Japfa Ltd - Upended Profitability In 3Q21
- 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 2021-10-29
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