SMM

SMM: Credit Suisse expects 2Q12e operating profit of $180m (1Q12: $120m). The house forecasts an operating margin of 13-14%, citing KEP's sequential decline in underlying O&M margin in 2Q12. This compares with consensus/mgt's expectations of 15% margins and above. Bloomberg consensus tips 2Q12e net profit of $167m. SMM results are due tmrw.