First Resources (Singapore) (EB5) AI Stock Analysis

• Market Cap: S$3.35B
• Dividend Yield: 5.19%
• Average Volume (3M): 2.53M
• Price to Earnings (P/E): 8.6
• Beta (1Y): 0.56
• Revenue Growth: 24.70%
• EPS Growth: 62.15%
• Country: SG
• Employees: 8,066
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Agricultural Farm Products
• EPS (TTM): N/A
• Shares Outstanding: 1,584,073,000
• 10 Day Avg. Volume: 2,576,520
• 30 Day Avg. Volume: 2,534,186
• PEG Ratio: 0.10
• Price to Book (P/B): 1.23
• Price to Sales (P/S): 1.64
• P/FCF Ratio: 29.38
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 75 Outperform
• Price Target: S$2.00 ▼(-3.38% Downside)

Overall score is driven primarily by strong financial performance (healthy margins, stable leverage, improving cash generation) and supportive valuation (low P/E and high dividend yield). These positives are tempered by weaker near-term technicals, with the price below shorter-term moving averages and subdued momentum indicators.

Positive Factors

Robust Profit Margins

Sustained improvement in gross, net, EBIT and EBITDA margins indicates durable operating efficiency and scale in palm oil processing. Higher margins support reinvestment capacity and cushion profitability through commodity cycles, underpinning long-term cash generation and shareholder returns.

Prudent Balance Sheet

A low leverage profile combined with strong return on equity gives the company financial flexibility to fund capital expenditure, absorb cyclical downturns, and pursue strategic investments without heavy reliance on external financing. The modest debt rise is manageable but should be tracked.

Improving Cash Generation

Notable free cash flow growth and strong operating cash flow conversion demonstrate improving ability to convert profits into real liquidity. This enhances capacity to sustain dividends, fund maintenance and expansion capex, and reduce dependence on new debt for core operations.

Negative Factors

Slowing Revenue Growth

A recent slowdown in revenue growth weakens the growth runway for a commodity producer that relies on volume and price strength. If sustained, slower top-line expansion can limit operating leverage benefits, capex recovery and long-term EPS momentum absent margin or productivity gains.

Free Cash Flow Efficiency

Although free cash flow has improved, low FCF-to-net-income efficiency signals that reported profits do not fully translate into distributable cash. This may constrain organic reinvestment, debt reduction or shareholder payouts over the medium term without further cash conversion improvements.

Commodity & Geographic Concentration

Heavy reliance on palm oil products and operations concentrated in Indonesia/Malaysia exposes the company to structural commodity cyclicality, weather and regulatory risks. These factors can amplify earnings volatility and impose long-term pressures from sustainability regulations and supply-side shocks.

First Resources (Singapore) Business Overview & Revenue Model

Company Description

First Resources (Singapore) is a leading palm oil producer and agribusiness company that specializes in the cultivation and processing of palm oil. The company operates primarily in Indonesia and Malaysia, focusing on sustainable and environmentally responsible practices. Core products include crude palm oil, palm kernel oil, and various palm oil derivatives, which are supplied to both domestic and international markets. First Resources is committed to promoting sustainable agriculture and has implemented initiatives aimed at minimizing environmental impact.

How the Company Makes Money

First Resources generates revenue primarily through the sale of palm oil and its derivatives. The company's revenue model is based on the cultivation of oil palm plantations, which are processed into crude palm oil and other products. Key revenue streams include direct sales to food manufacturers, cosmetic companies, and the biofuel sector. Additionally, First Resources benefits from strategic partnerships with local and international distributors that enhance its market reach. The company also invests in sustainable practices that can attract premium pricing for certified sustainable palm oil, further contributing to its earnings.

First Resources (Singapore) Financial Statement Overview

Summary

Strong profitability with robust EBIT/EBITDA margins and generally positive revenue growth (though it slowed most recently). Balance sheet leverage is prudent with low debt-to-equity and strong ROE, while cash flow is improving but free-cash-flow efficiency versus net income remains an area to monitor.

Income Statement

First Resources has demonstrated strong profitability with a consistent increase in gross and net profit margins over the years. The EBIT and EBITDA margins are also robust, indicating efficient operations. Revenue growth has been positive, although it slowed in the most recent year. Overall, the income statement reflects a healthy financial performance with solid profit margins.

Balance Sheet

The company's balance sheet shows a stable financial position with a low debt-to-equity ratio, indicating prudent financial management. Return on equity is strong, reflecting effective use of shareholder funds. The equity ratio is healthy, suggesting a solid asset base. However, the slight increase in debt levels over the years warrants monitoring.

Cash Flow

Cash flow analysis reveals a significant improvement in free cash flow growth, indicating enhanced cash generation capabilities. The operating cash flow to net income ratio is strong, suggesting good cash conversion. However, the free cash flow to net income ratio is relatively low, highlighting potential areas for improvement in cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.26B	1.04B	980.59M	1.23B	1.03B	660.42M
Gross Profit	541.86M	445.70M	361.90M	629.32M	461.57M	292.40M
EBITDA	494.42M	428.44M	278.50M	494.23M	330.04M	261.88M
Net Income	291.08M	245.79M	145.40M	325.20M	161.11M	99.67M
Balance Sheet
Total Assets	2.75B	1.95B	1.77B	1.83B	1.87B	1.79B
Cash, Cash Equivalents and Short-Term Investments	157.63M	105.53M	110.97M	433.79M	381.46M	191.04M
Total Debt	916.93M	270.13M	237.73M	295.72M	406.74M	441.64M
Total Liabilities	1.17B	464.30M	373.06M	433.81M	602.50M	659.77M
Stockholders Equity	1.43B	1.38B	1.30B	1.31B	1.20B	1.06B
Cash Flow
Free Cash Flow	-22.59M	57.87M	-35.96M	247.78M	240.73M	121.51M
Operating Cash Flow	212.66M	311.24M	315.37M	326.16M	292.19M	192.39M
Investing Cash Flow	-545.78M	-244.49M	-351.92M	-51.98M	-1.33M	-37.14M
Financing Cash Flow	386.83M	-70.16M	-286.73M	-217.46M	-100.15M	-23.27M

First Resources (Singapore) Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.07
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 2.07 is below the 20-day moving average (MA) of 2.08, below the 50-day MA of 2.08, and above the 200-day MA of 1.72, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 56.70 is Neutral, neither overbought nor oversold. The STOCH value of 85.51 is Negative, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EB5	75 Outperform	S$3.35B	8.60	21.70%	5.19%	24.70%	62.15%
F34	69 Neutral	S$21.16B	13.48	5.86%	4.55%	3.92%	-25.13%
P8Z	67 Neutral	S$2.50B	11.23	20.72%	6.82%	15.89%	21.52%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
E5H	62 Neutral	S$3.68B	6.58	8.32%	2.87%	16.86%	252.80%
5VJ	38 Underperform	S$653.95M	-8.65	―	―	23.21%	-3.27%

First Resources (Singapore) Corporate Events

First Resources’ Compliance with RSPO Standards Reaffirmed

First Resources Limited has received a decision from the RSPO Appeals Panel, which reaffirms the company’s compliance with sustainability standards, dismissing allegations and appeals against it. While a three-month suspension of membership was upheld due to procedural disclosure issues, it does not affect the company’s environmental practices. The decision assures stakeholders of First Resources’ commitment to RSPO requirements and sustainable practices.

The most recent analyst rating on (SG:EB5) stock is a Buy with a S$2.00 price target. To see the full list of analyst forecasts on First Resources (Singapore) stock, see the SG:EB5 Stock Forecast page.

First Resources Limited Reports Strong Production Growth in 2025

First Resources Limited reported a significant increase in production for the first nine months of 2025, with a 21.9% rise in FFB harvested and a 27.8% increase in CPO production compared to the same period in 2024. This growth is attributed to the acquisition of PT Austindo Nusantara Jaya, which began contributing to production volumes and planted areas from May 2025, enhancing the company’s operational capacity and market positioning.

The most recent analyst rating on (SG:EB5) stock is a Hold with a S$2.00 price target. To see the full list of analyst forecasts on First Resources (Singapore) stock, see the SG:EB5 Stock Forecast page.