Wednesday, August 9, 2017

Results Note � Hartalega (HOLD, downgrade)

Top Calls

Results Note Hartalega (HOLD, downgrade)

- Another record quarter

Hartalega posted yet another record quarter- net profit up 71.6% yoy and 7.8% qoq to RM96.4m. This was in line with expectations in tandem with higher volume contribution from the ongoing commissioning of NGC plants and a more benign operating environment. We raise our 12M TP to RM7.20 based on 25x revised CY18E EPS but downgrade Hartalega to a HOLD on valuations.

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