COMPANY OVERVIEW: FIRST RESOURCES LIMITED

First Resources Limited, is an investment holding company, which engages in the cultivation and maintenance of oil palm plantations primarily in Singapore and Indonesia. It operates in two segments, Plantations and Palm Oil Mills, and Refinery and Processing. It is also involved in harvesting and milling the fresh fruit bunches into crude palm oil (CPO) and palm kernel products, and also process CPO and palm kernel into value palm-based products, such as bio-diesel, refined, bleached and deodorized (RBD) olein, RBD stearin, palm kernel oil, and palm kernel expeller. It engages in oil palm seed breeding and rubber plantation activities; and marketing and selling processed palm based products. First Resources manages approximately 190,000 hectares of oil palm plantations, and operates 12palm oil mills in Indonesia. Apart from this, it owns and manages air-crafts. The Company exports its products. It was found in 1992 and is based in Singapore. It is a subsidiary of Eight Capital Inc.

Return on Equity	14.45%
Net Asset Value	SGD 1076.859
Market Cap	SGD 3065.2 MN

FINANCIAL VIEW

• The ratio of asset and liability is increasing as y-o-y figures are considered.
• The net income and Gross profit are not that much reliable, however for short term investment it can be ignored.

	FY2013 31Dec 13	FY2014 31Dec 14	LTM Ending 30 Jun 15
Revenue	626.429	615.524	533.898
Gross Profit	381.743	323.399	306.68
Net Income	238.242	173.409	156.103
EBITDA	337.126	297.665	283.69
Total Assets	1780.274	1997.855	1957.131
Total Liabilities	740.149	882.105	880.272

GROWTH OVER PRIOR YEAR (%)

TECHNICAL INDICATORS:

Daily Chart: It is a major uptrend counter and has recently taken a lot of correction is downtrend, now it has started showing up the bullish signal by giving a breakout on the trend line and on OBV. Also, RSI is too low now, which means an oversold condition and thus stock is likely to increase now.

SGX Symbol	EB5	Currency	SGD
Last Done	1.555	Volume(‘000)	1127.3
Day’s Range	1.52-1.56	52 Weeks’ Range	1.435-2.19

Weekly Chart: Weekly chart will also show the bullish signals if it goes above 1.60 and thus give a clear breakout on the trend line as well as the OBV.

S1	S2	R1	R2
1.515	1.435	1.60	1.725

Our VIEW:

Overall Trend: Overall trend seems to be positive with some minor corrections, if any.
Short term View: BULLISH above 1.60 with support @ 1.515.

Long term View: BULLISH above 1.725 with support @ 1.60.