KUALA LUMPUR (Feb 24): CIMB Equities Research said IOI Corp’s 1HFY6/12 results were in line with expectations, at 51% of its and consensus full-year forecasts.
It said on Friday that also in line was the 7.0 sen interim dividend.
“We raise our FY12 earnings by 2.5% for higher FFB output, which more than cover our cut in manufacturing earnings.
“IOI Corp remains an Underperform as its valuations are rich relative to the market and its manufacturing margin may be hurt by rising competition,” said CIMB Research.
It said on Friday that also in line was the 7.0 sen interim dividend.
“We raise our FY12 earnings by 2.5% for higher FFB output, which more than cover our cut in manufacturing earnings.
“IOI Corp remains an Underperform as its valuations are rich relative to the market and its manufacturing margin may be hurt by rising competition,” said CIMB Research.
