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NewsCIMB Research maintains Underperform on KLK, ups target price to RM19.84
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CIMB Research maintains Underperform on KLK, ups target price to RM19.84
by hlk Thu 23 May 2013, 08:15
Business & Markets 2013
Written by theedgemalaysia.com
Thursday, 23 May 2013 07:38
A + / A - / Reset
KUALA LUMPUR (May 23): CIMB Research has maintained
Underperform on KUALA LUMPUR KEPONG BHD [] (KLK) at RM21.70
with a higher target price of RM19.84 (from RM18.18) and said KLK's
1HFY9/13 core net profit was in line with expectations, making up 50%
of its full-year forecast and 43% of consensus numbers.
In a note Thursday, the research house said KLK’s 1HFY13 core net
profit fell 15% year-on-year as lower CPO selling prices more than
offset higher manufacturing and property earnings.
“As expected, the group announced a 15 sen interim dividend.
“We maintain our earnings forecasts but raise our SOP-based target
price by 9% to reflect our recent target market P/E upgrade, which
affects the target P/E accorded to its PLANTATION [] division. Maintain
Underperform due to its rich valuations,” it said.
Written by theedgemalaysia.com
Thursday, 23 May 2013 07:38
A + / A - / Reset
KUALA LUMPUR (May 23): CIMB Research has maintained
Underperform on KUALA LUMPUR KEPONG BHD [] (KLK) at RM21.70
with a higher target price of RM19.84 (from RM18.18) and said KLK's
1HFY9/13 core net profit was in line with expectations, making up 50%
of its full-year forecast and 43% of consensus numbers.
In a note Thursday, the research house said KLK’s 1HFY13 core net
profit fell 15% year-on-year as lower CPO selling prices more than
offset higher manufacturing and property earnings.
“As expected, the group announced a 15 sen interim dividend.
“We maintain our earnings forecasts but raise our SOP-based target
price by 9% to reflect our recent target market P/E upgrade, which
affects the target P/E accorded to its PLANTATION [] division. Maintain
Underperform due to its rich valuations,” it said.
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