First Resources (Singapore) (EB5) AI Stock Analysis

• Market Cap: S$4.48B
• Dividend Yield: 5.19%
• Average Volume (3M): 2.53M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.22
• Revenue Growth: 56.13%
• EPS Growth: 41.05%
• Country: SG
• Employees: 8,066
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Agricultural Farm Products
• EPS (TTM): 0.20
• Shares Outstanding: 1,584,073,000
• 10 Day Avg. Volume: 2,576,520
• 30 Day Avg. Volume: 2,534,186
• PEG Ratio: 0.16
• Price to Book (P/B): 1.64
• Price to Sales (P/S): 1.49
• P/FCF Ratio: 50.84
• 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: S$4.01
• Price Target Upside: 40.09% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.25
• Revenue Forecast (FY): S$1.71B

• Rating: 64 Neutral
• Price Target: S$3.50 ▲(22.38% Upside)
• Action: Downgraded
• Date: 05/20/26

Positive Factors

Integrated upstream-downstream model

Owning plantations, mills and refineries gives durable control over the value chain, enabling margin capture across CPO and refined products, greater product mix flexibility and lower dependence on third-party suppliers. This structural integration supports stable volumes and long-term margin resilience.

Negative Factors

Material rise in leverage (2025)

The marked increase in debt reduces financial flexibility and increases interest obligations, making the company more vulnerable to commodity downturns. Higher leverage can constrain capital allocation choices, limit buffer for adverse seasons and amplify downside in weaker palm oil price environments.

First Resources (Singapore) Business Overview & Revenue Model

Company Description

First Resources Limited, an investment holding company, engages in the palm oil production activities in Singapore, Indonesia, Europe, China, and internationally. The company operates in two segments, Plantations and Palm Oil Mills, and Refinery a...

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First Resources Limited, an investment holding company, engages in the palm oil production activities in Singapore, Indonesia, Europe, China, and internationally. The company operates in two segments, Plantations and Palm Oil Mills, and Refinery a...

How the Company Makes Money

First Resources makes money primarily by selling palm oil and palm kernel products produced from its plantations and processing facilities. Key revenue streams typically include: (1) Upstream production sales: harvesting fresh fruit bunches (FFB) ...

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First Resources makes money primarily by selling palm oil and palm kernel products produced from its plantations and processing facilities. Key revenue streams typically include: (1) Upstream production sales: harvesting fresh fruit bunches (FFB) ...

First Resources (Singapore) Financial Statement Overview

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.26B	1.69B	1.04B	980.59M	1.23B	1.03B
Gross Profit	541.86M	706.48M	445.70M	361.90M	629.32M	461.57M
EBITDA	494.42M	631.77M	428.44M	278.50M	494.23M	330.04M
Net Income	291.08M	359.41M	245.79M	145.40M	325.20M	161.11M
Balance Sheet
Total Assets	2.75B	2.89B	1.95B	1.77B	1.83B	1.87B
Cash, Cash Equivalents and Short-Term Investments	157.63M	292.05M	105.53M	110.97M	433.79M	381.46M
Total Debt	916.93M	953.93M	270.13M	237.73M	295.72M	406.74M
Total Liabilities	1.17B	1.22B	464.30M	373.06M	433.81M	602.50M
Stockholders Equity	1.43B	1.54B	1.38B	1.30B	1.31B	1.20B
Cash Flow
Free Cash Flow	-22.59M	49.50M	57.87M	-35.96M	247.78M	240.73M
Operating Cash Flow	212.66M	290.91M	311.24M	315.37M	326.16M	292.19M
Investing Cash Flow	-545.78M	-663.72M	-244.49M	-351.92M	-51.98M	-1.33M
Financing Cash Flow	386.83M	562.49M	-70.16M	-286.73M	-217.46M	-100.15M

First Resources (Singapore) Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2.86
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:EB5, the sentiment is Neutral. The current price of 2.86 is below the 20-day moving average (MA) of 3.41, below the 50-day MA of 3.04, and above the 200-day MA of 2.19, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 36.35 is Neutral, neither overbought nor oversold. The STOCH value of 9.59 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:EB5.

First Resources (Singapore) Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
P8Z	80 Outperform	S$2.88B	―	13.70%	6.82%	12.24%	15.30%
5JS	70 Outperform	S$544.40M	5.12	5.15%	2.67%	23.98%	6.22%
F34	65 Neutral	S$22.54B	―	4.29%	4.55%	2.17%	17.64%
EB5	64 Neutral	S$4.48B	―	15.27%	5.19%	56.13%	41.05%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
E5H	56 Neutral	S$3.43B	―	9.59%	2.87%	16.06%	7.31%
VC2	56 Neutral	S$4.54B	7.50	6.66%	5.26%	-47.29%	1078.00%