KUALA LUMPUR (Oct 12): CIMB IB Research has a “Hold” rating on Kuala Lumpur Kepong Bhd (KLK) at RM24.94 with a target price of RM24.82 and said it expects KLK’s share price to be supported by the group’s strategic estate land bank in Malaysia.

In a note Oct 11, the research house said the implied CY18F P/E for KLK at our SOP valuation is 25.1x, which is in line with its historical 5-year average forward P/E.