[%kEID%] IOI Corp 
Research by Affin
HOLD ; Price Target: RM4.34 ; Upside: 2.6% 

"Weak ending to FY19 due to lower CPO prices"
IOI Corp’s FY19 core net profit of RM694.7m (-31% yoy) came in below our expectations, mainly due to a weaker-than-expected EBITDA margin. Lower profit from the plantation segment was partially offset by higher contribution from the resource-based manufacturing segment. We cut our FY20-21 core EPS forecasts by 6-8%, mainly to take into account lower CPO production and price assumptions. As such, our DCF-derived 12-month target price has been lowered to RM4.34. Maintain HOLD.  
 
Nadia Aquidah
(603) 2146 7528
[%uFXm%] 

$KLSE-IOICORP IOI Corp 
Research by Affin
HOLD ; Price Target: RM4.34 ; Upside: 2.6% 

"Weak ending to FY19 due to lower CPO prices"
IOI Corp’s FY19 core net profit of RM694.7m (-31% yoy) came in below our expectations, mainly due to a weaker-than-expected EBITDA margin. Lower profit from the plantation segment was partially offset by higher contribution from the resource-based manufacturing segment. We cut our FY20-21 core EPS forecasts by 6-8%, mainly to take into account lower CPO production and price assumptions. As such, our DCF-derived 12-month target price has been lowered to RM4.34. Maintain HOLD.  
 
Nadia Aquidah
(603) 2146 7528
nadia.subhan@affinhwang.com 