(EB5) FIRST RESOURCES - SG
Sector: Consumer Defensive | Industry: Packaged Foods | Exchange: SG (Singapore) | Market Cap: 4.458m SGD | Total Return: 111% in 12m
Avg Turnover: 13.9M
Warnings
No concerns identified
Tailwinds
Rs Leader, Idiosyncratic Leader, Tailwind, Confidence
First Resources Limited is a vertically integrated palm oil producer headquartered in Singapore with operations spanning Indonesia, China, and Malaysia. The company manages the entire production cycle, from oil palm cultivation and seed breeding to the milling of fresh fruit bunches into crude palm oil and palm kernel products.
The business model relies on upstream plantation management and downstream refining capabilities to produce high-value derivatives, including biodiesel and refined, bleached, and deodorized olein. Palm oil remains the worlds most consumed vegetable oil due to its high yield per hectare compared to alternative oilseeds like soy or sunflower. The company also maintains diversified interests in sago and edamame plantations, renewable energy, and distribution services.
For a deeper look into the companys financial health and valuation metrics, consider reviewing the data on ValueRay. Founded in 1992, First Resources Limited operates as a subsidiary of Eight Capital Inc. and maintains a significant presence in the global consumer staples supply chain.
- Crude palm oil price volatility dictates plantation segment revenue margins
- Indonesian export levy and tax policy shifts impact net realizations
- Upstream production yields fluctuate based on biological cycles and weather
- Downstream refinery margins depend on biodiesel mandates and feedstock spreads
| 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 June 16, 2026, the stock is trading at SGD 2.88 with a total of 4,280,000 shares traded.
Over the past week, the price has changed by +11.20%,
over one month by -26.15%,
over three months by +6.11% and
over the past year by +110.96%.
FIRST RESOURCES has no consensus analysts rating.
Market Cap USD = 3.47b (4.46b SGD * 0.7794 SGD.USD)
P/E Trailing = 9.6
P/E Forward = 9.0171
P/S = 2.684
P/B = 2.2117
P/EG = 0.978
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 = 3.19b USD (3.47b + Debt 1.86m - CCE 289.4m)
Interest Coverage Ratio = 8.76 (Ebit TTM 336.9m / Interest Expense TTM 38.5m)
EV/FCF = 65.58x (Enterprise Value 3.19b / FCF TTM 48.6m)
FCF Yield = 1.52% (FCF TTM 48.6m / Enterprise Value 3.19b)
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 = 1.10 (Enterprise Value 3.19b / 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 = 7.13% (E(3.47b)/V(3.48b) * Re(7.13%) + (debt cost/tax rate unavailable))
Discount Rate = 7.13% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -26.97 | 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=+7.09% | Revisions=+60% | GrowthEPS=+12.3% | GrowthRev=+4.5%
EPS next Year (2027-12-31): EPS=0.27 | Chg30d=+5.79% | Revisions=+60% | GrowthEPS=+4.8% | GrowthRev=+4.7%
[Analyst] Revisions Ratio: +60%