PublicInvest Research said Kuala Lumpur Kepong’s (KLK) 1HFY15 core net profit of RM406.6mil was below its and consensus forecasts, accounting for 41% and 39% of full-year estimates respectively.
It said on Thursday this was after stripping out one-off items at an estimated and cumulative RM46mil from realised foreign exchange gain, gain from the disposal of a subsidiary and gain from the land disposal, netting off unrealised losses of RM14.1mil from changes in fair value on outstanding derivative contracts in manufacturing arm.
Both plantation and manufacturing segments contributed to the lower earnings.
"We cut our earnings forecast for FY15-17 by 2-4% after revising our CPO forecast for KLK from RM2,525 a tonne to RM2,321. Nevertheless, we maintain our Neutral call with a higher TP of RM22.86 (from RM21.82), after rolling over our valuations to CY16," it said.
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It said on Thursday this was after stripping out one-off items at an estimated and cumulative RM46mil from realised foreign exchange gain, gain from the disposal of a subsidiary and gain from the land disposal, netting off unrealised losses of RM14.1mil from changes in fair value on outstanding derivative contracts in manufacturing arm.
Both plantation and manufacturing segments contributed to the lower earnings.
"We cut our earnings forecast for FY15-17 by 2-4% after revising our CPO forecast for KLK from RM2,525 a tonne to RM2,321. Nevertheless, we maintain our Neutral call with a higher TP of RM22.86 (from RM21.82), after rolling over our valuations to CY16," it said.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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