Earnings forecasts trimmed. KLK's 2QFY9/12 core net profit of MYR215m
(-40% QoQ, -9% YoY) met just 15% of our FY9/12 net profit forecast, and
was also below street estimates. We trim our FY9/12-14 core net profit
estimates by 3.5-4.6% on lower plantation and manufacturing
contributions. Our revised TP is MYR21.10 (previously MYR21.90) on an
unchanged 16x FY9/13 PER. Maintain HOLD.
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Source: Maybank Research - 25 May 2012
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