First Res: CLSA expects stronger FY16 from clearing of inventory in a higher price environment.
Meanwhile, the impact of FRS41 is might have a smaller-than-expected depreciation impact.
All in all, these prompts CLSA to raise earnings by +9 to -1% over FY16-18%.
The house maintains O/PF on First Res with higher TP of $2.13 (prev: 2.10)
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