Super Grp

Super Grp: CIMB maintains Buy with $2.43 TP. House note that Super’s Branded Consumer business is rightly receiving all the plaudit; but one shouldn’t ignore its budding Ingredients division. Believe the latter is about to latch on to a nascent milk-tea consumption wave in China and will contribute materially in the next few years. Raise FY13-14 EPS by 3-4% on lower SGA as Ingredients does not require adspend. TP rises accordingly (20x CY13 PE, 20% discount to Nestle Malaysia). Maintain O/p with stronger-than-expected sales as catalysts