Had a good run
Downgrade to Hold, as IOI’s share price has surpassed our target
price (+12% since we last upgraded the stock on 25 Aug, +20% from its
recent bottom), and 1QFY12 earnings are expected to be weaker QoQ.
Sentiment may be dampened by huge forex translation loss of
c.RM230m in 1QFY12 following a weaker Ringgit. We maintain our
earnings forecasts pending the release of 1Q results on 18 November.
TP is unchanged at RM5.14 based on 16x FY13 PER.
Maybank research (17 November 2011)
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