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CGS-CIMB upgrades Japfa to 'add' following listing plans of China dairy business

Chloe Lim
Chloe Lim3/31/2022 02:49 PM GMT+08  • 3 min read
CGS-CIMB upgrades Japfa to 'add' following listing plans of China dairy business
CGS-CIMB Group Research upgrades Japfa to an “add” rating with an increased target price from 65 cents to 81 cents
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CGS-CIMB Group Research analyst Tay Wee Kuang upgrades Japfa to an “add” rating with an increased target price from 65 cents to 81 cents.

This is in light of Japfa’s milk-producing business in China, AustAsia Investment Holdings (AIH), having applied for its listing in Hong Kong, which will result in two separately run entities with more flexibility and better focus to grow their respective businesses.

As part of the initial public offering (IPO), existing Japfa shareholders will receive a distribution of AIH shares in specie, potentially resulting in Japfa shareholders holding shares worth more than what Japfa shares are trading at now.

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