Singapore Stock Market News

Japfa Ltd - Catching up

StockFanatic
Publish date: Tue, 03 Nov 2015, 01:04 PM
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• 3Q15 core earnings of US$14.1m was above US$7.4-10.1m expected

• Stronger-than-expected Japfa Comfeed contribution on top of sequentially softer contributions from other segments

• FY15F/16F earnings raised by 25%/6%; as we impute better ASP except for China raw milk prices

BUY call reiterated on 128% upside to revised TP of S$0.90 - as we roll forward base year to FY16F 3Q15 core earnings of US$14.1m was above US$7.4-10.1m
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