MaintainHOLD, TP: RM24.59
KLK results came in within expectations, making up 26% of ECM and 25% of consensus estimates. Plantations segment EBIT came in stronger y-o-y (+25%) due to higher CPO ASP and FFB production. Manufacturing segment recovered slightly after making losses in the previous quarter but saw a reduction in margins. We raise our FY12-FY14 earnings by 4%-8% and upgrade TP to RM24.59. Maintain HOLD call.
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