Stock Name: KLK
Company Name: KUALA LUMPUR KEPONG BHD
No surprises for us. 1QFY12 core net profit of RM356m (-11% QoQ, -11% YoY) is largely within our expectations but slightly below street estimates. We raise our FY12-14F net profit forecasts by 5% in each year on a higher CPO ASP outlook of RM2,800/t (previously RM2,600/t) for 2012-13. Our revised TP is now RM19.60 (previously RM18.70), based on an unchanged 16x FY13 PER. Maintain Sell for its steep valuations and lack of short-term catalysts.
Maybank Research 23 Feb 2012
Click here for full report
Company Name: KUALA LUMPUR KEPONG BHD
| Research House: MAYBANK | Price Call: SELL | Target Price: 19.60 |
No surprises for us. 1QFY12 core net profit of RM356m (-11% QoQ, -11% YoY) is largely within our expectations but slightly below street estimates. We raise our FY12-14F net profit forecasts by 5% in each year on a higher CPO ASP outlook of RM2,800/t (previously RM2,600/t) for 2012-13. Our revised TP is now RM19.60 (previously RM18.70), based on an unchanged 16x FY13 PER. Maintain Sell for its steep valuations and lack of short-term catalysts.
Maybank Research 23 Feb 2012
Click here for full report
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