Singapore Stock Market News
Japfa Ltd - Awaiting dawn
StockFanatic
Publish date: Sun, 01 Mar 2015, 09:31 PM
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Japfa's FY14 core PATMI of US$57.7m was within our and consensus expectations. After a disastrous 3Q14, 4Q14 did not throw up any big negative surprises. 4Q Comfeed losses narrowed as Japfa reined in investment while its Indochina animal protein business chugged along nicely. In China, weak milk prices negated any positive impact from volume growth.
We cut our FY15-17 EPS forecasts by 11-16% to reflect sustained weak milk prices in China. Our SOP target price falls. Japfa does not think the low DOC prices in Indonesia and weak milk prices in China will persist long term; we agree. Given its 9.5x CY16 P/E valuation and the likelihood of a profit rebound in 2H15 or 2016, we keep our Add rating. A sudden earnings rebound is the key potential catalyst.
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