PETALING JAYA: Kenanga Research has maintained its “outperform” call on IOI Corp Bhd following its latest earnings results, but trimmed its financial year 2020 (FY20)-FY21 earnings forecast by 5% and 4%, respectively. The research house has reduced its target price on the counter to RM5.15 from RM5.40 previously.
The plantation player’s first-half FY20 core net profit of RM424mil was 2% lower year-on-year (y-o-y) and came in below Kenanga’s expectations at only 41% of its full-year estimate. However, the results met consensus expectations at 48% of the full-year estimate.