3Q net profit grew 86% YoY on strong gross margins. 3Q delivered S$22.6mil of PATMI, with a 7 percentage point increase in gross margins YoY. The increase in gross margins were a result of weaker
raw material prices, namely robusta coffee beans, sugar and palm oil'a trend we have identified since our initiation in July. 9MFY12 PATMI has met 77.1% of our full year estimates.

Maintain BUY, upgrade FV from S$2.70 to S$3.34. We now roll forward our estimates to value Super at 20x FY13F EPS of $0.167, deriving a fair value of S$3.34. Even though Super's share price has
surged >30% since our initiation, we continue to favour Super for 1) its exposure to growth in emerging markets; and 2) it being found in a cyclically declining raw material price cycle. BUY.

Source: AmFraser