InvestIdeas

not vested

QAF is trading at 7.5% dividend yield, 5.8x T12M P/E and 0.9x P/B.

Their growth in DPS over the past 5 FYs has been exponential, with CAGR of 19%.

With a strong current ratio of 1.5x and strong cash flow from operations, the company is well‐poised to continue paying dividends.

We also favour the company for its bakery business where it has a dominant market share in Singapore, Malaysia and the Philippines through its brand Gardenia.

Source: AmFraser

Strong defensive

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We see price catalysts from overseas expansion of its bakery operations and improvements in its Australian pork business.

An attractive 7.2% dividend yield also offers defensiveness in current volatile markets.

Following a rare meeting with QAF's management, we believe that QAF's below-peer valuations are unjustified.

In addition, the market could react positively to any successful sale/listing/turnaround of its Australian pork business.

Source: CIMB

not vested

2Q12 profit rises 32% yoy.

QAF’s 2Q12 earnings rose 32% yoy to S$8.64m.

However, 1H12 earnings slid 46% to S$18.68m from S$34.79m previously.

Revenue for 2Q12 slipped 1% yoy to S$244.07m due to forex losses, but improved 3% yoy to S$484.47m on higher sales for 1H12.

Source: The Business Times

not vested

Man can live by bread alone

QAF offers a tasty dividend yield of 6.6%, which should be sustained by strong cash flows from its bakery business even though the margin outlook is soft.

An improving Australian pork business increases the chances of divestment.

QAF has also recently expanded its bakery footprint to China. While initial contributions will not be material, we like the fact that management is starting to explore growth in the region.

Potential divestment of its pork business could add S$280m-320m to the firm’s value if capital is ploughed into expansion of its lucrative bakery franchise.


Source: CIMB

not vested

Up 6% today on no news...

What am I missing ?

not vested

3Q, 2012

Rev: -3%
Profit: -51%
EPS: -56%
NAV: 0.728



http://info.sgx.com/webcoranncatth.nsf/ ... penelement

not vested

QAF Limited: A strong quarter

QAF reported its 2Q16 results, which has deconsolidated the financial results of Gardenia Bakeries (KL) Sdn Bhd (GBKL) as it is now a 50% held JV entity of the group following the sale of the group’s 20% stake in GBKL as announced in Apr-16.

As such, 2Q16 revenue was 17% lower at S$208.4m. We also saw S$1.81m of share of profits from JV (GBKL). Excluding the one-off gain of S$9.7m from the sale of 20% stake in GBKL, core PATMI still saw an estimated increase of ~56% to S$19.1m, underpinned by improved profitability in Rivalea (primary production segment).

The stock has done well thus far, giving a YTD return of 12.8% vs. STI’s -0.5%. An interim DPS of 1 S-cent has also been declared, similar to last year.

Given the above, coupled with generally favourable feed prices outlook, as well as continued capacity expansion plans, we have raised our estimates upwards, bringing our fair value estimate slightly higher to S$1.33 (previous: S$1.27).

Source: OCBC

not vested

QAF Limited: Conditions still supportive

QAF Limited has maintained its leading position in the baked goods segment for key markets, Singapore, Malaysia and Philippines, according to latest Oct reports by Euromonitor International.

Notably, market share was expected to increase to 20% in Malaysia due to the discontinuation of the High 5 brand there.

Besides a generally positive outlook for Bakery, at this juncture, wheat and coarse grains prices may continue to look favourable for the group due to ample global supplies and hence support earnings for the next year.

The stock has done well thus far, giving a YTD return of 26% vs. STI’s -0.3%.

With 3Q16 earnings above expectations, and as conditions continue to look supportive for the group, we have adjusted our estimates and rolling forward, our SOTP-based fair value estimate is raised to S$1.46 (previous: S$1.33).

Source: OCBC

QAF's FY16 earnings more than double to $120.4 mil on gain from GBKL stake disposal
http://sgx.i3investor.com/servlets/fdnews/66551.jsp

QAF posts 13% decline in 1Q earnings to $14.2 mil after partial divestment of Gardenia Bakeries KL
http://www.theedgemarkets.com.sg/qaf-po ... akeries-kl