Friday, December 17, 2010
Super: UOB Kay Hian initiates at Buy, TP $1.66. Cites strong mkt share and solid earnings track record as undervalued proxy to Asia’s consumption. Grp is in top 3 mkt share (3-in-1 coffee segment) for Sg, Msia, Thailand and Myanmar and has 17% net profit CAGR. Valuation based on PEG of 1.0x and projected 16% CAGR net profit. Target price is approx implied target 16.4x P/E, avg P/E 17.7x.