February 14, 2012

KLK - Limited land for new plantings

Stock Name: KLK
Company Name: KUALA LUMPUR KEPONG BHD
Research House: HWANGDBSPrice Call: HOLDTarget Price: 24.00



KL Kepong; Hold; RM25.48
Price Target: RM24.00; KLK MK

1QFY12 core earnings to increase 19% QoQ. FY12-14F earnings raised by 3-7% after changes to CPO price, FX rate and segmental profit. Maintain Hold, TP revised to RM24.00, imputing lower ERP in DCF valuation

Source: HwangDBS Research 14 Feb 2012

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