CGS-CIMB Research analyst Tay Wee Kuang has kept “hold” on Japfa with an unchanged target price of 77 cents.

Tay’s report on Oct 29 comes after the regional food producer reported earnings of US$113.9 million ($153.5 million), down 12.4% y-o-y for the 3QFY2021 ended September.

During the period, Japfa faced a double whammy on poultry margins in Indonesia and Vietnam due to the spike Covid-19 cases, which led to lockdowns in both countries.

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