EB5 Stock Analysis: FIRST RESOURCES | SG
Packaged Foods | SG, Singapore | Market Cap: 6.394m SGD | 12M Return: 158.5% | SG1W35938974 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 14.7M
Warnings
No concerns identified
Tailwinds
Seasonality 11.7 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 across Southeast Asia, with primary operations in Indonesia and additional presence in China, Malaysia, and other international markets. The company is structured around two main segments: Plantations and Palm Oil Mills, which handle cultivation, harvesting, and milling of fresh fruit bunches into crude palm oil (CPO) and palm kernel (PK), and Refinery and Processing, which converts these raw materials into higher-value products such as biodiesel, refined, bleached, and deodorized (RBD) olein, RBD stearin, palm fatty acid distillate, and palm kernel oil and expeller. Beyond its core palm oil operations, the company is also involved in seed breeding, refining, marketing and distribution, as well as diversified activities including sago and edamame plantations, renewable energy, consumer products, and aircraft ownership and management. Founded in 1992, First Resources is a subsidiary of Eight Capital Inc.
The palm oil industry is characterized by vertical integration, with leading producers controlling the supply chain from upstream plantations and milling to downstream refining and specialty processing in order to capture margin across the value chain. Indonesia is the worlds largest producer of crude palm oil, making it the geographic center of gravity for the global supply of this commodity, which is widely used in food, oleochemicals, and biofuel applications.
- CPO price swings drive Plantations segment revenue
- Indonesia biodiesel mandate lifts downstream CPO demand
- Indonesia export levies and DMO policy pressure margins
| Net Income: 353.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -0.35 > 1.0 |
| NWC/Revenue: 32.86% < 20% (prev 46.57%; Δ -13.71% < -1%) |
| CFO/TA 0.10 > 3% & CFO 286.5m > Net Income 353.9m |
| Net Debt (-102.3m) to EBITDA (451.6m): -0.23 < 3 |
| Current Ratio: 3.42 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.55b) vs 12m ago -0.11% < -2% |
| Gross Margin: 41.88% > 18% (prev 42.91%; Δ -1.02% > 0.5%) |
| Asset Turnover: 60.23% > 50% (prev 37.80%; Δ 22.43% > 0%) |
| Interest Coverage Ratio: 8.76 > 6 (EBIT TTM 336.9m / Interest Expense TTM 38.5m) |
| A: 0.20 (Total Current Assets 771.5m - Total Current Liabilities 225.6m) / Total Assets 2.77b |
| B: 0.58 (Retained Earnings 1.59b / Total Assets 2.77b) |
| C: 0.12 (EBIT TTM 336.9m / Avg Total Assets 2.76b) |
| D: 1.39 (Book Value of Equity 1.53b / Total Liabilities 1.10b) |
| Altman-Z'' = 5.45 = AAA |
| DSRI: 0.54 (Receivables 131.4m/150.9m, Revenue 1.66b/1.04b) |
| GMI: 1.02 (GM 42.91% / 41.88%) |
| AQI: 1.13 (AQ_t 0.15 / AQ_t-1 0.14) |
| SGI: 1.60 (Revenue 1.66b / 1.04b) |
| TATA: 0.02 (NI 353.9m - CFO 286.5m) / TA 2.77b) |
| Beneish M = -2.87 (Cap -4..+1) = A |
As of October 12, 2026, the stock is trading at SGD 4.40 with a total of 2,911,400 shares traded. Over the past week, the price has changed by +6.54%, over one month by -2.87%, over three months by +34.15% and over the past year by +158.46%.
Current recommended Stop Loss: 4.00 (which is 9.1% or 1.7 ATR below the current price).
FIRST RESOURCES has no consensus analysts rating.
Market Cap USD = 4.99b (6.39b SGD * 0.7806 SGD.USD)
P/E Trailing = 11.4722
P/E Forward = 13.0548
P/S = 3.2609
P/B = 3.522
P/EG = 1.3061
Revenue TTM = 1.66b USD
EBIT TTM = 336.9m USD
EBITDA TTM = 451.6m USD
Long Term Debt = 814.0m USD (from longTermDebt, last quarter)
Short Term Debt = 73.5m USD (from shortLongTermDebt, last quarter)
Debt = 1.86m USD (Leases only: 1.86m)
Net Debt = -102.3m USD (calculated: Debt 1.86m - CCE 104.2m)
Enterprise Value = 4.89b USD (4.99b + Debt 1.86m - CCE 104.2m)
Interest Coverage Ratio = 8.76 (Ebit TTM 336.9m / Interest Expense TTM 38.5m)
EV/FCF = 100.6x (Enterprise Value 4.89b / FCF TTM 48.6m)
FCF Yield = 0.99% (FCF TTM 48.6m / Enterprise Value 4.89b)
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 = 1.77 (Enterprise Value 4.89b / Total Assets 2.77b)
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 = 3.42 (Total Current Assets 771.5m / Total Current Liabilities 225.6m)
Debt / Equity = 0.00 (Debt 1.86m / totalStockholderEquity, last quarter 1.53b)
Debt / EBITDA = -0.23 (Net Debt -102.3m / EBITDA 451.6m)
Debt / FCF = -2.10 (Net Debt -102.3m / FCF TTM 48.6m)
Total Stockholder Equity = 1.47b (last 4 quarters mean from totalStockholderEquity)
RoA = 12.83% (Net Income 353.9m / Total Assets 2.77b)
RoE = 24.11% (Net Income TTM 353.9m / Total Stockholder Equity 1.47b)
RoCE = 14.77% (EBIT 336.9m / Capital Employed (Equity 1.47b + L.T.Debt 814.0m))
RoIC = 10.58% (NOPAT 260.2m / Invested Capital 2.46b)
WACC = 6.54% (E(4.99b)/V(4.99b) * Re(6.54%) + (debt cost/tax rate unavailable))
Discount Rate = 6.54% (= 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 = 0.45 (EV 594.9m - Net Debt -102.3m = Equity 697.2m / Shares 1.55b; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 3.67 | # QB: 1
Revenue Correlation: 91.15 | Revenue CAGR: 30.15% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=0.29 | Chg30d=+0.81% | Revisions=+57% | GrowthEPS=+23.8% | GrowthRev=+10.9%
EPS next Year (2027-12-31): EPS=0.30 | Chg30d=+4.74% | Revisions=+40% | GrowthEPS=+5.8% | GrowthRev=+3.7%
[Analyst] Revisions Ratio: +67% (up=6, down=0)