Maybank Kim Eng Research on 18 June 2013
OUR latest discussions with management confirm the company's focus on building up its F&B business. We believe it is taking steps in the right direction.
The company is in the midst of reorganising its plants to improve overall efficiency; it is also building new plants in Indonesia and Cambodia, two markets where it is enjoying high growth.
We see latent potential in the group's F&B business, but warn that improvements in margin and more meaningful geographical expansion will likely be a multi-year story.
Maintain "hold".
HOLD
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