First Resources: JP Morgan maintains O/w, with TP $1.90. House has positive view on the stock and Co’s long term sustainable business model, citing cost competitiveness from good plantation practices and remains confident of meeting planting target. Grp is further taking yield a notch higher with R&D….
Raised yield assumptions for FY12E/FY13E from 21MT/ha to 21.5MT/ha, raising earnings for both years by 3% each. Add that valuation are undemanding and grp no longer trades at a valuation discount to its SG peers, a discount attributed to corporate governance concerns and relatively lower liquidity.
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