Singapore Stock Market News
Petra Foods - Solid results
StockFanatic
Publish date: Wed, 13 Nov 2013, 08:10 PM
StockFanatic
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3Q13 EPS was in line at 25% of our FY13 estimate and above consensus at 31%. 9M13 EPS forms 75%. We raise FY14-15 EPS by 8-13% for lower interest expense. We upgrade to an Outperform from Neutral as share price has fallen 20% with a slightly lower target price, based on 27x CY15 P/E (10% premium to Nestle Malaysia, prev SOP based), following the cocoa ingredients divestment. Strong sales growth is a catalyst.
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