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HLIB Research downgrades KLK to Sell, cuts target price to RM20.41

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HLIB Research downgrades KLK to Sell, cuts target price to RM20.41 Empty HLIB Research downgrades KLK to Sell, cuts target price to RM20.41

Post by Cals Thu 21 Aug 2014, 12:53

HLIB Research downgrades KLK to Sell, cuts target price to RM20.41
Business & Markets 2014
Written by theedgemalaysia.com   
Thursday, 21 August 2014 08:29

KUALA LUMPUR (Aug 21): Hong Leong IB Research (HLIB) has downgraded Kuala Lumpur Kepong Bhd (KLK) to Sell (from Hold) with a lower target price of RM20.41.
In a note Thursday, the research house said KLK’s 9MFY09/14 core net profit of RM825 million (+30.2%) came in below expectations, accounting for only 65.2-69.4% of house and consensus full-year forecasts.
It said key variances against our forecast were lower-than-expected average CPO selling price and property earnings.
“We are taking this opportunity to lower our FY09/14-16 net profit forecasts by 16%, 21.9% and 19.1% respectively, largely to account for lower average CPO price assumption and lower property earnings assumptions.
“SOP-derived target price lowered by 11.7% to RM20.41 after taking into account of lower net profit forecasts and the roll-forward of our base year valuation from CY2015 to CY2016.
“Downgraded from Hold to Sell,” it said.
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