First Resources

First Resources: UOBK upgrades to Buy from hold, raises target to $1.62 from $1.40. Says co one of fastest-growing pure CPO producers in SE Asia, with over 116k ha hectares under mgt (25.1% CAGR since 1992). Expects earnings to rise on higher CPO prices (raises ASP forecasts for both 2011, 2012 to RM 2650/ton from RM2500/ton), and recovering yields. Group's fresh fruit bunch (FFB) pdtn +16.5% yoy in 3Q10 due to the estate's young tree age, is expected to continue with aggressive new planting in Kalimantan.