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EB5

First ResourcesSGX:EB5 Stock Report

Last Price

S$1.70

Market Cap

S$2.7b

7D

-0.6%

1Y

4.3%

Updated

21 Jan, 2022

Data

Company Financials +
EB5 fundamental analysis
Snowflake Score
Valuation2/6
Future Growth1/6
Past Performance1/6
Financial Health6/6
Dividends3/6

EB5 Stock Overview

First Resources Limited, an investment holding company, engages in the palm oil production activities in Singapore, Indonesia, Europe, China, and internationally.

Rewards

Trading at 67.6% below our estimate of its fair value

Earnings are forecast to grow 12.04% per year

Risk Analysis

No risks detected for EB5 from our risk checks.

Price History & Performance

Summary of all time highs, changes and price drops for First Resources
Historical stock prices
Current Share PriceS$1.70
52 Week HighS$1.91
52 Week LowS$1.26
Beta1
1 Month Change17.24%
3 Month Change-7.61%
1 Year Change4.29%
3 Year Change-2.30%
5 Year Change-13.04%
Change since IPO39.34%

Recent News & Updates

Nov 08
Is Now An Opportune Moment To Examine First Resources Limited (SGX:EB5)?

Is Now An Opportune Moment To Examine First Resources Limited (SGX:EB5)?

While First Resources Limited ( SGX:EB5 ) might not be the most widely known stock at the moment, it saw a significant...

Oct 21
Returns At First Resources (SGX:EB5) Are On The Way Up

Returns At First Resources (SGX:EB5) Are On The Way Up

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...

Sep 27
Here's Why First Resources (SGX:EB5) Can Manage Its Debt Responsibly

Here's Why First Resources (SGX:EB5) Can Manage Its Debt Responsibly

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...

Aug 29
First Resources' (SGX:EB5) Shareholders Will Receive A Bigger Dividend Than Last Year

First Resources' (SGX:EB5) Shareholders Will Receive A Bigger Dividend Than Last Year

First Resources Limited ( SGX:EB5 ) will increase its dividend on the 9th of September to S$0.013. Despite this raise...

Aug 15
First Resources' (SGX:EB5) Dividend Will Be Increased To S$0.013

First Resources' (SGX:EB5) Dividend Will Be Increased To S$0.013

The board of First Resources Limited ( SGX:EB5 ) has announced that it will be increasing its dividend on the 9th of...

Shareholder Returns

EB5SG FoodSG Market
7D-0.6%1.2%0.2%
1Y4.3%-13.7%4.4%

Return vs Industry: EB5 exceeded the SG Food industry which returned -14.3% over the past year.

Return vs Market: EB5 matched the SG Market which returned 3.9% over the past year.

Price Volatility

Is EB5's price volatile compared to industry and market?
EB5 volatility
EB5 Average Weekly Movement4.9%
Food Industry Average Movement4.3%
Market Average Movement4.5%
10% most volatile stocks in SG Market12.3%
10% least volatile stocks in SG Market2.1%

Stable Share Price: EB5 is not significantly more volatile than the rest of SG stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: EB5's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1992n/aCiliandra Fangionohttps://www.first-resources.com

First Resources Limited, an investment holding company, engages in the palm oil production activities in Singapore, Indonesia, Europe, China, and internationally. The company operates in two segments, Plantations and Palm Oil Mills, and Refinery and Processing. It is involved in cultivating and maintaining oil palms; harvesting and milling fresh fruit bunches into crude palm oil (CPO) and palm kernel (PK) products; and processing CPO and PK into value palm based products, such as biodiesel, palm kernel oil, and palm kernel expeller, as well as refined, bleached, and deodorized (RBD) olein, and RBD stearin.

First Resources Fundamentals Summary

How do First Resources's earnings and revenue compare to its market cap?
EB5 fundamental statistics
Market CapUS$1.99b
Earnings (TTM)US$93.15m
Revenue (TTM)US$795.12m

21.4x

P/E Ratio

2.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
EB5 income statement (TTM)
RevenueUS$795.12m
Cost of RevenueUS$432.66m
Gross ProfitUS$362.46m
ExpensesUS$269.31m
EarningsUS$93.15m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.059
Gross Margin45.59%
Net Profit Margin11.71%
Debt/Equity Ratio37.1%

How did EB5 perform over the long term?

See historical performance and comparison

Dividends

1.9%

Current Dividend Yield

42%

Payout Ratio

Valuation

Is First Resources undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: EB5 (SGD1.7) is trading below our estimate of fair value (SGD5.25)

Significantly Below Fair Value: EB5 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: EB5 is poor value based on its PE Ratio (21.4x) compared to the SG Food industry average (12.1x).

PE vs Market: EB5 is poor value based on its PE Ratio (21.4x) compared to the SG market (13.4x).


Price to Earnings Growth Ratio

PEG Ratio: EB5 is poor value based on its PEG Ratio (1.8x)


Price to Book Ratio

PB vs Industry: EB5 is overvalued based on its PB Ratio (1.9x) compared to the SG Food industry average (1x).


Future Growth

How is First Resources forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

12.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: EB5's forecast earnings growth (12% per year) is above the savings rate (1.8%).

Earnings vs Market: EB5's earnings (12% per year) are forecast to grow slower than the SG market (14.5% per year).

High Growth Earnings: EB5's earnings are forecast to grow, but not significantly.

Revenue vs Market: EB5's revenue (5.3% per year) is forecast to grow slower than the SG market (7.6% per year).

High Growth Revenue: EB5's revenue (5.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: EB5's Return on Equity is forecast to be low in 3 years time (14%).


Past Performance

How has First Resources performed over the past 5 years?

-7.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: EB5 has high quality earnings.

Growing Profit Margin: EB5's current net profit margins (11.7%) are lower than last year (16.5%).


Past Earnings Growth Analysis

Earnings Trend: EB5's earnings have declined by 7.4% per year over the past 5 years.

Accelerating Growth: EB5's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: EB5 had negative earnings growth (-5.9%) over the past year, making it difficult to compare to the Food industry average (2.4%).


Return on Equity

High ROE: EB5's Return on Equity (9.5%) is considered low.


Financial Health

How is First Resources's financial position?


Financial Position Analysis

Short Term Liabilities: EB5's short term assets ($431.7M) exceed its short term liabilities ($354.9M).

Long Term Liabilities: EB5's short term assets ($431.7M) exceed its long term liabilities ($243.8M).


Debt to Equity History and Analysis

Debt Level: EB5's net debt to equity ratio (19.7%) is considered satisfactory.

Reducing Debt: EB5's debt to equity ratio has reduced from 61.7% to 37.1% over the past 5 years.

Debt Coverage: EB5's debt is well covered by operating cash flow (45.2%).

Interest Coverage: EB5's interest payments on its debt are well covered by EBIT (12.2x coverage).


Balance Sheet


Dividend

What is First Resources's current dividend yield, its reliability and sustainability?

1.87%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: EB5's dividend (1.87%) isn’t notable compared to the bottom 25% of dividend payers in the SG market (2%).

High Dividend: EB5's dividend (1.87%) is low compared to the top 25% of dividend payers in the SG market (5.43%).


Stability and Growth of Payments

Stable Dividend: EB5's dividend payments have been volatile in the past 10 years.

Growing Dividend: EB5's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (42.1%), EB5's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: EB5's dividends in 3 years are forecast to be covered by earnings (54.3% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

15.0yrs

Average management tenure


CEO

Ciliandra Fangiono (45 yo)

19yrs

Tenure

US$799,685

Compensation

Mr. Ciliandra Fangiono has been the Chief Executive Officer of First Resources Ltd. since 2003. Mr. Fangiono served as the President Director of Pt Ciliandra Perkasa.He has been an Executive Director of F...


CEO Compensation Analysis

Compensation vs Market: Ciliandra's total compensation ($USD799.69K) is about average for companies of similar size in the SG market ($USD1.11M).

Compensation vs Earnings: Ciliandra's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: EB5's management team is seasoned and experienced (15 years average tenure).


Board Members

Experienced Board: EB5's board of directors are considered experienced (7.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

First Resources Limited's employee growth, exchange listings and data sources


Key Information

  • Name: First Resources Limited
  • Ticker: EB5
  • Exchange: SGX
  • Founded: 1992
  • Industry: Agricultural Products
  • Sector: Food, Beverage & Tobacco
  • Implied Market Cap: S$2.681b
  • Shares outstanding: 1.58b
  • Website: https://www.first-resources.com

Location

  • First Resources Limited
  • No. 36-02, Suntec Tower Three
  • 8 Temasek Boulevard
  • Singapore
  • 38988
  • Singapore

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/21 15:47
End of Day Share Price2022/01/21 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.