MORNING CALL:10/11/23 - video Dailymotion

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11/9/2023

F&N set to draw first milk, MIDF positive

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00:00 We end the week with FNN after it posted its highest earnings in over a decade, with MIDF

00:06 Research keeping it as one of its top picks in the sector.

00:09 Aside from the buy call, it has a RM33.50 target price on the FNB player, implying a

00:15 possible 22% upside.

00:17 FNN's export revenue increased 22% year-on-year to RM1 billion for FY23, and this accounted

00:24 for 21% of the total FY23 group revenue.

00:28 The group observed positive returns from its installation of solar PV panels in Shah Alam,

00:33 Pulau Indah and Bengtong plants, which have helped to offset rising energy costs due to

00:38 increased electricity tariffs.

00:41 FNN also maintained its plan to convert Cocoland's factory in Rawang into a food manufacturing

00:46 hub to consolidate the production of Srinona and Cocoland products.

00:51 The group finalised the specifications for its integrated dairy farm, which will comprise

00:55 a herd of 20,000, with approximately 10,000 dedicated to milking cows.

01:00 This integrated farm will be situated in Gemas Negeri Sembilan.

01:04 Phase 1 will actually focus on producing plain milk, and later it will expand to include

01:09 flavoured and cream products once operations stabilise.

01:12 Also, the commencement of milking has been postponed from the end of 2024 to early 2025

01:19 based on the recommendation to transport pregnant cows only after the summer season.

01:24 Looking at updated Bloomberg data, there are 4 buys and 2 holds on FNN, which means the

01:28 target price works out to RM31.38, which is RM3.90 more than its last close.

01:34 Thanks for watching.

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