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MARKET BUZZ Malaysias KL Kepong Hits 1-Month Low On Weak 3Q Brokerages Cut Rating

Kuala​ ​ Lumpur​ ​ Kepong​ ​ down​ ​ 1.1%​ ​ at​ ​ MYR24.42,​ ​ lowest​ ​ since<br>July,​ ​ as​ ​ 3Q​ ​ net​ ​ profit​ ​ down​ ​ 56%​ ​ on​ ​ year,​ ​ missing​ ​ expectations.​ ​ Management​ ​ expects​ ​ lower profit​ ​ from​ ​ oleo-chemical​ ​ division​ ​ in​ ​ view​ ​ of​ ​ write-down​ ​ in​ ​ value​ ​ of​ ​ stocks​ ​ and​ ​ challenging and​ ​ competitive​ ​ market​ ​ conditions.

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MARKET BUZZ Malaysias KL Kepong Hits 1-Month Low On Weak 3Q Brokerages Cut Rating

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  1. KUALA​​LUMPUR​​(Aug​​16)​​--​​Kuala​​Lumpur​​Kepong​​down​​1.1%​​at​​MYR24.42,​​lowest​​since July,​​as​​3Q​​net​​profit​​down​​56%​​on​​year,​​missing​​expectations.​​Management​​expects​​lower profit​​from​​oleo-chemical​​division​​in​​view​​of​​write-down​​in​​value​​of​​stocks​​and​​challenging and​​competitive​​market​​conditions.​​"Given​​the​​weaker-than-expected​​9MFY17​​results,​​we have​​cut​​our​​FY17-19​​EPS​​forecasts​​by​​10-16%,​​mainly​​to​​account​​for​​higher​​costs​​of production​​for​​the​​plantation​​and​​manufacturing​​divisions,"​​says​​Affin​​Hwang​​Investment Bank​​in​​investor​​note;​​downgrades​​rating​​to​​Hold​​from​​Buy,​​lowers​​target​​price​​to​​MYR25.90 from​​MYR29.00.​​BIMB​​securities​​also​​downgrades​​stock​​to​​Hold​​from​​Buy,​​cuts​​target​​price to​​MYR26.46​​from​​MYR26.58. -​​By​​Chong​​Sin​​Hao;​​Dave.Chong@nikkeinewsrise.com;​​+60320267363 -​​Edited​​by​​Abhijit​​Basu -​​Send​​Feedback​​to​​feedback@NikkeiNewsRise.com -​​Copyright​​(c)​​2017​​Nikkei​​NewsRise​​Asia​​Pte​​Ltd. -​​Read​​More:​​http://www.nikkeinewsrise.com/ Article​​posted​​under​​​Malaysia​​Bursa​​News​​​by​​​NikkeiMarkets

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