♦ Below expectations. 6MFY10 net profit of RM54.5m was below
expectations, accounting for 32% and 31% of our and consensus full-year
estimates respectively. The weaker-than-expected earnings were due to
the continuing difficult operating conditions since late-FY09. We also note
that the Borsig tax incentive recognised in 2QFY10 was lower
(vs. 1QFY10’s RM40m).
KNM Group Berhad : Still Weak - 01/09/2010
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