EB5 Stock Analysis: FIRST RESOURCES | SG
Packaged Foods | SG, Singapore | Market Cap: 5.263m SGD | 12M Return: 140.5% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 6.60M
Warnings
No concerns identified
Tailwinds
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
First Resources Limited is a Singapore-based investment holding company that operates a vertically integrated palm oil business, with core activities spanning plantations, milling, and downstream processing. The company manages oil palm plantations and palm oil mills, primarily in Indonesia, and processes crude palm oil (CPO) and palm kernel (PK) into higher-value products including biodiesel, RBD olein, RBD stearin, palm kernel oil, and palm fatty acid distillate. Beyond its core palm oil operations, First Resources also engages in related activities such as oil palm seed breeding, sago and edamame plantations, renewable energy, and consumer products. Founded in 1992, the company is listed on the Singapore Exchange and is a subsidiary of Eight Capital Inc.
Indonesia is the worlds largest producer of crude palm oil, and vertical integration from plantations through refining is a common business model in the industry, allowing producers to capture margin across the value chain. End-markets for refined palm oil derivatives include food manufacturing, oleochemicals, and renewable fuels, with biodiesel demand often linked to government blending mandates in producer and consumer countries.
- CPO price swings dominate plantation segment earnings volatility
- Indonesia biodiesel mandate expansion fuels domestic palm oil demand growth
- Refinery margins hinge on CPO-PKO processing spread differentials
| Net Income: 353.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -1.28 > 1.0 |
| NWC/Revenue: 31.56% < 20% (prev 20.36%; Δ 11.20% < -1%) |
| CFO/TA 0.10 > 3% & CFO 286.5m > Net Income 353.9m |
| Net Debt (-287.5m) to EBITDA (451.6m): -0.64 < 3 |
| Current Ratio: 2.72 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.55b) vs 12m ago -1.02% < -2% |
| Gross Margin: 41.88% > 18% (prev 42.91%; Δ -1.02% > 0.5%) |
| Asset Turnover: 68.58% > 50% (prev 53.22%; Δ 15.36% > 0%) |
| Interest Coverage Ratio: 8.76 > 6 (EBIT TTM 336.9m / Interest Expense TTM 38.5m) |
| A: 0.18 (Total Current Assets 828.4m - Total Current Liabilities 304.2m) / Total Assets 2.89b |
| B: 0.51 (Retained Earnings 1.48b / Total Assets 2.89b) |
| C: 0.14 (EBIT TTM 336.9m / Avg Total Assets 2.42b) |
| D: 1.26 (Book Value of Equity 1.54b / Total Liabilities 1.22b) |
| Altman-Z'' = 5.11 = AAA |
| DSRI: 1.83 (Receivables 124.6m/42.7m, Revenue 1.66b/1.04b) |
| GMI: 1.02 (GM 42.91% / 41.88%) |
| AQI: 1.07 (AQ_t 0.16 / AQ_t-1 0.15) |
| SGI: 1.60 (Revenue 1.66b / 1.04b) |
| TATA: 0.02 (NI 353.9m - CFO 286.5m) / TA 2.89b) |
| Beneish M = -1.85 (Cap -4..+1) = B |
As of July 28, 2026, the stock is trading at SGD 3.58 with a total of 1,649,700 shares traded. Over the past week, the price has changed by +5.29%, over one month by +12.93%, over three months by +17.57% and over the past year by +140.51%.
Current recommended Stop Loss: 3.30 (which is 7.8% or 1.9 ATR below the current price).
FIRST RESOURCES has no consensus analysts rating.
Market Cap USD = 4.08b (5.26b SGD * 0.7759 SGD.USD)
P/E Trailing = 11.9667
P/E Forward = 10.7296
P/S = 2.4494
P/B = 2.644
P/EG = 1.1926
Revenue TTM = 1.66b USD
EBIT TTM = 336.9m USD
EBITDA TTM = 451.6m USD
Long Term Debt = 857.5m USD (from longTermDebt, last quarter)
Short Term Debt = 95.1m USD (from shortLongTermDebt, last quarter)
Debt = 1.86m USD (Leases only: 1.86m)
Net Debt = -287.5m USD (calculated: Debt 1.86m - CCE 289.4m)
Enterprise Value = 3.80b USD (4.08b + Debt 1.86m - CCE 289.4m)
Interest Coverage Ratio = 8.76 (Ebit TTM 336.9m / Interest Expense TTM 38.5m)
EV/FCF = 78.11x (Enterprise Value 3.80b / FCF TTM 48.6m)
FCF Yield = 1.28% (FCF TTM 48.6m / Enterprise Value 3.80b)
FCF Margin = 2.93% (FCF TTM 48.6m / Revenue TTM 1.66b)
Net Margin = 21.31% (Net Income TTM 353.9m / Revenue TTM 1.66b)
Gross Margin = 41.88% ((Revenue TTM 1.66b - Cost of Revenue TTM 965.4m) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 1.31 (Enterprise Value 3.80b / Total Assets 2.89b)
Interest Expense / Debt = 2.07k% (Interest Expense 38.5m / Debt 1.86m)
Taxrate = 22.77% (110.1m / 483.7m)
NOPAT = 260.2m (EBIT 336.9m * (1 - 22.77%))
Current Ratio = 2.72 (Total Current Assets 828.4m / Total Current Liabilities 304.2m)
Debt / Equity = 0.00 (Debt 1.86m / totalStockholderEquity, last quarter 1.54b)
Debt / EBITDA = -0.64 (Net Debt -287.5m / EBITDA 451.6m)
Debt / FCF = -5.92 (Net Debt -287.5m / FCF TTM 48.6m)
Total Stockholder Equity = 1.40b (last 4 quarters mean from totalStockholderEquity)
RoA = 14.61% (Net Income 353.9m / Total Assets 2.89b)
RoE = 25.28% (Net Income TTM 353.9m / Total Stockholder Equity 1.40b)
RoCE = 14.92% (EBIT 336.9m / Capital Employed (Equity 1.40b + L.T.Debt 857.5m))
RoIC = 10.39% (NOPAT 260.2m / Invested Capital 2.51b)
WACC = 7.09% (E(4.08b)/V(4.09b) * Re(7.09%) + (debt cost/tax rate unavailable))
Discount Rate = 7.09% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 67.48 | Cagr: 14.21%
[DCF] Terminal Value 73.10% ; FCFF base≈52.3m ; Y1≈45.9m ; Y5≈37.1m
[DCF] Fair Price = 0.57 (EV 594.9m - Net Debt -287.5m = Equity 882.4m / Shares 1.55b; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 3.59 | # QB: 1
Revenue Correlation: 91.15 | Revenue CAGR: 30.15% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=0.26 | Chg30d=+0.00% | Revisions=+67% | GrowthEPS=+12.3% | GrowthRev=+4.5%
EPS next Year (2027-12-31): EPS=0.27 | Chg30d=+0.00% | Revisions=+67% | GrowthEPS=+4.8% | GrowthRev=+4.7%
[Analyst] Revisions Ratio: +80% (up=12, down=0)