KUALA LUMPUR: Telekom Malaysia, Genting Plantation, CBIP, Lafarge, Old Town, Genting's Singapore unit detailed income which were above Kenanga Investment Bank's desires. The exploration house said on Thursday these six organizations out of the 14 comes about beat its appraisals while two were beneath and six others in line.
Kenanga, which has an Outperform for TM and target value (TP) of RM6.80, said the telco's FY16 topped its appraisals somewhat by 5% inferable from lower tax collection in 4Q16 accordingly of the last mile broadband motivating force.
"Regardless, we trimmed FY17E by 5% in the wake of checking on some of our suspicions on administration's most recent direction. Still OP with lower target cost of RM6.80 from RM6.98," it said. With respect to Genting Plantations (advertise perform, TP RM12.40), the FY16 beat house/road's desires by huge edges of 19%/13% attributable to higher unrefined palm oil and palm bit CPO costs by 24%/60% as creation diminished which saw 4Q16 income taking off 36% successively to RM132.7mil.
"In any case, 1Q17 is relied upon to be blended as the perky upstream business will be counterbalanced by start-up cost for downstream exercises on new refinery. No adjustments in MP/TP: RM12.40 gauges," it said. Kenanga Research said CBIP (MP; TP RM2.15) FY16 additionally beat its assessments by 11% because of preferred manor commitment and higher over expected RSPV section edges.
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