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.
New IPO: Carlo Rino Group Berhad, a leading fashion retailer of women’s handbags, footwear, and accessories, aims to list on the ACE Market!
MQ Trader 535 views | 2 d ago
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New IPO: A homegrown air fragrance company, Vanzo Holdings Berhad aims to list on the Ace Market!
MQ Trader 521 views | 3 d ago
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New IPO: Winstar Capital Berhad, a specialist in the extrusion of aluminium profiles and fabrication of aluminium ladders aims to list on the ACE Market!
MQ Trader 704 views | 4 d ago
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New IPO: Topvision Eye Specialist Berhad, specializing in medical eye care services aims to list on the ACE Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
sgx_swinger
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Posted by sgx_swinger > 2013-09-18 01:20 | Report Abuse
First resources , now 194 , may fall to 189-190 bounce then 186 then 181-182.
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