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RHB raises KL Kepong’s fair value (2445)
by hlk Fri 24 Aug 2012, 14:42
KUALA LUMPUR: RHB Research raised its fair value of Kuala Lumpur Kepong
Bhd to RM22.40 per share from RM20.80, citing better outlook for the
plantation firm’s refinery operations and its expansion plans in
Indonesia.
“We
were surprised to learn that KLK is setting up not one, but three
refineries and one oleochemical facility in Indonesia,” RHB said in a
note on Friday.
Though RHB cut its earnings forecast by 2
per cent for the financial year 2012 to reflect flat fresh fruit
bunches (FFB) production from KLK’s Malaysian estates, it raised 2013
and 2014 growth forecasts by 3.4 per cent and 9.7 per cent,
respectively.
The research house kept its ’underperform’
rating on the stocks, saying “valuations remain rich in light of
falling earnings growth momentum.”
As of 0300 GMT, KLK shares remained unchanged at RM23.52 per share
while the Malaysian benchmark stock index fell 0.07 per cent. -- Reuters
Bhd to RM22.40 per share from RM20.80, citing better outlook for the
plantation firm’s refinery operations and its expansion plans in
Indonesia.
“We
were surprised to learn that KLK is setting up not one, but three
refineries and one oleochemical facility in Indonesia,” RHB said in a
note on Friday.
Though RHB cut its earnings forecast by 2
per cent for the financial year 2012 to reflect flat fresh fruit
bunches (FFB) production from KLK’s Malaysian estates, it raised 2013
and 2014 growth forecasts by 3.4 per cent and 9.7 per cent,
respectively.
The research house kept its ’underperform’
rating on the stocks, saying “valuations remain rich in light of
falling earnings growth momentum.”
while the Malaysian benchmark stock index fell 0.07 per cent. -- Reuters
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