First Resources

First Resources: First Resources’ May 14 operating data was in line with expectation. FFB production was up 4.5% yoy but nucleus FFB production rose only 3.7% yoy due to four fewer harvesting days. OER was lower at 22.1% vs 23.1% in May 13 and 22.6% in Apr 14, diluted by higher external FFB intake and younger crops in Kalimantan. UOB Kay Hian maintains BUY. Target price: $2.80