Wednesday, March 21, 2012

Kuala Lumpur Kepong (Sell; TP: RM21.03) - Sells retail units & expands landbank


Kuala Lumpur Kepong (Sell; TP: RM21.03)
Sells retail units & expands landbank
  • KLK made two announcements yesterday:
  1. Disposed its wholly-owned subsidiary CE Holdings Limited, which in turn holds the entire global Crabtree & Evelyn business for US$155m (or RM465m); and
  2. Acquired a 90% stake in PT GPM, which currently holds a certificate of Izin Lokasi for land measuring ~7,400 ha in Kalimantan Timur, Indonesia for RM3.6m. 
  • No change in our earnings forecasts, TP (RM21.03 based on CY2012 EPS of 134.2 sen) and Sell recommendation on the stock. 

Source: HLIB Research 21 March 2012 

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