First Resources: MKE upgrades to Buy from Hold with TP of $1.71
- Unduly sold down despite unchanged fundamentals
- 2Q16 earnings to remain week due to lower FFB output
- We expect 2H16 earnings to recover on output pickup
- 2H16 CPO likely to average RM2,450/t (+7%) with FY16 ASP
- Currently trading at 15.4x FY16e P/E vs Malaysian peers of 26.9x and Indon peers of 20.9x
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