Results Note � KL Kepong (HOLD, maintain)

Top Calls

Results Note � KL Kepong (HOLD, maintain) - Below expectations 3QFY16 core net profit increased 13% qoq but declined by 22% yoy while 9M/FY16 core net profit of RM648.9m (even though boosted by strong manufacturing profit) is below expectations. We cut our FY16E core net profit forecast by 12.9% but maintained our FY17E-18E forecasts. TP based on an unchanged 19x FY17E EPS and HOLD rating for well-managed KLK are maintained. The surplus on land disposal of RM485.6m raise the prospects of a higher DPS.

Other Calls

Company Note � OpenSys (M) (Not rated) - Riding the CRM wave

Results Note � Malakoff (HOLD, maintain) - Tax boost

Morning News & Market Summary

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