Below expectations. IOIC’s 9MFY06/10 earnings ex-EI was below our and consensus expectations, at 61.6-62.5% of our and consensus full-year forecasts (ex-EI). IOIC recorded an EI gain of RM360.9m on translation of its US$-debt. We believe the main variances were: (1) slightly lower-thanexpected average CPO price achieved of RM2,508/tonne in 3QFY10 (versus spot price of RM2,570); (2) higher-than-expected unallocated expenses; and (3) higher-than-expected minority interest. No dividend was declared in the quarter.
IOI Corporation Berhad : Banking On Manufacturing And Property - 17/5/2010
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