Super Group

Super Group: UOB Kay Hian maintains Hold with TP $1.59. The house expects 2Q14 results to be affected by challenging prospects in key markets while raw material prices stay firm. Nevertheless, believe a significant price pull-back could be a buying opportunity for the longer-term upside on the back of its rebranding initiatives, China presence and strong cash generation. Maintain HOLD with a lower TP of $1.59. Possible share price catalysts include: a) recovering branded consumer sales in key markets, b) decline in costs of raw material costs, such as coffee and CPO, and c) positive data points from China’s branded consumer segment.