Super Group

Super Group: Maybank KE noted that FY12 results were above expectations as Super posted strong profit growth to match its growing reputation. Stripping out exceptional items, recurring net profit came in at $77.7m, up 43% y/y. Group's growth was driven by both the consumer segment and the ingredients sale segment which saw the benefit of capacity expansion, especially during 4Q12. Maybank KE expect raw material price environment to remain favorable to margins. Given the stock’s increasing investability and scarcity premium, reiterates BUY with TP of $4.80, based on 30x FY13F earnings.