Singapore Stock Market News
Japfa Ltd - Normalising Growth
StockFanatic
Publish date: Wed, 28 Oct 2015, 12:30 PM
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Better 3Q15 EBITDA expected
We believe the steep share price correction YTD has more than priced-in Day Old Chicks (DOC) oversupply in Indonesia and softer raw milk prices in China. We expect Japfa's 3Q15 earnings to show a sequential improvement, given higher feed prices and relatively resilient broiler and DOC prices despite steeper translation FX losses from subsidiary Japfa Comfeed's US$225m bonds. We expect 3Q15 EBITDA to come in between US$70.9-76.0m (+20-28% y-o-y) and earnings (ex. fair value changes in biological assets) of US$7.4-10.1m (16-38% lower y-o-y).
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