KUALA LUMPUR, Aug 19 — MIDF Research remained optimistic on Kuala Lumpur Kepong Bhd’s (KLK) outlook, premised on the favourable business environments in the plantation and manufacturing divisions as well as its acquisition of IJM Plantations Bhd (IJMP). The acquisition is expected to be...
Thursday, 19 Aug 2021 11:24 AM MYT KUALA LUMPUR, Aug 19 — MIDF Research remained optimistic on Kuala Lumpur Kepong Bhd’s outlook, premised on the favourable business environments in the plantation and manufacturing divisions as well as its acquisition of IJM Plantations Bhd .
The acquisition is expected to be completed by the fourth quarter of 2021 , the research house said in a note today. It noted that the profit contribution from KLK’s plantation segment is expected to be resilient, underpinned by the expected high average selling price of crude palm oil and palm kernel.“While production is expected to improve seasonally, it could still come lower in comparison with the previous year, mainly due to the unresolved labour shortages,” said MIDF Research. It said downside risks to its call include a sharp decline in CPO prices, lower-than-expected demand and implementation of stricter movement control order rules. “All factors considered, we are maintaining our ‘buy’ recommendation on KLK, with a revised target price of RM29.22 from RM28.90,” it said. On Wednesday, KLK announced that its net profit surged to RM783.94 million in Q3 2021 ended June 30, 2021, from RM368.7 million a year earlier, while revenue rose to RM5.17 billion from RM3.71 billion year-on-year. The company attributed its performance to better profits from its plantation, manufacturing and property development segments. You May Also Like
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MIDF Research maintains Gas Malaysia’s earnings estimates for FY21 | Malay MailKUALA LUMPUR, Aug 18 ― MIDF Research has maintained its earnings estimates for Gas Malaysia Bhd for financial year ending December 31, 2021 (FY21) on the back of higher gas cost. However, volume shortfall could offset the earnings estimates due to the possibility of a slow reopening of borders...
Read more »
Iran ups uranium enrichment to 60pc, says watchdog | Malay MailVIENNA, Aug 18 — Iran has established a process to accelerate production of highly enriched uranium, the UN nuclear watchdog said yesterday, with talks to save the 2015 nuclear deal at a standstill. International Atomic Energy Agency director Rafael Grossi informed IAEA member states that Tehran...
Read more »
SP Setia swings back to profit in H1 on back of solid sales | Malay MailKUALA LUMPUR, Aug 18 ― SP Setia Bhd swung back to profit in the first half of the year ended June 30, recording a net profit of RM150 million against a loss of RM110 million in the same period a year ago. Revenue rose to RM2.14 billion from RM1.03 billion previously, the group said in a filing to...
Read more »
Pope Francis urges everyone to get Covid-19 vaccines for the good of all | Malay MailVATICAN CITY, Aug 18 — Pope Francis issued an appeal today urging people to get inoculated against Covid-19, saying the vaccines could bring an end to the pandemic, but needed to be taken by everyone. “Thanks to God’s grace and to the work of many, we now have vaccines to protect us from...
Read more »
BLS: US job growth through March revised down | Malay MailWASHINGTON, Aug 18 — The US economy likely created 166,000 fewer jobs in the 12 months through March than previously estimated, the Labour Department’s Bureau of Labour Statistics said today. The reading is a preliminary estimate of the BLS’ annual “benchmark” revision to closely watched...
Read more »