Kuala Lumpur Kepong (KLK) started off 1QFY22 with a strong earnings growth, doubling to RM552m after stripping out i) exceptional provision for inventories (RM45.9m), ii) surplus arising from government acquisition of land (RM3.4m), iii) foreign exchange gain (RM8.7m) and iv) gain on derivatives (RM80.9m). The strong results surpassed our and the street expectations, making up 42% and 38%, respectively. No dividend was declared for the quarter. In view of the stronger-than-expected CPO price performance, we raise our CPO price forecast to RM4,300/mt and RM3,800/mt for 2022 and 2023, respectively. Consequently, we bump up our KLK’s FY22-24F earnings forecasts by 35%-67%. Maintain Outperform call with a higher SOP-based TP of RM31.05.
Source: PublicInvest Research - 17 Feb 2022
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KLKCreated by PublicInvest | Sep 20, 2024