Results Note � IOI Corp (SELL, downgrade) - Results below expectations IOI Corp�s FY17 core net profit of RM1.03bn came in below expectations. The variance was due to lower-than-expected contribution from the resource-based manufacturing division. We have cut our FY18-19 EPS forecasts by 10-12% to account for the weak results. As such, our target price on IOI Corp has been lowered to RM4.00. We downgrade the stock to SELL rating given the 11.7% downside potential to our new TP.