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Affin Hwang maintains 'buy' on KLK as Q1 earnings meet expectations

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The research house maintained its buy rating and price target of RM26.90.

following its 1QFY20 earnings result that came within its expectations.

Core net profit after excluding one-off items rose 3.8% y-o-y to RM181.3mil in the quarter, which came to 21% and 20% of Affin Hwang's and consensus full-year estimates respectively. Over the quarter, KLK's CPO production fell 11.5% y-o-y to 977,960 metric tonnes although the average sellnig price was higher at RM2,207 per metric tonne.

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