Advertisements

Had it not been to account for DFI FV loss, IOI’s 1QFY22 core PATMI would have been 38% higher at MYR396m. The FV losses will reverse in the coming quarters when the contracts are delivered. Overall, we expect core earnings to play catch up buoyed by high CPO ASPs in the near term. Following our EPS revisions, IOI remains a BUY with a lower TP of MYR4.54 on 23x CY22E PER, its -1SD of 5Y mean.

Advertisements