Company Update � IOI Corp (HOLD, maintain)

Top Calls

Company Update � IOI Corp (HOLD, maintain) - Waiting IOI has made its submissions and is awaiting an official reply from the RSPO Complaint Panel on its application to lift the certification suspension. We believe the decline in market capitalisation since March seems disproportionate to the financial impact, and a share price rebound can be expected if the outcome is positive. IOI is aiming for RSPO Next. We cut our FY16-18E core net profit forecasts by 1%-12% following lower-than-expected FY16 FFB production due to the last El Ni�o. Maintain HOLD with a lower TP of RM4.15.

Other Calls

Economy � Fiscal Policy - Higher oil prices may provide some fiscal flexibility

Economy � ASEAN Outlook � Weekly Wrap - BI kept its policy rate at 6.50% amid weak global outlook

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