CJ Freshway (CJF) reported 1Q21 sales/OP of W546bn/W3.15bn (OP margin: +0.6%). Sales fell 9.4% yoy, but OP turned to black in 1Q21. We forecast CJ Freshway’s sales of W2.8tr/W2.9tr and OP of W39bn/W59bn in FY21/22F, driven by a recovery in food services industry sentiment. Upgrade from Hold to Add; TP raised to W33,000 based on FY21-22F EPS and 28x target P/E. This note marks the transfer of coverage to Jiwon Lee.
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