Stock Name: KFC
Company Name: KFC HOLDINGS (M) BHD
3Q11 earnings below expectation. 9M11 net profit of RM106m merely made up 62% and 64% of our full-year forecast and consensus. Pretax profit dropped across all segments except for KFC Malaysia. 3Q11 net profit of RM34m came below our expectation while we were expecting stronger earnings in 2H. We maintain our Hold call but lower the DCF-based TP to RM3.12 following our earnings downgrade.
Maybank research (29 November 2011)
Click here for full report
Company Name: KFC HOLDINGS (M) BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 3.12 |
3Q11 earnings below expectation. 9M11 net profit of RM106m merely made up 62% and 64% of our full-year forecast and consensus. Pretax profit dropped across all segments except for KFC Malaysia. 3Q11 net profit of RM34m came below our expectation while we were expecting stronger earnings in 2H. We maintain our Hold call but lower the DCF-based TP to RM3.12 following our earnings downgrade.
Maybank research (29 November 2011)
Click here for full report
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