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KUALA LUMPUR (Feb 21): AmInvestment Bank Bhd upgraded its IOI Corp Bhd net profit forecast by 9% for the current financial year after IOI reported first-half core net profit, which was above the research firm's and consensus expectations.
IOI's current financial year ends on June 30, 2017 (FY2017). In a note today, AmInvestment said IOI 1HFY2017 core net profit had beaten forecast on better-than-expected plantation earnings before interest and taxes (Ebit) margin.
“IOI's core net profit, excluding unrealised forex loss, improved by 4.5% y-o-y in 1HFY2017, underpinned by a 21% increase in plantation Ebit, which compensated for a 41.5% decline in manufacturing earnings,” AmInvestment said.
AmInvestment said it maintained its "hold" recommendation for IOI shares with an unchanged fair value of RM4.84. At 3.10pm, IOI shares fell 11 sen or 2.4% to RM4.52, valuing the group at RM28.43 billion. — theedgemarkets.com
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