CGS-CIMB upgrades Japfa to 'add' on listing of China dairy unit

Singapore

CGS-CIMB has upgraded Japfa to "add" from "hold", as the planned listing of its China dairy unit could realise a valuation of up to US$730 million for the agri-food company's shareholders.

In a report on Thursday (Mar 31), analyst Tay Wee Kuang also estimates that Japfa's share price could hit S$0.81, which represents a potential upside of 12.5 per cent from its Wednesday closing price of S$0.72.