Singapore Stock Market News
Neo Group - Upwards Integration
StockFanatic
Publish date: Wed, 04 Nov 2015, 01:40 PM
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Neo Group acquired 90% of CT Group for SGD5.4m (9.2x FY15 P/E), in line with its aspiration to become a vertically-integrated value chain. As this exercise is earnings-accretive, we raise our TP to SGD1.25 (from SGD1.20, 72% upside), which implies 20x FY16F P/E and maintain BUY. We expect more food-related target acquisitions to come as the group continues to seek inorganic opportunities to accelerate growth and support its core food catering business.
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