In today’s briefing:
- ASIAN: Unlock Value and Potential Growth of AAI Via IPO
ASIAN: Unlock Value and Potential Growth of AAI Via IPO
- Maintain BUY rating and roll forward valuations to FY22E, with a new target price of Bt23 (up 5% from previous TP),based on 10.3xPE’22, which is close to its 10-years historical
- Our ratings reflect positive view on pet food, frozen VAP, and aqua feed demand recovery post lockdown, and solid margin from baht weakening.
- The spin-off of AAI via IPO issuance will unlock its value and growth potential and we leave it as an upside to our TP.
Before it’s here, it’s on Smartkarma
