Stock Name: QAF
Company Name: QAF LTD
QAF can easily enhance value by ploughing into the bakery business any capital freed up by jettisoning non-core assets. Conditions are also ripe for QAF to be taken private. In the meantime, investors can continue milking QAF for dividends. QAF may have purged itself of its loss-making operations in China. Its below-peer valuations also cushion the stock against downside risks. If it rerates to its historical valuation of 2x P/BV, it could fetch S$1.24.
Source: CIMB Daybreak - 29 March 2012, Full PDF Report
Company Name: QAF LTD
| Research House: CIMB | Price Call: BUY | Target Price: 1.24 |
QAF can easily enhance value by ploughing into the bakery business any capital freed up by jettisoning non-core assets. Conditions are also ripe for QAF to be taken private. In the meantime, investors can continue milking QAF for dividends. QAF may have purged itself of its loss-making operations in China. Its below-peer valuations also cushion the stock against downside risks. If it rerates to its historical valuation of 2x P/BV, it could fetch S$1.24.
Source: CIMB Daybreak - 29 March 2012, Full PDF Report
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