Singapore Stock Market News
Olam International - Lacking catalysts
StockFanatic
Publish date: Thu, 15 Nov 2012, 12:27 PM
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Olam's 1Q13 results were decent. Edibles continued to hold the fort,
while industrial raw materials remained sluggish. Looking ahead, we
struggle to identify catalysts as its heavy investment pipeline implies
cash outflows and thin margins until FY15.
Core net profit met 8% of our and
consensus FY13 forecasts, which we
consider to be in line as 1Q typically
forms 5-10% of the full-year. We cut
our FY13-15 EPS to account for
margin pressure from gestating
acquisitions and lower our target
price (11x CY14 P/E, in line with
sector peers). Downgrade from
Outperform to Neutral in the absence
of near-term catalysts.
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