QAF Limited - OCBC Investment 2016-04-27: 1Q16 PATMI up 25%

QAF Limited - OCBC Investment 2016-04-27: 1Q16 PATMI up 25% QAF LTD Q01.SI 

QAF Limited: 1Q16 PATMI up 25% 

  • QAF Limited’s 1Q16 results were within expectations. 
  • Revenue was marginally down 2% YoY to S$250.9m due to exchange rate translation effects, particularly SGDAUD and SGDMYR. This met 25% of our full year estimate. 
  • Excluding FX translation effects, Bakery segment continued to see growth in sales, driven by new products and volume through expansion of production facilities. 
  • Primary Production (Rivalea) also saw higher sales due to increased ASP on better product mix. 
  • Besides translation effects on the costs side, Bakery and Rivalea enjoyed lower raw material costs and feed costs. As a result, PATMI rose 25% to S$16.4m, forming 27% of our full year estimate. 
  • We maintain our BUY rating with fair value estimate of S$1.27 unchanged.



Jodie Foo OCBC Securities | http://www.ocbcresearch.com/ 2016-04-27
OCBC Securities SGX Stock Analyst Report BUY Maintain BUY 1.27 Same 1.27


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