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Results Note – KL Kepong (REDUCE, maintain) - Below expectations, downside risk to FY14-15 forecasts




Affin Hwang Investment Bank Bhd


20 Aug 2013





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3QFY13 PBT declined by 28% YoY (excluding retailing) and 20% QoQ 3QFY13 PBT declined by 27.6% YoY (excluding retailing operations discontinued in July 2012) and 19.6% QoQ due to significantly lower profits from plantation (-47.9% YoY and –40.1% QoQ, weaker ASPs coupled with higher production cost) and manufacturing (-12.1% YoY and –14.9% QoQ, lower revenue and an unrealised loss of RM18.9m), partially mitigated by higher profits from properties (+56.3% YoY and +47.9% QoQ, increase in profit recognition from Bandar Seri Coalfields) and a disposal gain of RM26.0m. CPO price declined YoY (RM2,260/MT vs RM3,010/MT in 3QFY12) and QoQ (vs RM2,271/MT in 2QFY13) while FFB production increased by 2.0% YoY but declined by 13.0% QoQ

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