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.
Japfa announced on Tuesday that it had applied to list its dairy unit in China, AustAsia Investment Holdings, on the mainboard of the Stock Exchange of Hong Kong. As part of a capital reduction exercise related to this, Japfa is also proposing a distribution-in-specie of its entire shareholding in AustAsia, which will see eligible sha…
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