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KDC - Earnings look good but valuation is fair - Earnings Flash

KDC posted its 4Q and FY12 results today. In spite of dropping sales in 4QFY12, earnings increased 14% yoy thanks to lower raw materials and operation expenses. Full year sales were flat and earnings up 31% yoy. The results were fairly in line with our forecast. Even after taking into account an improving outlook for 2013, we still think the current valuation is fair and reiterate our HOLD rating for KDC.