Equity Analysis /
Singapore

SG : Japfa Ltd - The farm is still alright

    CGS-CIMB
    7 April 2021
    Published byCGS-CIMB

    Indonesia poultry prices and China raw milk prices have continued to rise yoy, while Vietnam swine prices were still above VND70k/kg in Jan-Feb 21. We remain positive on JAP as it has successfully diversified into several business segments that can help mitigate each other’s weaknesses. Reiterate Add and TP of S$1.18, on unchanged 2022F P/E of 11.5x, close to its 2016-2020 average mean.