QAF LTD
Q01.SI
QAF Limited: PATMI up 30% YoY
- QAF Limited’s (QAF) 3Q15 results came in within our expectations.
- Revenue was down 5% YoY to S$243.2m due to FX translation effects, while PATMI rose 30% to S$10.5m. These formed 23% and 21% of our full year estimates for revenue and PATMI, respectively.
- Without the translation effect, Bakery and Primary Production business segments continued to see growth in sales, on the back of new products and higher ASP.
- Operating expenses also decreased, especially for Rivalea and the Malaysian Bakery operations, due to translation effect of a stronger SGD vs. AUD and MYR.
- Notably, better product mix and efficiencies helped increase profitability for the group’s Bakery operations in Singapore, Malaysia, Philippines and Australia as well as its pork production side.
- We are keeping our BUY rating and fair value estimate of S$1.27.
Jodie Foo
OCBC Securities
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http://www.ocbcresearch.com/
2015-11-16
OCBC Securities
SGX Stock
Analyst Report
1.27
Same
1.27
