Monday, March 9, 2015

Dairy Farm upgraded to "add", target raised to US$10.90 by CIMB

Stock Name: DairyFarm USD
Company Name: DAIRY FARM INT'L HOLDINGS LTD
Research House: CIMBPrice Call: BUYTarget Price: 10.90



SINGAPORE (March 9): CIMB has upgraded Dairy Farm International to "add" from "hold" and raised its price target from US$10.60 to US$10.90, which implies 25.3 times projected FY2016 earnings.

"Dairy Farm is currently trading at 22 times 2016 P/E and we remind investors that they are buying a pan-Asian, multi-format retailer with market leadership in the markets it operates in and average superior ROEs (return of equity) of 48% for the past five years," CIMB analyst Yeo Zhi Bin wrote in a note today.

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