First Resources' stock soared 3.67% during intraday trading on Friday, driven by the company's strong first-quarter financial performance and a positive outlook for palm oil prices.

The Singapore-listed palm oil producer reported a 53.1% year-on-year increase in net profit to US$96.6 million for Q1 2026, with sales surging 70.4% to US$477.2 million. The company's production volumes showed significant growth, with fresh fruit bunches harvested increasing 20% and crude palm oil output jumping 34.5%.

Analysts note that First Resources' earnings could continue to benefit from higher crude palm oil prices, which have climbed since the Middle East conflict began. The commodity's wide discount to rival soybean oil is expected to continue supporting prices. DBS Group Research maintains its buy rating on the stock with a target price of S$5.00, citing the company's Indonesia operations as advantageous for procuring locally-produced fertilizer and avoiding expensive imports.