First Resources

First Resources: CIMB maintains O/p with $2.22 TP. House note that higher mom production in Aug even though working days at the estates were impacted by the Ramadan festival. This could mean the low production cycle, due to biological tree stress, experienced by the group's estates may be ending soon. House expect FFB yields to improve and peak in Sep or Oct and view Aug production data to be broadly in line with expectations. House maintain EPS forecasts and target price of $2.22 (based on CY14 P/E of 12.3x or 1 s.d. above its mean). Maintain Outperform and expect re-rating catalysts from higher production and better downstream contribution.