I like the heading from the analyst’s report from CIMB on QAF. It says that man can only live on bread alone. Well, true. It is a consumer staples which most people do eat it for breakfast typically.
Here’s my summarized version and keytakeaway of the report from CIMB on QAF:
- Defensive consumer staples with a nice dividend yield of $0.05/share (~6.6%).
- Margin pressure from Massimo, a new competitor in the bread industry with inception in 2011.
- Nevertheless, dividends looks to be sustainable.
- Potential catalyst – chances of divestment of the pork production in Australia, which barely break-even.
- Outlook – JV to set up a bakery in China, Fujian. No material impact on the growth trajectory in the near terms.
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