SGX:EB5

Stock Analysis Report

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Executive Summary

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


Snowflake Analysis

Proven track record with adequate balance sheet.

Share Price & News

How has First Resources's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: EB5 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-3.1%

EB5

0.6%

SG Food

-0.4%

SG Market


1 Year Return

-22.5%

EB5

4.7%

SG Food

-21.3%

SG Market

Return vs Industry: EB5 underperformed the SG Food industry which returned 4.4% over the past year.

Return vs Market: EB5 matched the SG Market which returned -21.7% over the past year.


Shareholder returns

EB5IndustryMarket
7 Day-3.1%0.6%-0.4%
30 Day-4.6%-1.5%-2.7%
90 Day-10.8%4.0%-3.8%
1 Year-21.0%-22.5%8.2%4.7%-17.1%-21.3%
3 Year-29.6%-34.7%7.0%-2.1%-18.9%-28.7%
5 Year-20.7%-28.7%24.5%9.1%-2.0%-19.9%

Price Volatility Vs. Market

How volatile is First Resources's share price compared to the market and industry in the last 5 years?


Simply Wall St News

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 (SGD1.24) is trading below our estimate of fair value (SGD3.91)

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 (13.8x) compared to the SG Food industry average (10.5x).

PE vs Market: EB5 is poor value based on its PE Ratio (13.8x) compared to the SG market (12.7x).


Price to Earnings Growth Ratio

PEG Ratio: EB5 is good value based on its PEG Ratio (0.9x)


Price to Book Ratio

PB vs Industry: EB5 is overvalued based on its PB Ratio (1.4x) compared to the SG Food industry average (0.8x).


Next Steps

Future Growth

How is First Resources forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

15.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: EB5's forecast earnings growth (15.6% per year) is above the savings rate (2.2%).

Earnings vs Market: EB5's earnings (15.6% per year) are forecast to grow slower than the SG market (20.6% per year).

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

Revenue vs Market: EB5's revenue (9.9% per year) is forecast to grow faster than the SG market (6.5% per year).

High Growth Revenue: EB5's revenue (9.9% 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 (11.9%).


Next Steps

Past Performance

How has First Resources performed over the past 5 years?

-4.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: EB5 has high quality earnings.

Growing Profit Margin: EB5's current net profit margins (17.2%) are higher than last year (14%).


Past Earnings Growth Analysis

Earnings Trend: EB5's earnings have declined by 4.4% per year over the past 5 years.

Accelerating Growth: EB5's earnings growth over the past year (20.7%) exceeds its 5-year average (-4.4% per year).

Earnings vs Industry: EB5 earnings growth over the past year (20.7%) exceeded the Food industry 10.4%.


Return on Equity

High ROE: EB5's Return on Equity (10%) is considered low.


Next Steps

Financial Health

How is First Resources's financial position?


Financial Position Analysis

Short Term Liabilities: EB5's short term assets ($316.1M) exceed its short term liabilities ($115.5M).

Long Term Liabilities: EB5's short term assets ($316.1M) do not cover its long term liabilities ($487.0M).


Debt to Equity History and Analysis

Debt Level: EB5's debt to equity ratio (42.2%) is considered high.

Reducing Debt: EB5's debt to equity ratio has reduced from 49.8% to 42.2% over the past 5 years.

Debt Coverage: EB5's debt is well covered by operating cash flow (40.5%).

Interest Coverage: EB5's interest payments on its debt are well covered by EBIT (10.5x coverage).


Balance Sheet


Next Steps

Dividend

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

2.20%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: EB5's dividend (2.2%) isn’t notable compared to the bottom 25% of dividend payers in the SG market (2.53%).

High Dividend: EB5's dividend (2.2%) is low compared to the top 25% of dividend payers in the SG market (5.69%).


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 (30.8%), 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 well covered by earnings (33.6% payout ratio).


Next Steps

Management

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

13.7yrs

Average management tenure


CEO

Ciliandra Fangiono (44 yo)

17.67yrs

Tenure

US$1,407,000

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 ($USD758.83K) is below average for companies of similar size in the SG market ($USD1.44M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Ciliandra Fangiono
CEO & Executive Director17.67yrsUS$1.41mno data
Fang Zhixiang
Deputy CEO & Executive Director5.83yrsUS$1.13mno data
Ir. Suhaili
Vice President of Strategic Planning & Technologyno datano datano data
Lion Sanjaya
Managing Director and Director of Internal Audit - Riau13.5yrsno datano data
Sikin Hutomo
Managing Director17.33yrsno datano data
- Karyazai
Head of Government Relationsno datano datano data
Lay Hong Tan
Company Secretary1.08yrsno datano data

13.7yrs

Average Tenure

44yo

Average Age

Experienced Management: EB5's management team is seasoned and experienced (13.7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Ciliandra Fangiono
CEO & Executive Director17.67yrsUS$1.41mno data
Fang Zhixiang
Deputy CEO & Executive Director5.83yrsUS$1.13mno data
Ming Seong Lim
Independent Chairman of the Board12.92yrsUS$93.33k0.0063%
$ 124.0k
Cheong Kwee Teng
Independent Director12.92yrsUS$80.00kno data
Beng Kee Ong
Independent Director10.33yrsUS$70.00kno data
See Hiang Chang
Independent Director1.5yrsno datano data
Su-Yen Wong
Independent Director1.33yrsno datano data
Seow Kheng Tan
Non-Executive & Non-Independent Director5.83yrsUS$70.00k0.0019%
$ 37.2k
Kok Ho
Independent Director0.83yrno datano data

5.8yrs

Average Tenure

61yo

Average Age

Experienced Board: EB5's board of directors are considered experienced (5.8 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 company bio, 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
  • Market Cap: S$1.959b
  • Shares outstanding: 1.58b
  • Website: https://www.first-resources.com

Number of Employees


Location

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

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
EB5SGX (Singapore Exchange)YesOrdinary SharesSGSGDDec 2007
FTRO.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDDec 2007
FSRC.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDNov 2008

Biography

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, Plan ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/28 12:51
End of Day Share Price2020/09/28 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.