Singapore Stock Market News
Petra Foods - Pure chocolate delight
StockFanatic
Publish date: Thu, 13 Dec 2012, 01:10 PM
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| ''Petra Food | ''Outperform |
In an unexpected move, Petra Foods announced plans to divest its
cocoa ingredients business to focus on its branded consumer arm. We
view this move positively as we had been bearish on grinding margins.
Shareholders can look forward to a special dividend of up to 60cts.
Cocoa ingredients accounted for 35%
of the group's FY11 profits, but its
significance will decline as grinding
margins fall. Petra's evolution into a
pure consumer play could spark a
rerating. We keep our EPS intact but
upgrade our call from Underperform
to Outperform, as our higher
sum-of-parts target price reflects the
value unlocked from this divestment.
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