First Resources

First Resources: BNP initiates on First Resources at Buy with TP $2.36, pegged to 14.7x P/E. Likes First Resources as the best-in-class planter. Notes the company is among the most efficient low-cost producers of CPO in Asean, has the highest EBITDA margins of 50-57% over FY13-15e, and was the only plantation to deliver strong net profit growth in 2012.