SINGAPORE (Dec 12): Maybank Kim Eng is maintaining Japfa at “buy” with higher 99 cents target price, fuelled by the rebound in its PT Japfa Tbk (JPFA) and Animal Protein Other (APO) divisions.

Japfa produces protein staples, dairy and packaged food and has presence in five countries with a vertically integrated business model.

Year to date, FY18 has been far a stronger year for Japfa than Maybank expected. The upcoming Indonesian presidential elections, forecast of IDR appreciation and a softening in soybean meal prices should provide further tailwinds in coming quarters.

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