RHB Group Research analyst Shekhar Jaiswal has kept his ‘neutral’ rating for Japan Foods Holdings with an unchanged target price of 37 cents after it posted its FY2021 ended March results.

See: Japan Foods records 2HFY21 earnings of $3.3 mil, declares final DPS of 1.75 cents

While Japan Foods reported a stronger 2HFY2021 following the end of the circuit-breaker period, Jaiswal highlights that its full-year profits of $3.6 million were largely supported by government grants and rent reliefs amounting to $10.3 million.

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