CIMB in a July 20 research report says: "2Q11 core net profit ($17.6 million, +27.8% y-o-y) came largely in line with our expectations. 1H11 core net profits formed 42% of our FY2011 estimates.

"Key variances came from (i) slightly lower-than-expected topline offset by lower-than-expected operating costs leading to higher-than-expected margins and (ii) higher-than-expected depreciation and interest expense. Therefore, we tweak our operating expense assumptions, leaving our FY2011-2013 estimates largely unchanged.

"However, our target price rises to $1.61 (from $1.57), still based on sum-of-the parts valuations, helped by M1's recent price increase. KPTT achieved record operating profit this quarter, which reflects success in its efforts to strengthen its core operations. MAINTAIN OUTPERFORM."