Equity Analysis /
Singapore

SG : Japfa Ltd - Application to list China dairy business

    Wee Kuang TAY
    CGS-CIMB
    30 March 2022
    Published by

    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.