Singapore Stock Market News
Del Monte Pacific - Possible valuation uplift
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Publish date: Fri, 31 May 2013, 04:36 PM
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Del Monte Pacific (DMPL) is currently on the road promoting its
planned dual listing in the Philippines. If successful, its share price
could react positively as valuations are favourable and there could be
increased interest in the stock.
Its planned dual listing could well be
a short-term catalyst, with
longer-term catalysts from branded
sales growth. We now value the stock
at 25.3x CY14 P/E, 1 SD above its
6-year average (previously 20x, 5-
year average), which pegs DMPL at a
slight premium to its Philippine peer
average of 24.2x, in view of its strong
EPS CAGR of 20.7%. Accordingly, our
target price rises. Maintain
Outperform.
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