First Resources

First Resources: Citi maintains Buy with $1.85 TP. Note that April FFB harvested+31% YoY to 130k tons and CPO production also grew 36% YoY to 31k tons while YTD April CPO production rose 26% YoY to 119k tons (29% of CIRA’s FY11E CPO production of 411k tons. Against a backdrop of higher CPO prices in 2011 vs 2010 supported by ongoing improved volume performance, house remain optimistic on the outlook for grp.