SINGAPORE (Dec 15): Singapore-listed food and beverage company Del Monte Pacific is upgraded to buy by UOB Kay Hian with a higher target price of 69 cents from 46 cents previously, after its second quarter results last week.

UOB notes that net profit “surged”, reflecting a turnaround after two years of losses that were due to acquisition expenses.

The brokerage says it expects revenue in the second half of the fiscal year to be more than 14% stronger than the first half due to a seasonal pick-up in sales.

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