First Resources: Announced strong set of production highlights for mth of Sept. Fresh Fruit Brunches produced was at 210,245 ton, +33.8% yoy, while CPO production at 49,984 tonnes, +35% yoy and +28.4% qoq, while CPO extraction rate remained at a very efficient level of 23.7% vs peers approximate average of 22%.
Results brings 9M11 CPO production to 319,051 tonnes, +22.4% yoy and we remain positive on stock outlook, given its young trees profile and relatively immature acreage, which should translate to higher FFB yields going forward. Street has a unaminous Buy Call on counter with $1.73 TP.
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