*Malaysian Pacific Industries* (MPI MK, NEUTRAL, TP: MYR13.05)
Disappointing Start To FY18
Results Review
Malaysian Pacific Industries (MPI) reported a disappointing start to FY18, with 1QFY18 core earnings of MYR35.2m falling below expectations, at 18.0% and 17.6% of our and consensus’ full-year estimates respectively. We are cautious about its medium-term earnings momentum as we expect USD/MYR to strengthen to 4.15 by 2H18 (from 4.20). Maintain NEUTRAL with our TP trimmed to MYR13.05 (from MYR14.47, 8% downside), based on an unchanged 2018F P/E of 15x, following our earnings revision.
Success in Stock Market through Value Investment
Thursday 9 November 2017
MPI
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