MORNING CALL: 30/11/23 - video Dailymotion

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11/29/2023

RHB Research says Farm Fresh is out of the woods

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00:00 Farm Fresh is our stock in focus today.

00:04 RHB research says the company is out of the woods.

00:07 Upgraded the counter to buy from neutral with a higher RM1.51 target price from RM1.20.

00:14 The stock settled yesterday at RM1.36.

00:17 A look at its latest fiscal results, Farm Fresh's core net profit of RM20 million

00:22 met only 27 to 29% of RHB's and ConsenSys forecasts.

00:27 Still, RHB points out, second quarter gross profit margin did rebound strongly by 8.6%

00:33 points to 26.3%, the highest level in 1.5 years.

00:38 It says sequential earnings should improve further on cost tailwinds and solid sales growth momentum.

00:44 Longer term growth prospects are also exciting, with various expansion plans lined up to extend

00:50 its outreach in capturing rising dairy consumption.

00:53 RHB also likes the company for its entrenched brand equity and ambitious management team.

00:59 Post results, the research house cut its FY24 earnings forecast by 11%

01:04 but left its FY25 to 26 numbers materially unchanged.

01:09 Quick look at ConsenSys.

01:11 According to the latest Bloomberg data, there are six buys, two holds and one sell on the stock

01:16 with target prices averaging out to RM1.39.

01:20 Farm Fresh closed yesterday at RM1.36, so that implies a mild upside of 2.2%.

01:26 [MUSIC]

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