Super Group

Super Group: StanChart maintains In-Line rating and increases TP to $4.17 (from $3.94), after the group reported its 4Q13 results yesterday. Super’s 2013 revenue and core net profit rose 7%, while core EBIT grew 12%, but a $2.4m loss related to an associate company hurt its core net profit growth. Performance of the branded-consumer segment varied by geography, with healthy sales growth in Thailand, Malaysia and China but muted growth in Myanmar and Singapore. In the food-ingredients segment, the non-dairy creamer business suffered in China, due to weak demand and competition, but sales in Southeast Asia were robust. Management believes that the food ingredients segment can sustain mid-teens growth, as the company continues to penetrate the Southeast Asian market, moves into higher value-added products and improves its operations in China.