First Resources - RHB Invest 2015-12-02: Top Pick For The Plantation Sector

FIRST RESOURCES LIMITED EB5.SI 

First Resources (FR SP) - Top Pick For The Plantation Sector 

• We believe El Nino’s impact on edible oil supply is likely to be one of the largest ever, given its current strength, and, as such, are raising our CPO price estimate to MYR2,700/tonne for 2016 (from MYR2,500). 
• There is no change to our BUY recommendation on this counter, as it remains our overall plantation Top Pick. 
• Our TP is at SGD2.69 (35% upside), based on 19x 2016F earnings. 

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