MY : Kuala Lumpur Kepong - Upgrade to Add on valuation grounds

KLK's 1HFY9/21 core net profit was above, thanks to higher CPO price. We expect 2HFY21 earnings to remain strong due to better CPO price. Upgrade to Add with a higher TP of RM25.25. Key catalysts are rising CPO price and its relatively defensive earnings against Covid-19.

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