Kossan Rubber Industries: Downgrade to Hold - In need of fresh catalysts | I3investor

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Kossan Rubber Industries: Downgrade to Hold - In need of fresh catalysts

kltrader

Publish date: Mon, 27 Feb 2012, 09:54 AM

Downgrade to Hold. 4Q11 net profit of RM24m (+1% QoQ, -19% YoY) brought full-year 2011 net profit to RM91m (-23% YoY), within our and the market's expectations. Kossan's share price has risen by 27% in six months and is only 7% away from our TP of RM3.50 (9.5x 2013 PER). We think the stock lacks re-rating catalysts for now, with latex cost on a seasonal upward trajectory again. We downgrade the stock to Hold.

Maybank Research 27 Feb 2012

Click here for full report

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