Bursa Malaysia Stock Watch

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Friday, August 24, 2012

QL Resources: Maintain Buy - Regional Expansion Pays Off

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.

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Source: Maybank Research - 24 August 2012

Bursa Malaysia Stock Watch

Friday, August 24, 2012

QL Resources: Maintain Buy - Regional Expansion Pays Off

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