First Resources

First Resources: UBS Initiate Buy with $2.04 TP. Note that first growth upstream exposure makes grp a good proxy for the CPO price. Entering a phase of high production growth FR stands out among its peers in Indonesia as it paid 30% of earnings as div in 2009 and 2010. Grp payout policy makes it a good pick for investors looking for a balance between div and growth and opportunity through reinvestment.