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First Resources (Singapore)
(SGX:EB5)
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Rating:65Neutral
Price Target:
S$4.50
▲(3.93% Upside)
Action:Reiterated
Date:09/24/26
The score is driven primarily by strong profitability and a 2025 revenue rebound, but is meaningfully tempered by increased leverage and inconsistent free cash flow. Technicals are moderately constructive (longer-term uptrend with neutral momentum), while valuation is supportive with a reasonable P/E and solid dividend yield.
Positive Factors
Strong Profitability
Healthy gross, operating, and net margins show that the integrated plantation and processing model currently converts revenue into substantial profit. This profitability provides capacity to fund operations, support returns, and withstand moderate commodity or cost pressure over the coming quarters.
Negative Factors
Higher Leverage
The substantial increase in leverage reduces financial flexibility compared with the previously conservative balance sheet. Higher debt can increase funding obligations and make the company more vulnerable if palm oil earnings weaken, limiting room for investment or shareholder distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profitability
Healthy gross, operating, and net margins show that the integrated plantation and processing model currently converts revenue into substantial profit. This profitability provides capacity to fund operations, support returns, and withstand moderate commodity or cost pressure over the coming quarters.
Read all positive factors
First Resources (Singapore) (EB5) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$6.89B
Dividend Yield4.14%
Average Volume (3M)3.00M
Price to Earnings (P/E)17.2
Beta (1Y)0.11
Revenue Growth51.37%
EPS Growth46.36%
CountrySG
Employees8,066
SectorConsumer Defensive
Sector Strength42
IndustryAgricultural Farm Products
Share Statistics
EPS (TTM)0.15
Shares Outstanding1,584,073,000
10 Day Avg. Volume2,805,430
30 Day Avg. Volume3,002,630
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)1.64
Price to Sales (P/S)1.49
P/FCF Ratio50.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$5.44Price Target Upside25.52% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.28
Revenue Forecast (FY)S$1.85B
First Resources (Singapore) Business Overview & Revenue Model
Company Description
First Resources Limited, founded in Singapore in 1992, operates as an investment holding company primarily focused on palm oil production. Its extensive operations span Singapore, Indonesia, Europe, China, and other international regions. The comp...
How the Company Makes Money
First Resources makes money primarily by producing and selling palm oil products derived from its plantation and processing operations. A key revenue stream comes from the sale of crude palm oil (CPO) and palm kernel products (e.g., palm kernels a...
First Resources (Singapore) Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
58
Neutral
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 973.58M | 1.69B | 1.04B | 980.59M | 1.23B | 1.03B |
| Gross Profit | 433.23M | 706.48M | 445.70M | 361.90M | 629.32M | 461.57M |
| EBITDA | 368.45M | 631.77M | 428.44M | 280.34M | 496.70M | 330.04M |
| Net Income | 234.93M | 359.41M | 245.79M | 145.40M | 325.20M | 161.11M |
Balance Sheet | ||||||
| Total Assets | 2.77B | 2.89B | 1.95B | 1.77B | 1.83B | 1.87B |
| Cash, Cash Equivalents and Short-Term Investments | 104.16M | 292.05M | 105.53M | 110.97M | 433.79M | 381.46M |
| Total Debt | 887.45M | 953.93M | 270.13M | 237.73M | 295.72M | 406.74M |
| Total Liabilities | 1.10B | 1.22B | 464.30M | 373.06M | 433.81M | 602.50M |
| Stockholders Equity | 1.53B | 1.54B | 1.38B | 1.30B | 1.31B | 1.20B |
Cash Flow | ||||||
| Free Cash Flow | 100.63M | 49.50M | 57.87M | -35.96M | 247.78M | 240.73M |
| Operating Cash Flow | 210.69M | 290.91M | 311.24M | 315.37M | 326.16M | 292.19M |
| Investing Cash Flow | -108.31M | -663.72M | -244.49M | -351.92M | -51.98M | -1.33M |
| Financing Cash Flow | -282.61M | 562.49M | -70.16M | -286.73M | -217.46M | -100.15M |
First Resources (Singapore) Technical Analysis
Positive
4.33
Price Trends
4.32
Positive
3.69
Positive
3.10
Positive
Market Momentum
-0.02
Positive
48.78
Neutral
60.75
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:EB5, the sentiment is Positive. The current price of 4.33 is below the 20-day moving average (MA) of 4.60, above the 50-day MA of 4.32, and above the 200-day MA of 3.10, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 48.78 is Neutral, neither overbought nor oversold. The STOCH value of 60.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:EB5.
First Resources (Singapore) Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | S$3.38B | 14.04 | 22.01% | 5.04% | 9.22% | 15.05% | |
68 Neutral | S$4.06B | 5.17 | 9.74% | 2.97% | 8.96% | -6.35% | |
68 Neutral | S$453.67M | 4.60 | 8.72% | 3.69% | 8.01% | 10.16% | |
65 Neutral | S$6.89B | 17.18 | 20.19% | 4.14% | 51.37% | 46.36% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
55 Neutral | S$3.62B | 1.41 | 28.53% | 1.04% | -39.78% | 487.99% | |
48 Neutral | S$22.16B | 12.10 | 6.47% | 4.22% | 6.32% | 16.58% |
* Consumer Defensive Sector Average
SG:EB5
First Resources (Singapore)
4.40
2.77
169.44%
SG:E5H
Golden Agri-Resources
0.32
0.03
11.89%
SG:VC2
Olam Group
0.96
0.04
4.46%
SG:F34
Wilmar International
3.55
0.75
26.97%
SG:P8Z
Bumitama Agri Ltd.
1.95
0.74
60.76%
SG:5JS
Indofood Agri Resources Ltd.
0.33
-0.03
-9.47%
First Resources (Singapore) Corporate Events
Austindo Nusantara Jaya’s Mid-2026 Accounts Show Asset Growth and Rising Leverage
Jul 29, 2026
The company’s latest unaudited consolidated financials as of June 30, 2026 show total assets of about Rp7.05 trillion, up from Rp5.31 trillion at year-end 2025. Current assets more than doubled, driven by higher cash, receivables, inventorie...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.