- Stressed trees, stressed earnings. KLK's 3QFY9/12 net profit of MYR233m (+9% QoQ, -46% YoY) missed our and consensus estimates on weak FFB output and high production cost, mitigated by higher manufacturing earnings.
- We lower our FY9/12 core net profit estimate by 7% mainly on lower FFB assumptions. We keep our HOLD rating but revise our TP to MYR23.50 (previously MYR21.10) as we roll forward our valuation to FY9/14 on unchanged 16x PER target.
Source: Maybank Research - 30 August 2012
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