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Singapore-listed palm oil plantation company growing and processing palm oil mainly in Indonesia.
Singapore-listed palm oil plantation company growing and processing palm oil mainly in Indonesia.
Sells crude palm oil and palm kernel at market prices, so earnings follow palm oil prices and harvest volumes more than anything the company controls. Indonesian export levies and the government's biodiesel blending rules shape the price it gets. The Fangiono family are its founders and controlling shareholders.
In one line: No US equivalent; a pure-play Indonesian palm oil grower.
Moat: narrow (scale, installed base). Owns mature, high-yielding plantation land in Indonesia, but a price-taker in a commodity market.
Headquarters: Singapore · Founded: 1992
Size First Resources Ltd. (Singapore) (EB5.SI) is a Singapore Consumer Staples company (Agricultural Commodities/Milling) with a market value of $3.27B, the 31st largest of 186 Singapore companies the cockpit tracks. Shares closed at S$2.67 on 6 Nov 2026.
Performance Over six months the shares fell 25.6%, against -11.0% for the median peer and -1.2% for the Singapore market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 51.4% over the last twelve months (peer median +8.0%); the operating margin is 29.7% (peer median 5.0%).
Valuation It trades at 7.6× forward earnings against a peer median of 16.5× (2nd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.0 points above its cost of capital (7.5% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$2.52B | S$2.17B | S$1.39B | S$1.32B | S$1.69B |
| Revenue growth | — | +56% | +5% | -22% | — |
| Gross profit | S$1.06B | S$900M | S$590M | S$482M | S$862M |
| EBITDA | S$903M | S$811M | S$537M | S$403M | S$707M |
| Net income | S$564M | S$462M | S$328M | S$195M | S$448M |
| Free cash flow | S$317M | S$75.5M | S$88.9M | -S$48.3M | S$342M |
| Capital expenditure | S$316M | S$311M | S$339M | S$474M | S$108M |
| Total debt | n/a | S$1.23B | S$369M | S$314M | S$397M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| First Resources Ltd. (Singapore) EB5.SI | $3.27B | -26% | +51% | 30% | 7.6× | -7.1% |
| Wilmar International F34.SI | $14.5B | -19% | +6% | 3% | 10.2× | n/a |
| Golden Agri-Resources E5H.SI | $2.68B | -18% | +9% | 6% | 4.2× | -13.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EB5.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -37.8% | +0.8% | lowest of 21 |
| 6-month return | -25.6% | -11.0% | 2nd lowest of 21 |
| Distance from 52-week high | -49.0% | -23.0% | lowest of 21 |
| Revenue growth (TTM) | +51.4% | +8.0% | highest of 21 |
| Operating margin | 29.7% | 5.0% | highest of 21 |
| Forward P/E | 7.6× | 16.5× | 2nd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -7.1% | -1.1% | 5th least demanding of 12 |
| Growth delivered (Del g) | +19.0% | +10.5% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | -26.0 pp | -12.8 pp | 2nd least demanding of 12 |
| ROIC minus cost of capital | +12.0 pp | +0.6 pp | 3rd highest of 21 |
| EV / EBITDA | 5.8× | 8.4× | 3rd cheapest of 12 |
| Net debt / EBITDA | 0.9× | 1.5× | 7th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| First Resources Ltd. (Singapore) EB5.SI | Singapore | $3.27B | -26% | +51% | 30% | 7.6× | -7.1% | +19.0% |
| Fujian Sunner Development 002299.SZ | China | $3.28B | -7% | +13% | 5% | 19.1× | -1.0% | +7.9% |
| Seaboard SEB | United States | $3.38B | -22% | +7% | 3% | n/a | n/a | n/a |
| Godrej Industries GODREJIND.NS | India | $3.41B | -22% | +17% | 8% | n/a | n/a | n/a |
| Nichirei 2871.T | Japan | $3.42B | +13% | +10% | 5% | 24.2× | 2.4% | +4.6% |
| Ebro Foods EBRO.MC | Spain | $3.12B | +1% | -4% | 10% | 13.2× | -7.7% | +4.4% |
| Cal-Maine Foods CALM | United States | $3.02B | -15% | -43% | 1% | n/a | n/a | n/a |
| Jiangsu Lihua Animal Husbandry 300761.SZ | China | $2.94B | +2% | +7% | 3% | 29.1× | 4.0% | +16.8% |
| Heilongjiang Agriculture 600598.SS | China | $3.66B | -18% | -12% | 24% | 59.7× | n/a | n/a |
| Schouw & SCHO.CO | Denmark | $2.90B | +30% | -1% | 4% | 15.1× | -3.3% | +9.9% |
| Fujian Wanchen Food 300972.SZ | China | $3.86B | -43% | +46% | 7% | 9.9× | -18.7% | +157.9% |
| Cofco Sugar 600737.SS | China | $3.94B | -18% | -29% | 6% | 22.9× | n/a | n/a |
| Nisshin Seifun 2002.T | Japan | $3.94B | +14% | +3% | 5% | 15.4× | -1.1% | +4.9% |
| Jiangxi Zhengbang Technology 002157.SZ | China | $3.97B | -17% | +15% | -10% | n/a | n/a | n/a |
| Golden Agri-Resources E5H.SI | Singapore | $2.68B | -18% | +9% | 6% | 4.2× | -13.7% | +11.6% |
| Yunnan Shennong Agricultural Industry 605296.SS | China | $2.60B | +10% | +2% | -19% | n/a | n/a | n/a |
| Curaleaf CURA.TO | Canada | $2.50B | -18% | +5% | 1% | n/a | n/a | n/a |
| Ldc LOUP.PA | France | $4.35B | -6% | +15% | 6% | 11.7× | -7.7% | +10.5% |
| Fuji Oil 2607.T | Japan | $2.46B | +36% | +10% | 5% | 15.2× | 0.9% | +16.2% |
| AWL Agri Business AWL.NS | India | $2.30B | -21% | +18% | 2% | 17.6× | 13.4% | +15.0% |
| B.F BFG.MI | Italy | $2.29B | +56% | +30% | -2% | 84.3× | n/a | n/a |