Singapore Stock Market News
Super Group - Stronger than it looks
StockFanatic
Publish date: Fri, 17 May 2013, 03:09 PM
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Super Group's 1Q started well and could have been stronger. Ingredients successful
penetration into S.E.A. means that this segment is now a proxy for
developing markets' consumption in addition to its branded consumer
segment. This makes the business more valuable today.
1Q13 core EPS was in line and forms
24% of our and consensus full-year
estimates. We raise FY13-14
estimates by 16% as we were
previously too negative on raw
material prices. We raise our target
price, with a higher multiple of 24x
CY14 P/E (previously 20x) as: 1)
Nestle Malaysia has re-rated and we
lower our discount from 20% to 10%.
Upgrade to Outperform from Neutral
with catalysts to come from stronger
earnings growth in 2H.
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