Equity Analysis /
Singapore

SG : Japfa Ltd - Application to list China dairy business

    CGS-CIMB
    30 March 2022
    Published byCGS-CIMB

    JAP announced that its China dairy business, AustAsia Investment Holdings (AIH), has submitted an application to list on the Hong Kong Stock Exchange. The listing could realise a valuation of up to US$730m (at 62.5% stake in AIH) for JAP shareholders based on JAP’s precedent transactions in FY21. Upgrade to Add; change valuation methodology to sum-of-parts (SOP) from P/E after evaluating potential value to be unlocked from listing AIH.