SINGAPORE (Nov 23): Singapore-listed poultry and protein producer Japfa could be at an inflexion point, judging by its third quarter results, CIMB says in a note following a meeting with the firm's management.

“Since its IPO, Japfa has been reporting declining earnings in the midst of multiple headwinds,” CIMB says, referring to falling day-old-chick and milk prices, weak currencies, industry oversupply and weak Indonesian consumption.

“While many of these headwinds are still apparent, 3Q15's results indicate a possible turnaround.” Japfa reported record net profit of US$19.6 million ($27.8 million), driven by its Indonesia's unit Japfa Comfeed.

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