed up soon

PDYODD

msksmsks ( Date: 15-May-2024 07:18) Posted:

FR reported their 1Q24 result this mrng
with sterling Net profit. Up 86.6$

Shall be FR turn to take the lead after
trailing behind it's peers

Cheers

Very quiet and low volume

Calm b4 the result

This bugger wl hv it' s run one day

Very quiet with low volume

XD of 3.7ct on May 8

Abt time to mumbo jumbo
and slow dance higher to catch
up with its peers

Still a long way to go to catch up to Bumi' s performance.

Moving up finally..

Swee

Relentless selling VS Unwavering SBB

Who wl reign supreme ?

Opined the selling is thru some custodian acct which wl need to
replenish the shortfall ..

SBB shld be more than 8 mil shares fm 1 Mar till now.

Another round of SBB yesterday for
880000 shares btwn 1.37 - 1.38

This unwavering SBB hopefully wl
yield fruits soon

Under the watchful eyes ..

Opined some buy up are SBB

Relentless selling wl hv to cease one day

Yes Sir, noted.

But vis-a-vis the same period , it' s still higher
so opined result still wl be better for FY24

Happy investing

eddyeddy ( Date: 17-Apr-2024 13:51) Posted:

Forward looking .

eddyeddy ( Date: 16-Apr-2024 09:32) Posted:

KUALA LUMPUR (April 8): The production of palm oil is expected to normalise in June this year, after it was hit by the El Niño weather phenomenon and will thus start to moderate the price of crude palm oil (CPO), according to IOI Corp Bhd managing director and chief executive officer Datuk Lee Yeow Chor.

Lee said on Monday that CPO prices have gone up quite significantly over the past month and a half, but maintained that it is a "temporary trend".

"Of course, this (price increase) is underpinned by people's expectation about the effect of the El Niño [in] restricting the production of palm oil. I think this will be a temporary trend. And I believe come June, production will normalise," he told reporters at a press conference on Monday, in conjunction with IOI Corp's signing of a shareholders' agreement with Nextgreen Global Bhd to develop a paper pulp plant in Pahang.

Forward looking .

eddyeddy ( Date: 16-Apr-2024 09:32) Posted:

KUALA LUMPUR (April 8): The production of palm oil is expected to normalise in June this year, after it was hit by the El Niño weather phenomenon and will thus start to moderate the price of crude palm oil (CPO), according to IOI Corp Bhd managing director and chief executive officer Datuk Lee Yeow Chor.

Lee said on Monday that CPO prices have gone up quite significantly over the past month and a half, but maintained that it is a "temporary trend".

"Of course, this (price increase) is underpinned by people's expectation about the effect of the El Niño [in] restricting the production of palm oil. I think this will be a temporary trend. And I believe come June, production will normalise," he told reporters at a press conference on Monday, in conjunction with IOI Corp's signing of a shareholders' agreement with Nextgreen Global Bhd to develop a paper pulp plant in Pahang.

Despite daily SBB, invisible selling pressure still there.

Hmmm....

Another SBB yesterday amted to
675000 @ 1.38 - 1.39

Also bringing Eight Capital (SSH) to increase
it's share holding thru SBB.

CPO had pulled bk to 4074 fm recent high of
4500 but still higher vis-a-vis comparison .

Happy investing/trading

KUALA LUMPUR (April 8): The production of palm oil is expected to normalise in June this year, after it was hit by the El Niño weather phenomenon and will thus start to moderate the price of crude palm oil (CPO), according to IOI Corp Bhd managing director and chief executive officer Datuk Lee Yeow Chor.

Lee said on Monday that CPO prices have gone up quite significantly over the past month and a half, but maintained that it is a "temporary trend".

"Of course, this (price increase) is underpinned by people's expectation about the effect of the El Niño [in] restricting the production of palm oil. I think this will be a temporary trend. And I believe come June, production will normalise," he told reporters at a press conference on Monday, in conjunction with IOI Corp's signing of a shareholders' agreement with Nextgreen Global Bhd to develop a paper pulp plant in Pahang.

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First Resources