Japfa Ltd - CGS-CIMB Research 2021-10-29: Upended Profitability In 3Q21

Japfa Ltd - Upended Profitability In 3Q21

JAPFA LTD. (SGX:UD2) | SGinvestors.ioJAPFA LTD. (SGX:UD2)
  • Weak market dynamics for poultry/swine saw Japfa (SGX:UD2)'s core PATMI losses of US$4.1m/US$16.1m in 3Q21 under PT Japfa Tbk and APO (Animal Protein - Others) respectively.
  • Slow recovery expected amid fluid COVID-19 situation in Indonesia and potential volatile operating conditions in Vietnam.
  • Reiterate HOLD call on Japfa with a target price of S$0.77, pegged at 9x FY22F P/E.
  • Upside risks: swift recovery of protein prices; downside risk: persistent margin pressures.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.

TAY Wee Kuang CGS-CIMB Research | https://www.cgs-cimb.com 2021-10-29
SGX Stock Analyst Report HOLD MAINTAIN HOLD 0.77 SAME 0.77

Read also CGS-CIMB's most recent report:
2022-11-02 Japfa - No Reprieve From Margin Compression

Relevant links:
Japfa Analyst Report,
Japfa Target Price,

Japfa Share Price History,
Japfa Announcements,
Japfa Dividends/ Corp Actions,
Japfa News Articles


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