KUALA LUMPUR (May 31): ECM Libra Research has maintained Hold on IOI Corporatio Bhd at RM5.23 with a target price of RM4.74 and said the company’s 9MFY12 reported net profit came in below expectations, making up 67% of ECM and 66% of consensus estimates.
“Overall, all the segments except property investment showed a decline in results,” the research house said in a note Thursday.
“IOI recognized 9M12 CPO ASP of RM3,107/mt (+11% y-o-y). The manufacturing segment remained relatively flat but suffered q-o-q due to lower sales volume.
“We maintain our Hold recommendation with a TP of RM4.74,” it said.