Price targets:
80 cents UPGRADE BUY (UOB Kay Hian Research)
69 cents ADD (CGS-CIMB Research)
72 cents BUY (Maybank Kim Eng Research)

UOB Kay Hian is upgrading agri-food company Japfa to “buy” – from “hold” previously – and raising its target price by 60% to 80 cents. This is due to a significant rise in Japfa’s average selling price for its three key segments – swine, raw milk and broiler – since 4QFY2019 ended December 2019.

Notably, swine prices in Vietnam have exceeded its five-year high due to the African Swine Fever (ASF) outbreak.

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