Monday, August 7, 2017

Results Note � SLP Resources (HOLD, downgrade)

Top Calls

Results Note SLP Resources (HOLD, downgrade)

Earnings missed expectations

s 2Q17 revenue increased by 2.5% yoy, but net profit decreased by 23.9% yoy, due to higher raw material costs. The Groups earnings missed both our and consensus estimates. The Group recorded a 1H17 net profit of RM9.7m, which makes up 34.0% of our full year estimates and 26.5% of consensus estimates. We downgrade to HOLD, and reduced our TP from RM2.87 to RM2.62, based on a 26x 2018E PER, for upside potential of 8.6%.

Other Calls

Economic Update Malaysia Trade

Exports slowed to 10% yoy in June

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