KLCI Index (12-month)
Research Team research@affinhwang.com
Chue Kwok Yan Head of Research | RESEARCH +603 2146 7618 kwokyan.chue@affinhwang.com
Alan Tan Chief Economist | RESEARCH +603 2146 7540 alan.tan@affinhwang.com
| Top Calls | | Results Note � KL Kepong (HOLD, downgrade)
- Earnings not as good as expected
KLK�s 9MFY17 core net profit of RM848.6m (+30.8% yoy) was below expectations, mainly due to the weaker-than-expected profit contribution from the plantation and manufacturing divisions. As such, we have cut our FY17-19 EPS forecasts by 10-16%. Our TP for KLK has been lowered to RM25.90. Given the limited upside of 4.9% to our new 12-month TP, we downgrade the stock to a HOLD. |
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