First Resources

First Resources: UOB Kay Hian maintains Buy with $2.40TP. House confident that First Resources is on track to deliver a good set of numbers for 2H13. Besides the better-then-peers ASP, FFB yield has showed good recovery to deliver better upstream profit in 2H13. Add that downstream operations are getting competitive as new capacities come on-stream but the impact on FR is mitigated by a timely switch to biodiesel production as EU demand returns.