MY : IOI Corporation - Expect rising CPO price to drive 4Q profit

IOI Corp's 9MFY6/21 results were broadly in line with expectations. We expect sequentially stronger core net profit in 4QFY21F, driven by higher CPO prices and seasonally higher production. We maintain a Hold rating with a lower SOP-based TP of RM4.41. Its share price is partly supported by the group’s share buyback.

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