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DBS upgraded target price to $1.55 while RHB also maintained their TP of $1.68.
seems like institutional funds are also increasing their stakes in this stock, very much under the radar
Getting sweeter
Maintain BUY with higher TP of S$1.55. We remain positive on the stock, maintaining our BUY recommendation and lifting our TP to S$1.55 as earnings growth continues to ride on its premiumisation strategy. We turn slightly more positive as we anticipate better than expected margins going forward led by Indonesia, in anticipation of 1) premiumisation initiatives coming through, and 2) continued margin enhancement of its higher margin product portfolio. Valuations are attractive, at 13.9x FY20F PE and near -1.5 SD of its 4-year historical mean.
This stock also offers a decent dividend yield of 3.6%. Regional Markets EBITDA swing into profit. The turnaround can be attributed to increased sales of its Own Brands, which we believe to be Van Houten, strong performance of Agency Brands products and cost control efforts.
Where we differ: We believe sustained EPS growth will lead to the resumption of the relationship between its trailing-12-months (TTM) EPS and share price.
Potential catalysts: Stronger consumption growth from Indonesia, regionalisation, and Van Houten.
seems like institutional funds are also increasing their stakes in this stock, very much under the radar
Getting sweeter
Maintain BUY with higher TP of S$1.55. We remain positive on the stock, maintaining our BUY recommendation and lifting our TP to S$1.55 as earnings growth continues to ride on its premiumisation strategy. We turn slightly more positive as we anticipate better than expected margins going forward led by Indonesia, in anticipation of 1) premiumisation initiatives coming through, and 2) continued margin enhancement of its higher margin product portfolio. Valuations are attractive, at 13.9x FY20F PE and near -1.5 SD of its 4-year historical mean.
This stock also offers a decent dividend yield of 3.6%. Regional Markets EBITDA swing into profit. The turnaround can be attributed to increased sales of its Own Brands, which we believe to be Van Houten, strong performance of Agency Brands products and cost control efforts.
Where we differ: We believe sustained EPS growth will lead to the resumption of the relationship between its trailing-12-months (TTM) EPS and share price.
Potential catalysts: Stronger consumption growth from Indonesia, regionalisation, and Van Houten.
same here, quite puzzling that nobody actually bother with this stock given that earnings turned the corner and improving, dividend is decent at ~3%. rupiah is also one of the top performing currencies and their sales are in rupiah but costs in usd. with their raw material costs hedged forward 18-months (based on dbs' report), earnings will be insulated against fluctuations in raw materials, let' s see if the FY19 report card goes in a couple of weeks' time
anonymoustrader ( Date: 24-Jan-2020 17:13) Posted:
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Yeah, i bought it a little early though. Avg price 1.01. The institution selling is actually only first state investment. MUFG and the rest had disclosure because they own first state investment if i am not wrong. Three funds bought more. Fidelity, First pacific advisors (new substantial shateholder) and Marathon asset management. Also earnings has been increasing, dont see why the stock price continues to drop
n3wbie ( Date: 23-Jan-2020 14:00) Posted:
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see some disclosure of interests by institutional funds declining below 5%. probably a case of funds trying to get out and the low liquidity just doesn' t help. fundamentally, I can' t see this stock going wrong with strong performance of rupiah being positive, market leader in chocolates. just visited the supermarkets and noticed that the old school van houten chocs had a makeover in their packaging, still tastes decent, nostalgic haha
anonymoustrader ( Date: 21-Jan-2020 10:31) Posted:
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Doesn' t seem to be moving at all. Despite results improving, stock still dropping although on low volume. Weird.
n3wbie ( Date: 09-Jan-2020 11:42) Posted:
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this stock seems like an undervalued gem, very much under the radar yet it has such a brand strong equity that is overlooked. compelling valuations relative to peers listed in Indonesia, probably a proxy to indo and philippines growth play to consumer sector
any thoughts and opinions very much welcomed please
any thoughts and opinions very much welcomed please
This Delfi (chocolate) how?
Followed DBS recent Analyst Report.
Followed blindly.
Loss $.
Now then I start researching on the company, before I decide to hold or cut loss.
Followed DBS recent Analyst Report.
Followed blindly.
Loss $.
Now then I start researching on the company, before I decide to hold or cut loss.
Cash distribution of 9.82 US cents in cash per share was approved by the High Court on 31 May 2016. Hooray!
1Q15 results missed estimates, as net profit tumbled 43% y/y to US$7.7m, while revenue dropped 14% to US$106.2m, weighed by poor consumer off-take in Indonesia, which caused trade customers to reduce inventory levels. Gross margin slipped 1.6ppt to 30.3% due to higher costs of raw and packaging materials from a weaker Rupiah. Bottom line was further weighed by finance costs (+71%).
one drop of 35 cents. i feel a lot of pain.
strong surge today
Petra Foods: Smaller but nimbler
- Weaker IDR understated performance
- Targeted product launches to drive growth
- Overseas penetration through brands acquisition
Weakened IDR understated FY13 performance
Petra Foods? continuing operations? fundamental growth in FY13 is stronger than reported considering IDR depreciated against the USD by an average of 10%, and 72.7% of sales came from Indonesia. Stripping the IDR depreciation, we estimate that FY13 PATMI would have increased 17% to US$63.6m (versus 9.1% to US$59.3m reported). We think this is a testament to Petra Foods? ability to execute its strategies of brand-building, new product launches, as well as strengthening of sales and distribution capabilities.
Expect differentiated new products to deliver
We note from management meeting that product launches are to fill up its countryspecific portfolios with commercially viable foodstuffs in order to cater to different client segments. Petra Foods also builds upon locally recognised brands where possible, whereby the same food can come under different brands. With such a consumeroriented strategy and strong branding in Indonesia and Philippines, we think Petra Foods would continue to deliver growth.
Time to acquire overseas brands like it did in Philippines
Petra Foods has received estimated net proceeds of US$164m from the sale of its Cocoa Ingredients division in FY13. Though there is an arbitration to reduce the closing price by US$98m, the proceeds would still be a sizable war chest. We think Petra Foods is likely to acquire brands to penetrate further into regional markets rather than growing its existing brands organically. Back in 2006, Petra Foods acquired the chocolate confectionery manufacturing plant and sales and distribution assets from Nestle Philippines? Inc and its subsidiary. The key prizes are, in our opinion, the popular local brands ?Knick Knacks? and ?Goya? that jumpstarted Petra Foods? penetration into the Philippines market.
Maintain BUY
We raise our FY14 growth forecast to account for the rebound from subdued FY13 results as IDR depreciation shows sign of abating and we also believe in Petra Foods? strategy. We maintain BUY with new fair value estimate of S$4.08 (previous: S$3.95), noting that overseas brands acquisition would be a re-rating catalyst. ...last:$3.71...
Source: OCBC Research
The Business Times picks up from Petra's announcement last week. Petra?s deal to sell its cocoa ingredients business to Barry Callebaut for US$950m (subject to adjustments at completion) may have hit a sour note as the buyer is now asking for a closing price reduction of US$98.3m. This comes after the estimated sale proceeds was already cut to US$860m bcs working capital delivered at completion was lower by ~US$74m. Should Petra be compelled to accept the closing px reduction, it would mean a chunky 20% slice off the original px when the deal was struck in Dec last yr. This could mean a potential estimated net loss per share of US 6¢ from the sale transaction, instead of the net gain per share of US 10¢. This estimated shortfall of 20¢ could prompt analysts to further knock down their avg TP of $4.20.
Singapore's Petra Foods Ltd is in dispute with Barry Callebaut after the latter sought a discount in the final pricing for buying Petra's cocoa business, Petra Food said in a statement late Monday. Swiss-based Barry Callebaut, the world's biggest maker of finished chocolate products for companies such as Nestle SA and Hershey Co, sought a reduction of US$98.3 million in the closing price last month, which Petra Foods considered unjustified. In July, Petra Foods said it expected to receive US$860 million from the deal, after it first announced selling its cocoa ingredients business to Barry Callebaut for US$950 million last December. Petra Foods said that Barry Callebaut's proposal to reduce the closing price is not compliant with the sale and purchase agreement and the law and does not have a proper or valid basis. - Reuters
...Married Deal: Vol: 1,215 Value: $4,483,350 ie $3.690/share Last: $3.910...Recent low: $3.450...
... Married Deal:
Vol: 1,200 Value: $4,800,000 ie $4.00 / share
... recent high $4.10 ...
+12 cents today. stock very fierce. I think information is priced in though.
Petra has gained so much. Special dividend priced in
CIMB added " Although cocoa ingredients account for 35 percent of Petra Food's 2011 profits, the significance of the business is declining as grinding margins fall, CIMB said. Shareholders can look forward to a special dividend of up to S$0.60."
Has the current price factor into this yet?Any advise pls?
http://sg.finance.yahoo.com/news/stocks-news-singapore-brokers-upgrade-025401415.html
gregorsamsa ( Date: 12-Dec-2012 16:20) Posted:
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CIMB suddenly looks very wrong. Petra should be announcing a special dividend in the end of its financial year 2012 given the sale of its cocao ingredients business