Super

Super: UOBKH noted that weakness in consumer markets like Myanmar and Philippines is already reflected in share price. In Myanmar, sales volumes have stabilized following a knee-jerk reaction of decline in sales volume (8%) following a 3-10% price increase. Super continues to enjoy early-mover advantages, such as a strong distribution network (with ~50% market share) In the Philippines, playing field remains competitive and Super’s plan is to focus on product innovation and development with partner San Miguel. 4Q13 turnover may be impacted by typhoon Haiyan 9M13 turnover was up 8% and 7% for Thailand and M’sia respectively. Singapore turnover dipped 3%. UOBKH reckons management’s 13% sales grown for FY2014 is achievable given rebranding exercise in 2013 and normalization in markets such as Myanmar UOBKH maintains Hold with shaved TP of $3.86 (from $4.50)