First Resources

First Resources: is the CIMB’s top pick among regional planters on its superior operating efficiency over peers, strong FFB output growth prospects, and attractive P/E valuations compared to peers. Additional revenue from refinery expansion in 2014 also works in favour of the stock. CIMB also expects higher dividend payout for 2014 as capex trims once refinery expansion is completed. CIMB has an Add rating for the stock with TP: $2.75