Kuala Lumpur Kepong (Sell; TP: RM21.03)
Sells retail units & expands landbank
- KLK made two announcements yesterday:
- Disposed its wholly-owned subsidiary CE Holdings Limited, which in turn holds the entire global Crabtree & Evelyn business for US$155m (or RM465m); and
- 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
No comments:
Post a Comment