British American Tobacco (ROTH MK, NOT RATED)
Ceasing Coverage
We are ceasing coverage on British American Tobacco due to a reallocation of internal resources. Our last call was NEUTRAL with a TP of MYR12.
- RHB RESEARCH
Farm Fresh (FFB MK, BUY, TP: MYR1.72)
New Capacity To Capture More Opportunities; BUY
Results Review
Maintain BUY, new MYR1.72 TP from MYR1.75, 11% upside with c.1% FY24F (Mar) yield. Farm Fresh’s FY23 results were lower than estimated, due to its heavy production cost pressures. We view the gradual easing of cost pressures, its cost pass-through, and new capacity coming on-stream to be the key factors driving its earnings recovery in FY24F. We continue to like FFB for its established brand equity and robust market share gains – underpinned by quality product offerings as well as its ambitious expansion plans to facilitate deeper market penetration.
- RHB RESEARCH
Trade at your own risk. All the information made available here is generally provided to serve as an example only, without obligation and without specific recommendations for action.
