News

Agribusiness

Staff Reporter

, Singapore

Published:

9 years ago

Will First Resources regain strength in 2H16?

Earnings will benefit from CPO price spike.

After it was battered by the ill-effects of El Niño in the first half of the year, First Resources can expect a turnaround in the rest of the year as (crude palm oil) CPO prices started to recover.

According to a report by UOB Kay Hian, First resources' earnings will "highly be leveraged to CPO prices", as every 10% increase in CPO's average selling prices would translate into earnings growth of 29% and 27% for 2016 and 2017.

The report noted that First Resources is expected to post 70% of its full-year earnings forecast of $143 million in 2H16.

More so, the fresh fruit bunch (FFB) appears to be recovering, increasing 7% MoM in July despite fewer harvesting days.

To recall, First Resources profit tumbles 36.2% to $42.4 million in the first half of the year.

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