Bursa Malaysia Stock Watch
QL Resources: Maintain Buy - Regional Expansion Pays Off
kltrader
Publish date: Fri, 24 Aug 2012, 08:49 AM
kltrader
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- Stronger contributions from Indonesia and Vietnam. QLG's 1QFY3/13 net profit of MYR31.4m was below expectations, but mainly on account of a higher-than-expected tax rate.1Q net profit made up 19% of our original full-year forecast.
- Positively, revenue and net profit grew 9% and 13% YoY respectively due to stronger contributions from overseas ventures in the integrated livestock (IL) and marine product (MP) divisions.
- We remain upbeat on QLG, and maintain our BUY call with an unchanged MYR3.75 DCF-based target price.
Source: Maybank Research - 24 August 2012
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