Results Note � Amcorp Properties (HOLD, maintain)

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Results Note � Amcorp Properties (HOLD, maintain) - Weak 1Q17 within expectations AmProp�s 1QFY17 net profit contracted a sharp 92% yoy in the absence of any major property disposal. This was nevertheless within expectations. Earnings will likely remain lacklustre until 4QFY17, upon the partial completion and hence recognition of the Campden Hill project. We maintain our Hold rating as the Brexit risk could potentially cap future property demand.

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