Stock Name: KLK
Company Name: KUALA LUMPUR KEPONG BHD
Within expectations, minus one-offs. 4QFY11 net profit of RM460m (+6% QoQ, +48% YoY) was boosted by disposal gain of RM201m (mitigated by RM61m fair valuation loss) following the disposal of a 50%-associate. Stripping away one-offs, 4Q core net profit of RM321m (-24% QoQ, +37% YoY) was within expectations. FY11 core net profit of RM1,368m (+46% YoY) hit a new peak but we expect a weaker global demand next year to drive CPO ASP lower to RM2,600/t. Maintain Sell on KLK given its relatively expensive valuation at 18.4x FY13. Our TP of RM18.70, based on 16x FY13 PER, is unchanged.
Maybank research (24 November 2011)
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Company Name: KUALA LUMPUR KEPONG BHD
| Research House: MAYBANK | Price Call: SELL | Target Price: 18.70 |
Within expectations, minus one-offs. 4QFY11 net profit of RM460m (+6% QoQ, +48% YoY) was boosted by disposal gain of RM201m (mitigated by RM61m fair valuation loss) following the disposal of a 50%-associate. Stripping away one-offs, 4Q core net profit of RM321m (-24% QoQ, +37% YoY) was within expectations. FY11 core net profit of RM1,368m (+46% YoY) hit a new peak but we expect a weaker global demand next year to drive CPO ASP lower to RM2,600/t. Maintain Sell on KLK given its relatively expensive valuation at 18.4x FY13. Our TP of RM18.70, based on 16x FY13 PER, is unchanged.
Maybank research (24 November 2011)
Click here for full report ''
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