Singapore Stock Market News
China Minzhong Food - Here comes Indofood!
StockFanatic
Publish date: Wed, 20 Feb 2013, 01:03 PM
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Indofood Sukses Makmur is now a major shareholder after its
proposed subscription of 98m new shares at S$0.915 each. We think
this could mark the start of a shift in Minzhong's strategy and also
alleviate corporate-governance concerns.
The new shares will dilute our FY13
EPS by 15%. We are cutting our
FY13-14 EPS by 8-15% to factor in the
dilution. Our target price (4x CY14
P/E, sector average) dips accordingly.
Benefits could accrue, earliest in FY14.
The S$89m raised will strengthen
Minzhong's ability to pay dividends
this year. We keep our Outperform on
the back of this possibility.
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