Bursa Malaysia Stock Watch
IOI Corporation: Hold
kltrader
Publish date: Mon, 21 Nov 2011, 10:07 AM
kltrader
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Hit by steep forex translation losses Shariah-compliant
Core earnings with expectations. IOI's 1QFY12 net profit of RM258m(-53% QoQ, -48% YoY) included a steep forex translation loss ofRM271m (mitigated by net fair valuation gains of RM21m on financialasset & liabilities). Stripping away these accounting losses, core netprofit of RM508m (-17% QoQ, +24% YoY) was in line with our andconsensus expectations. Maintain Hold on IOI with unchanged TP ofRM5.14 based on 16x FY13 PER.
Maybank research (21 November 2011)
Click here for full report ''
Core earnings with expectations. IOI's 1QFY12 net profit of RM258m(-53% QoQ, -48% YoY) included a steep forex translation loss ofRM271m (mitigated by net fair valuation gains of RM21m on financialasset & liabilities). Stripping away these accounting losses, core netprofit of RM508m (-17% QoQ, +24% YoY) was in line with our andconsensus expectations. Maintain Hold on IOI with unchanged TP ofRM5.14 based on 16x FY13 PER.
Maybank research (21 November 2011)
Click here for full report ''
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