Singapore Stock Market News
Olam International - Some progress in sight
StockFanatic
Publish date: Fri, 30 Aug 2013, 12:50 PM
StockFanatic
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Core profits missed expectations despite strong growth in revenue yoy due primarily to significantly higher tax. Nevertheless, we see Olam's strategy review earlier this year bearing fruit as volumes begin to recover across most segments.
FY13 core net profit was below
consensus and our estimates, coming
in at 78% and 76% respectively, due
mainly to higher taxes, partly one-off.
We raise our FY14-15 EPS forecasts
and raise our target price (based on 1x
CY13 NAV) to S$1.58, upgrading to
Neutral, from Underperform, on solid
revenue growth.
Read more » Related Stocks
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