Singapore Stock Market News
Olam International - Taking a breather
StockFanatic
Publish date: Fri, 26 Apr 2013, 10:54 AM
StockFanatic
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In its strategy review, Olam has decided to sacrifice profit growth for
free cash flow generation. We see room for earnings disappointment,
but believe that the refined strategy could be more supportive of a
sustainable, disciplined long-term growth approach.
We cut our FY13-15 EPS by 12-18% to
factor lower margins and downgrade
our rating from Neutral to
Underperform amid heightened risk
of earnings disappointment. Our
target price, based on 1x CY13 NAV,
falls to S$1.56. In the absence of
re-rating catalysts, we think Olam will
underperform the STI.
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