Stock Name: QL
Company Name: QL RESOURCES BHD
Research House: OSK
Company Name: QL RESOURCES BHD
Research House: OSK
OSK Research has maintained a "buy" call on QL Resources with a lower fair value of RM3.81 per share from RM4, following
results that was within its expectations.
OSK Research in a research note today said the lower fair value is in line with management guidance of stronger growth to be realised only in fiscal year 2013, due to the timing of its expansion in Vietnam and Indonesia.
It also cut its earnings forecast by 3.3 per cent to eight per cent to RM144.3 million and RM174.6 million in fiscal year 2012 and 2013 respectively.
"QL's fiscal year 2011 results came in within our and consensus' estimates. Revenue and net profit grew 20.3 per cent to RM1.776 billion and 16.4 per cent to RM124.5 million respectively," it said.
It added all its divisions, namely sales of marine products (MPM), integrated livestock division (ILF) and palm oil activities performed well with growth ranging from 17.3 per cent to 26.5 per cent year-on-year. -- Bernama
results that was within its expectations.
OSK Research in a research note today said the lower fair value is in line with management guidance of stronger growth to be realised only in fiscal year 2013, due to the timing of its expansion in Vietnam and Indonesia.
It also cut its earnings forecast by 3.3 per cent to eight per cent to RM144.3 million and RM174.6 million in fiscal year 2012 and 2013 respectively.
"QL's fiscal year 2011 results came in within our and consensus' estimates. Revenue and net profit grew 20.3 per cent to RM1.776 billion and 16.4 per cent to RM124.5 million respectively," it said.
It added all its divisions, namely sales of marine products (MPM), integrated livestock division (ILF) and palm oil activities performed well with growth ranging from 17.3 per cent to 26.5 per cent year-on-year. -- Bernama
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