ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Event-Driven

<ul><li>Stub valuation method reveals that <a href="https://www.smartkarma.com/entities/15597" target="_blank" data-smartkarma-citation="entities:15597:1">Japfa Ltd (JAP SP)</a> is substantially undervalued (49% discount to our NAV estimates).</li><li>Major contributors are 1) 51%-owned <a href="https://www.smartkarma.com/entities/8258" target="_blank" data-smartkarma-citation="entities:8258:1">Japfa Comfeed Indonesia Tbk Pt (JPFA IJ)</a>, whose business is firmly in the up-cycle, and 2) dairy business with more steady profit growth.</li><li>Based on stub valuation and earnings cycle methods, we see a 47-56% upside potential from current share price. </li></ul>

Stub valuation method reveals that Japfa Ltd (JAP SP) is substantially undervalued (49% discount to our NAV estimates).Major contributors are 1) 51%-owned Japfa Comfeed Indonesia Tbk Pt (JPFA IJ), whose business is firmly in the up-cycle, and 2) dairy business with more steady profit growth.Based on stub valuation and earnings cycle methods, we see a 47-56% upside potential from current share price. 

Japfa Ltd: Substantially Undervalued from Stub Valuation's Perspective

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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10 Biggest Food & Beverage Stocks with a Manufacturing Business

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Equity Bottom-Up

In part 1 of the series, I have discussed the primary production (pork) segment of <a href="https://www.smartkarma.com/entities/10396" target="_blank" data-smartkarma-citation="entities:10396:1">QAF Ltd (QAF SP)</a>. In part 2, I will provide an overview of its bakery segment, its profit trend in the last decade, and a bit of history. Those familiar with the story of Gardenia and Bonjour breads can skip the history portion.  In the later part of this article, I try to evaluate the market’s implied valuation for its bakery division, my findings for this business, and near-term risks that can affect its share price.

In part 1 of the series, I have discussed the primary production (pork) segment of QAF Ltd (QAF SP). In part 2, I will provide an overview of its bakery segment, its profit trend in the last decade, and a bit of history. Those familiar with the story of Gardenia and Bonjour breads can skip the history portion.  In the later part of this article, I try to evaluate the market’s implied valuation for its bakery division, my findings for this business, and near-term risks that can affect its share price.

Unlocking QAF's Value (Part 2) - Artisan Bakery in the Making?

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§  Singapore lists over 100 stocks with market capitalisation above S$1 billion. These stocks have averaged a 7.5% gain in the 2017 YTD, taking their average 12 month total return to 15.4%. The three stocks that were the strongest performers over the past 12 months were GSH Corp, China Aviation Oil Singapore and Japfa.
 
§  Business Returns of the stocks were consistent with average Return on Equity (ROE) for the past 12 months and five years, at 11.7%.  The three stocks that have seen the biggest…
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§  Singapore lists over 100 stocks with market capitalisation above S$1 billion. These stocks have averaged a 7.5% gain in the 2017 YTD, taking their average 12 month total return to 15.4%. The three stocks that were the strongest performers over the past 12 months were GSH Corp, China Aviation Oil Singapore and Japfa.
 
§  Business Returns of the stocks were consistent with average Return on Equity (ROE) for the past 12 months and five years, at 11.7%.  The three stocks that have seen the biggest…



Billionaire Stocks Have Averaged 7.5% Gain in 2017 YTD

Keeping cows and chickens happy is an important part of Tan Yong Nang’s job description.
The Chief Executive Officer of Singapore-listed Japfa Ltd believes animal welfare is essential to the industrialised agri-food company’s vision of feeding Asia’s developing economies with essential proteins.
“Great milk comes from happy cows,” said Tan, 54. “Animals that are stressed cannot produce, so we make sure our cows are comfortable in their pens, our chickens have clean coops with low levels of ammonia, and they are physically as well as emotionally healthy.”

Keeping cows and chickens happy is an important part of Tan Yong Nang’s job description.
The Chief Executive Officer of Singapore-listed Japfa Ltd believes animal welfare is essential to the industrialised agri-food company’s vision of feeding Asia’s developing economies with essential proteins.
“Great milk comes from happy cows,” said Tan, 54.  “Animals that are stressed cannot produce, so we make sure our cows are comfortable in their pens, our chickens have clean coops with low levels of ammonia, and they are physically as well as emotionally healthy.”

Japfa Nourishes Emerging Asia with Quality Proteins

Singapore

Japfa is a multinational agriculture and food corporation specializing in producing protein staples such as poultry, swine, aquaculture, and beef, along with packaged food products. The company operates an integrated network of modern farming, processing, and distribution facilities across emerging Asia. Japfa was founded in 1971 and is headquartered in Singapore.

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Japfa (JAP SP)

Japfa Ltd: Substantially Undervalued from Stub Valuation's Perspective

Stub valuation method reveals that Japfa Ltd (JAP SP) is substantially undervalued (49% discount to our NAV estimates). Major contributors are 1)...

Johannes Salim, CFA

10 Biggest Food & Beverage Stocks with a Manufacturing Business

Singapore Exchange Ltd (SGX)

Unlocking QAF's Value (Part 2) - Artisan Bakery in the Making?

In part 1 of the series, I have discussed the primary production (pork) segment of QAF Ltd (QAF SP). In part 2, I will provide an overview of its...

Valerie Law, CFA

Billionaire Stocks Have Averaged 7.5% Gain in 2017 YTD

Singapore currently has 102 primary-listed stocks with market capitalisation above S$1.0 billion. The 102 stocks provide a wide range of investment...

Singapore Exchange Ltd (SGX)

Japfa Nourishes Emerging Asia with Quality Proteins

Keeping cows and chickens happy is an important part of Tan Yong Nang’s job description. The Chief Executive Officer of Singapore-listed Japfa Ltd...

Singapore Exchange Ltd (SGX)

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