Hit by steep forex translation losses Shariah-compliant
Core earnings with expectations. IOI’s 1QFY12 net profit of RM258m
(-53% QoQ, -48% YoY) included a steep forex translation loss of
RM271m (mitigated by net fair valuation gains of RM21m on financial
asset & liabilities). Stripping away these accounting losses, core net
profit of RM508m (-17% QoQ, +24% YoY) was in line with our and
consensus expectations. Maintain Hold on IOI with unchanged TP of
RM5.14 based on 16x FY13 PER.
Maybank research (21 November 2011)
Click here for full report »
No comments:
Post a Comment