First Resources

First Resources: UOB Kay Hian maintains Buy with TP $2.60. The house note that 2013 FFB production was above expectation boosted by the contribution from newly-acquired plantations. Believe that FR would continue to outperform peers and its 2013 full-year results are likely to exceed our expectation with better-thanexpected FFB production and better contribution from downstream operation as it switches to biodiesel production amid narrowing refining margin.