DBS Vickers maintains buy call for Del Monte Pacific with 97 cents target price

Stock Name: Del Monte
Company Name: DEL MONTE PACIFIC LIMITED

Research House: DBS Vickers

Price Call: BUY

Target Price: 0.97

DBS Vickers is standing by its buy call on Del Monte Pacific with a target price of 97 cents. “We maintain our Buy recommendation with a DCF-backed TP of $0.97, implying FY14F PE of 22.5x. This is projected to decline to 16.3x by FY15F. We view DMPL as inexpensive, trading at c.17.6x PE on FY14F, compared to regional F&B peers’ trading at an average PE of 24x.”

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