February 8, 2018

FR’s 4Q17 production statistics came in within expectations. 2017 FFB production growth of 13% yoy is within our expectation and management guidance of 10-15% yoy. We expect marginally better qoq results on higher production, but weaker yoy earnings due to lower CPO ASP. Maintain HOLD at TP S$1.95 by UOB Kay Hian. Share price closed at S$1.820