Super: IIFL initiate with ADD, TP $1.72. Tip grp as a steady and defensive growth. Expect Super to deliver 15.5% EPS CAGR over 2010-13, thanks to its non-cyclical and steady growth business.
Trades at a 39% discount to its Asia-listed coffee brand peers in terms of 2012 P/E. Believe the stock should re-rate, due to its strong brand positioning in Southeast Asian markets (as reflected in higher net margin of 12.9% vs 5.9-10.4% for peers) and vertically scalable integrated F&B business model.
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