Bursa Malaysia Stock Watch

IOICORP - Upside surprise from manufacturing

kltrader
Publish date: Fri, 24 Feb 2012, 10:29 PM
kltrader
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IOI Corporation; Hold; RM5.33
Price Target: RM5.50; IOI MK

Excluding translation FX gains and fair value changes, 2QFY12 profit (RM534.7m) beat our expectations. Stripping out fair value losses from derivatives contracts, Manufacturing profit grew 12.5% q-o-q; Plantations profit fell 17% on seasonally lower FFB output. Declared 7 sen DPS, payable on 29 March. Maintain Hold call and RM5.50 TP.

Source: HwangDBS Research 24 Feb 2012
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