FIRST RESOURCES LIMITED (EB5) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of FIRST RESOURCES LIMITED stock S$4.92, price S$3.68, upside +33.7%, quality 63 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value 30%+ above price?Yes
Quality 50+?Yes
In an uptrend?Yes
Meets all three buy rules
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 27, 2026.
How to read this chart
60‑month range 0.9985 SGD – 5.12 SGD · fair‑value band 2.08 SGD – 7.44 SGD · the 3.68 SGD price screens below the 4.92 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 27, 2026.
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First Resources Limited, an investment holding company, engages in the palm oil production activities in Singapore, Indonesia, China, Malaysia, and internationally. The company operates in two segments, Plantations and Palm Oil Mills, and Refinery and Processing.
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It is involved in cultivation and maintenance of oil palm plantations, and operation of palm oil mills.
The company also engages in harvesting and milling fresh fruit bunches into crude palm oil (CPO) and palm kernel (PK) products; and processing CPO and PK into higher value palm-based products, such as biodiesel; refined, bleached, and deodorized (RBD) olein; RBD stearin; palm fatty acid distillate; and palm kernel oil and expeller.
In addition, it is involved in marketing and distribution of palm oil products; oil palm seed breeding; palm oil refining and palm kernel crushing; sago and edamame plantation; renewable energy; provision of consumer products; and aircraft ownership and management activities.
First Resources Limited was founded in 1992 and is based in Singapore. First Resources Limited is a subsidiary of Eight Capital Inc.
Stock analysis
FIRST RESOURCES LIMITED (EB5) currently trades at 3.68 SGD, while our model-based Fair Value estimate is 4.92 SGD, implying the stock looks roughly 25.2% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 5.73 SGD per share, and 10 of the 25 models we run sit above the 3.68 SGD price.
Bear case: the Asset-Based group reads lowest at 0.7300 SGD, and 15 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: 2.08 SGD (bear) to 7.44 SGD (bull), the price of 3.68 SGD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Consumer Defensive sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
FIRST RESOURCES LIMITED reported revenue of $1.7B in FY2025 versus $1.0B in FY2021, a compound +12.6%/yr. Reported net income was $354M in FY2025, compounding +21.7%/yr from FY2021.
Key figures
Market cap 5.7B SGD (≈ $4.5B) Mid · P/E ratio 9.9 · P/S ratio 2.12 · EPS (TTM) 0.3700 SGD · Dividend yield 3.8% · Net margin 21.3% · Return on equity 28.6% · Return on assets (EBIT) 16.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 87 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and 95% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −18% fair-value upside, at 34%, EB5 screens cheaper than that median.
Fair Value models
Bear2.08 SGDFair Value 4.92 SGDBull7.44 SGD
Price 3.68 SGD · Upside +33.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.1895 SGD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+59.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.3%
Start year 2020 (pandemic). Over 10 years: +13.9% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.5%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+33.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+29.3%
Dividend (yield on the price)3.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.29.3% vs 13.4%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.29% → 30%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+37.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +34.2% a year for the price and +2.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (41 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Compare FIRST RESOURCES LIMITED with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Packaged Foods · 629 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside+33.7% · Above median
Profitability
Return on equity (12 months)28.6% · Top 25%
Return on assets12.2% · Top 25%
Net margin (12 months)22.4% · Top 25%
Operating margin (12 months)32.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)44.5% · Top 25%
Dividend yield (12 months)3.8% · Above median
Balance sheet
Debt / equity0.56× · Highest 25%
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Is FIRST RESOURCES LIMITED (EB5) overvalued or undervalued?
As of Oct 27, 2026, our model estimates a fair value of 4.92 SGD versus a price of 3.68 SGD, about +34% upside (undervalued).
What is the fair value of EB5?
Our model-based fair value for FIRST RESOURCES LIMITED is 4.92 SGD (as of Oct 27, 2026), built from audited fundamentals. The current price: 3.68 SGD.
What is the quality score of EB5?
FIRST RESOURCES LIMITED has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for FIRST RESOURCES LIMITED (EB5)?
Our model-based price target is the fair value of 4.92 SGD (as of Oct 27, 2026) from 25 valuation models. Cautious scenario 2.08 SGD, optimistic scenario 7.44 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the FIRST RESOURCES LIMITED stock forecast for 2026?
Our models put fair value at 4.92 SGD, about +34% upside versus a price of 3.68 SGD (undervalued). Cautious scenario 2.08 SGD, optimistic scenario 7.44 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of FIRST RESOURCES LIMITED (EB5)?
FIRST RESOURCES LIMITED reported trailing-twelve-month revenue of about $2.0B (latest available figure, as of Oct 27, 2026).
Does FIRST RESOURCES LIMITED pay a dividend?
FIRST RESOURCES LIMITED currently shows a dividend yield of 3.83% relative to its recent price (as of Oct 27, 2026).
What growth is priced into FIRST RESOURCES LIMITED (EB5)?
For today's price to be fair in a discounted-cash-flow model, FIRST RESOURCES LIMITED would have to grow free cash flow by +37.4 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +20.3 % per year. As of Oct 27, 2026.
What discount rate (WACC) does the fair value of EB5 use?
Our models discount FIRST RESOURCES LIMITED at 8.3 %: a base by market capitalisation (mid), damped by beta 0.07, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For FIRST RESOURCES LIMITED that is +37.4 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has FIRST RESOURCES LIMITED (EB5) delivered so far?
Over the past 5 years revenue at FIRST RESOURCES LIMITED grew +20.3 % a year. The price currently implies +37.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of FIRST RESOURCES LIMITED (EB5) growing?
The median revenue growth in the sector is +3.1 % a year. That is the yardstick for the growth priced into FIRST RESOURCES LIMITED (+37.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of FIRST RESOURCES LIMITED (EB5)?
The free-cash-flow yield on the price is 1.09 %: that much free cash flow FIRST RESOURCES LIMITED produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of FIRST RESOURCES LIMITED (EB5)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For FIRST RESOURCES LIMITED it is 4.92 SGD per share (as of Oct 27, 2026), against a price of 3.68 SGD. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is FIRST RESOURCES LIMITED stock overvalued or undervalued in 2026?
As of Oct 27, 2026, EB5 trades below its calculated fair value: price 3.68 SGD, fair value 4.92 SGD, a gap of about +34% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of EB5?
No. The price is what the market pays today (3.68 SGD); the fair value is what the company's own numbers justify (4.92 SGD). For FIRST RESOURCES LIMITED the two are 1.24 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is FIRST RESOURCES LIMITED worth?
The market values FIRST RESOURCES LIMITED at about 5.7B SGD (market capitalisation, as of Oct 27, 2026). Per share that is 3.68 SGD; our models calculate a fair value of 4.92 SGD per share.
What do the bullish and bearish scenarios say about EB5?
Our models span a range for FIRST RESOURCES LIMITED: cautious scenario 2.08 SGD, base 4.92 SGD, optimistic 7.44 SGD per share (as of Oct 27, 2026, price 3.68 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EB5?
FIRST RESOURCES LIMITED trades at a price-to-earnings ratio of 9.9 (as of Oct 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 4.92 SGD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 13.3. Other multiples: PEG 1.3, P/B 2.9, P/S 2.3, EV/EBITDA 7.0.
What is the PEG ratio of EB5?
The PEG ratio of FIRST RESOURCES LIMITED is 1.31 (P/E divided by earnings growth, as of Oct 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of FIRST RESOURCES LIMITED (EB5)?
Balance-sheet figures for FIRST RESOURCES LIMITED (as of Oct 27, 2026): return on equity 28.6%, debt of 0.56 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is EB5 from its 52-week high?
FIRST RESOURCES LIMITED trades at 3.68 SGD, about 28% below its 52-week high of 5.12 SGD and 95% above the low of 1.89 SGD (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 4.92 SGD is for.
Which stocks are comparable to FIRST RESOURCES LIMITED?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Foshan Haitian Flavouring and Food Company, The Kraft Heinz Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is FIRST RESOURCES LIMITED stock attractive at the current price?
The data as of Oct 27, 2026: price 3.68 SGD, calculated fair value 4.92 SGD (+34%), Quality Score 63/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of EB5 calculated?
We run FIRST RESOURCES LIMITED through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 4.92 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.4 % above its aggregate fair value. FIRST RESOURCES LIMITED currently trades 25 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of FIRST RESOURCES LIMITED (EB5)?
The closing price on Oct 28, 2026 was 3.68 SGD. Our model-based fair value is 4.92 SGD, about +34% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with FIRST RESOURCES LIMITED right now?
The model range is unusually wide (2.08 SGD to 7.44 SGD). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of FIRST RESOURCES LIMITED
How large is the market capitalisation of FIRST RESOURCES LIMITED (EB5)?
The market capitalisation of FIRST RESOURCES LIMITED is 5.7B SGD (≈ $4.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of FIRST RESOURCES LIMITED (EB5)?
The price-to-sales ratio of FIRST RESOURCES LIMITED is 2.12 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of FIRST RESOURCES LIMITED (EB5)?
Earnings per share at FIRST RESOURCES LIMITED are 0.3700 SGD (price ÷ EPS = P/E 9.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of FIRST RESOURCES LIMITED (EB5)?
The dividend yield of FIRST RESOURCES LIMITED is 3.8% (payout 38.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of FIRST RESOURCES LIMITED (EB5)?
The net margin of FIRST RESOURCES LIMITED is 21.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of FIRST RESOURCES LIMITED (EB5)?
The return on equity (ROE) of FIRST RESOURCES LIMITED is 28.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of FIRST RESOURCES LIMITED (EB5)?
On an EBIT basis the return on assets of FIRST RESOURCES LIMITED is 16.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of FIRST RESOURCES LIMITED (EB5)?
The operating margin of FIRST RESOURCES LIMITED is 32.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at FIRST RESOURCES LIMITED (EB5)?
Revenue at FIRST RESOURCES LIMITED is growing +44.5% versus a year earlier (3y avg +10.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at FIRST RESOURCES LIMITED (EB5)?
Earnings per share at FIRST RESOURCES LIMITED are growing +57.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does FIRST RESOURCES LIMITED (EB5) carry?
The net debt of FIRST RESOURCES LIMITED is $665M (fiscal year 2025, ≈ 13.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 27, 2026