Thursday, December 13, 2012

Petra

Petra: is +4.5% at $3.46, extending its price run after the co announced plans to divest its cocoa ingredients business for US$950m (14x EBITDA, 1.7x P/B) to focus on its branded consumer arm. Petra expects to book a US$106m disposal gain, with the deal expected to close in Jun ’13. (See our 10.38am post yday). CIMB has an Outperform rating, lifts TP to $3.77 from $1.92. Views the deal positively, as it crystalises latent value from Petra’s business portfolio and offers potential special div of up to $0.60/sh, and removes overhang from a structural decline in grinding margins due to oversupply. Believes Petra’s valuation multiples should drift higher, as consumer stocks trade at an avg P/E of 21x. Notes cocoa traders like Guan Chong and JB Foods trade at just 4-6x P/E. OCBC maintains Buy, tips TP of $3.57 from $3.12 previously. Factors in higher growth rate of 15% and improved margins for the remaining Branded Consumer division. Notes Petra will funnel ~US$300m from its cash proceeds into this unit.

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