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Public Investment Bank maintains 'neutral' call on IOI Corp

23/05/2022 12:25 PM

KUALA LUMPUR, May 23 (Bernama) -- Public Investment Bank Bhd has maintained a 'neutral’ call on IOI Corporaton Bhd with an unchanged sum-of-parts-based target price of RM4.49, as it expects a strong finish in the company's final quarter.

On Friday, IOI Corporation Bhd announced an improved net profit of RM411.2 million in the third quarter ended March 31, 2022 (Q3 2022) from RM401.30 million in Q3 2021, mainly due to higher contribution from the plantation segment, while revenue strengthened to RM4.10 billion from RM2.86 billion a year ago.

IOI Corp's core earnings in the nine months of the financial year 2022 (9MFY22) also soared 80 per cent year-on-year (YoY) to RM1.3 billion.

Public Investment Bank said the results made up 65 per cent and 75 per cent of its and consensus expectations, respectively.

"Nevertheless, we made no changes to our numbers as we expect to see a strong finish in the final quarter on the back of strong contribution from both the plantation and oleochemical subsegments.

"On the downstream business, refining and fractionation margins have turned positive due to the high crude palm oil export duty and encouraging demand for palm oil as a substitute for sunflower oil," it added.

Despite elevated raw material price and high energy cost, the oleochemical subsegment is expected to remain healthy due to the tight supply of product availability in the market, the research firm said.

At 11 am, IOI Corp fell 16 sen to RM4.24, with 870,500 shares transacted.


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