Bursa Malaysia Stock Watch

KFC Holdings (Malaysia): Maintain Hold - Earnings Downgraded

kltrader
Publish date: Thu, 30 Aug 2012, 09:47 AM
kltrader
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  • 1H12 below expectations. KFC posted a lower 1H12 net profit of MYR60.3m (-17% YoY) although revenue grew by a modest 10% YoY.
  • With net profit making up just 37% of our original full-year forecast of MYR162m and 35% of consensus, 1H12 results underperformed our and street expectations.
  • We downgrade our earnings forecasts by 18% and 21% for FY12 and FY13 respectively. We maintain our view that investors should accept the general offer of MYR4/share. HOLD.
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Source: Maybank Research - 30 August 2012
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