First Resources kept at ‘buy’ by UOB with $2.20 target

SINGAPORE (June 24): UOB Kay Hian is keeping its “buy” recommendation on Indonesia-based palm oil plantation First Resources (FR), with an unchanged target price of $2.20.

“FR remains one of our top picks in the plantation sector for its cost efficiency, hands-on management and better downstream operations,” UOB analysts said in a Friday report.

According to UOB, First Resources’ share price has been underperforming to date compared to its peers, largely due to two consecutive quarters of earnings disappointments.

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