$KLK / 2445 (KUALA LUMPUR KEPONG BERHAD)
Research by MIDF
BUY – TP RM23.42
" Downside Risks Deescalating”
• Upstream; profit improved amid higher production level
• Downstream; profit continued in black
• Earnings estimates; upgrade
• Upgrade to BUY from NEUTRAL call with a revised TP of RM23.4
Analyst:
MIDF Research Team
research@midf.com.my