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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