First Resources (Singapore) (SG:EB5)
SGX:EB5
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First Resources (Singapore)
(SGX:EB5)
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Rating:64Neutral
Price Target:
S$3.00
â–²(4.90% Upside)
Action:Downgraded
Date:05/20/26
The score is mainly held back by mixed financial quality: strong profitability and a 2025 rebound are offset by higher 2025 leverage and inconsistent free cash flow. Technicals are moderately positive (MACD/RSI supportive) but somewhat stretched near-term, while valuation support comes primarily from the ~4.6% dividend since the provided P/E is not usable.
Positive Factors
Vertical integration across the palm value chain
First Resources’ vertical integration—owning plantations, mills and refineries—lets it capture refining spreads and monetize by-products. That structural control of supply and product mix supports more durable margins, stable throughput and lower reliance on third-party input over months.
Negative Factors
Materially higher leverage in 2025
Leverage stepped up materially in 2025, increasing interest and refinancing risk. A higher debt load reduces financial flexibility to fund capex, sustain dividends or cover operational shortfalls if palm prices weaken, making the capital structure more vulnerable over the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration across the palm value chain
First Resources’ vertical integration—owning plantations, mills and refineries—lets it capture refining spreads and monetize by-products. That structural control of supply and product mix supports more durable margins, stable throughput and lower reliance on third-party input over months.
Read all positive factors
First Resources (Singapore) (EB5) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$4.68B
Dividend Yield5.19%
Average Volume (3M)2.53M
Price to Earnings (P/E)15.5
Beta (1Y)0.22
Revenue Growth56.13%
EPS Growth41.05%
CountrySG
Employees8,066
SectorConsumer Defensive
Sector Strength42
IndustryAgricultural Farm Products
Share Statistics
EPS (TTM)0.20
Shares Outstanding1,584,073,000
10 Day Avg. Volume2,576,520
30 Day Avg. Volume2,534,186
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$4.70Price Target Upside64.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.25
Revenue Forecast (FY)S$1.71B
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 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
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 | 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
Positive
2.86
Price Trends
3.04
Negative
2.68
Positive
2.27
Positive
Market Momentum
-0.12
Negative
46.29
Neutral
81.86
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 2.86 is below the 20-day moving average (MA) of 2.94, below the 50-day MA of 3.04, and above the 200-day MA of 2.27, indicating a neutral trend. The MACD of -0.12 indicates Negative momentum. The RSI at 46.29 is Neutral, neither overbought nor oversold. The STOCH value of 81.86 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
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | S$2.95B | 20.40 | 13.70% | 6.82% | 12.24% | 15.30% | |
70 Outperform | S$523.46M | 9.37 | 5.15% | 2.67% | 23.98% | 6.22% | |
65 Neutral | S$22.16B | 19.55 | 4.29% | 4.55% | 2.17% | 17.64% | |
64 Neutral | S$4.68B | 15.50 | 15.27% | 5.19% | 56.13% | 41.05% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
56 Neutral | S$3.49B | 5.30 | 9.59% | 2.87% | 16.06% | 7.31% | |
56 Neutral | S$4.92B | 10.83 | 6.66% | 5.26% | -47.29% | 1078.00% |
* Consumer Defensive Sector Average
SG:EB5
First Resources (Singapore)
2.83
1.47
107.33%
SG:E5H
Golden Agri-Resources
0.27
0.02
8.87%
SG:VC2
Olam Group
1.28
0.40
44.96%
SG:F34
Wilmar International
3.57
0.67
23.06%
SG:P8Z
Bumitama Agri Ltd.
1.67
0.96
134.88%
SG:5JS
Indofood Agri Resources Ltd.
0.36
0.05
17.65%
First Resources (Singapore) Corporate Events
First Resources shareholders back dividend, board slate and share issue mandate at 2026 AGM
May 29, 2026
Shareholders of First Resources Limited approved all ordinary and special business tabled at the 30 April 2026 annual general meeting in Singapore, which opened with a review of the group’s operational and financial performance for FY2025. T...
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.