Monday, February 27, 2012

Petra Foods FY11 results were mildly below expectations

Stock Name: Petra
Company Name: PETRA FOODS LIMITED
Research House: CIMBPrice Call: HOLDTarget Price: 1.62



Petra Foods FY11 results were mildly below expectations, missing our estimate by 6% and consensus forecast by 2%. 4Q11 net profit grew 13% yoy to US$18.4m, bringing FY11 net profit up 64% to US$60.6m. The stock has lagged the broad market rally since Jan, and we could see room for catch-up, especially with its resilient earnings. Maintain Neutral, target price S$1.62.

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