Japfa’s subsidiary, AAG, was listed on the Hong Kong Exchange (HKEX) on Dec 30, 2022, at HK$6.40 ($1.11) per share.
CGS-CIMB Research analyst Tay Wee Kuang is keeping his “add” call on Japfa (SGX:UD2
) but with a lowered target price of 42 cents from 65 cents previously.
The new target price is based on an FY2024 P/E of 8x, which is based on Japfa’s remaining animal protein businesses. This is after removing Japfa’s stake in AustAsia Group (AAG) from FY2023.
