Amongst all the F&B related companies, Kian Joo’s valuation is still cheap at 7x FY10 PER and 30% discount to its NAV despite the fact that Kian Joo is the largest can manufacturer in Malaysia. In addition, given its long operating history that recorded steady growth in pretax earnings and consistent dividend payouts, we (more…)
The 2Q10 results season lacked excitement as the revision ratio unexpectedly fell below 1x even though market EPS was upgraded. The banks again came to the rescue. Given the disappointing broader performance, we are keeping our end-2010 KLCI target of 1,450 points while introducing our end-2011 KLCI target of 1,520 (more…)