Singapore Stock Market News

China Minzhong Food - Maiden dividends?

StockFanatic
Publish date: Sun, 23 Jun 2013, 10:28 PM
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We came away from Minzhong's meeting with investors at our annual Asia Pacific conference with the belief that Indofood is likely to take a board seat and management may pay a dividend.

These could ease corporate governance concerns. We make no changes to our earnings estimates. We raise out target price to a 10% premium to sector average (4.5x CY14 P/E) in anticipation of a re-rating as corporate governance concern eases. Maintain Outperform with dividends as a key re-rating catalyst.
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