KUALA LUMPUR (Aug 16): CGS-CIMB Research has maintained its “Reduce” rating on IOI Corp Bhd at RM4.23 with a lower target price (TP) of RM3.89 (from RM4) and said IOI Corp's final core net profit was below expectations.

In a note Aug 15, the research house said the weaker performance was due to lower-than-expected CPO price achieved.

“We cut our earnings and TP due to the weaker CPO price. Maintain Reduce as the stock appears fully valued and lacks catalysts,” it said.