Bursa Malaysia Stock Watch
KL Kepong: Maintain Sell - Better allocation of capital
kltrader
Publish date: Wed, 21 Mar 2012, 02:04 PM
kltrader
0 20,267
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Medium-term positive. KLK's plan to dispose its underperforming retail business Crabtree & Evelyn (C&E) for a one-off RM123m disposal gain (or ~11.5sen/sh) is positive. The RM465m cash proceeds from the disposal will be redeployed towards its raised c.RM1b planned capex in FY12. Our new forecasts adjust for C&E's disposal and new capex guidance. We tweak our TP to RM20.00 (previously RM19.60) on unchanged 16x FY13 PER. Maintain Sell for its steep valuation.
Maybank Research - 21 March 2012
Click here for full report
Maybank Research - 21 March 2012
Click here for full report
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