| UOB KAYHIAN | CIMB |
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Plantation – Singapore Consequences If China Restricts Soybean Imports From The US
We believe the risk of China restricting soybean imports in retaliation to the US tariffs is low as both countries will suffer from this decision. If the restriction materialises, there will be insufficient supply of soybean from Brazil and Argentina to cover the shortfall. Moreover, it will increase soybean and soymeal prices in China, leading to inflation. Wilmar will be the beneficiary in the immediate term as it has locked in soybean supplies earlier at lower prices. Maintain MARKET WEIGHT.
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Dairy Farm Int'l Gearing up the Philippines business
■ DFI plans to acquire an 18.25% stake, and be a partner with, Robinsons Retail Holdings Inc (RRHI) (Add; TP: PHP121) in a deal worth c.US$520m. ■ The deal is via share-swap of DFI’s Rustans stake (c.US$346m) and US$174m cash. Estimated valuation range at forward 23-26x PER. Deal requires relevant approvals. ■ Completion expected within 6 months. Positive for Philippines but believe SEA improvement could still be the main focus. Maintain Hold with TP of US$8.40.
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| DBS VICKERS | |
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Thai Beverage Public Company Favourable fixed coupon rate
• Issued debentures amounting to THB50bn • Weighted average fixed coupon rate of 2.83% • Positive development given favourable rates • Further catalyst to come from clarity of synergies, better operating performance
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