Company Name: SUPER GROUP LTD.
| Research House: RHB | Price Call: BUY | Target Price: 1.70 |
RHB Research in a Nov 18 research report says: "Super Group, based in Singapore, is an instant F&B brand owner and manufacturer of more than 200 instant beverages and convenient food products which is distributed worldwide.
"For FY2011-2013, we are forecasting an earnings CAGR of 17.3%, on the back of a revenue CAGR of 16.1%, driven by: (1) stable growth and market share across its key markets of 9-10% for Malaysia, Singapore, and Thailand and 1% for Myanmar; (2) Increased sales of its ingredients segment sales with a CAGR of 22.9%; and (3) Revenue boost from sales in Indonesia through its JV with Petra Foods.
"We are valuing Super at $1.70 based on a target of 14.5x FY12 PER. Our target PER is in line with Super's regional F&B peers which are currently averaging 14.5x FY12 PER. OUTPERFORM. (initiating coverage)."
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