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Results Note - KLCC Prop (BUY, maintain) - A record core net profit, maintain BUY




Affin Hwang Investment Bank Bhd


21 Feb 2013





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A record year - FY12 core net profit jumped 27% yoy to RM372m KLCCP reported a 27.4% jump in FY12 core net profit to RM372.2m on: (i) maiden contributions from Petronas Tower 3 and Lot C retail space; (ii) upward rental revisions in Petronas Twin Towers, Menara Dayabumi and Menara ExxonMobil; (iii) higher revenue from Suria KLCC on better space utilisation and improved rental rates; and (iv) lower finance cost on Midciti bond. The group’s FY12 core net profit is 3-5% above market and our expectations. KLCCP has declared a fourth interim dividend of 4.5 sen, bringing its full year dividend to 16.5 sen (vs 10 sen in 9MFY12/11), slightly above our forecast of 16 sen.

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