Hit by steep forex translation losses Shariah-compliant
Core earnings with expectations. IOI's 1QFY12 net profit of RM258m(-53% QoQ, -48% YoY) included a steep forex translation loss ofRM271m (mitigated by net fair valuation gains of RM21m on financialasset & liabilities). Stripping away these accounting losses, core netprofit of RM508m (-17% QoQ, +24% YoY) was in line with our andconsensus expectations. Maintain Hold on IOI with unchanged TP ofRM5.14 based on 16x FY13 PER.
Maybank research (21 November 2011)
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