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Limited Lease Extension For Westlite Tuas SINGAPORE | REAL ESTATE | UPDATE
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Del Monte Pacific 3QFY17: DMFI continues to disappoint ■ 9MFY17 reported net profit was below expectations at 59% of our FY4/17 forecast due to sales decline in the US and higher-than-expected interest expense. ■ Gross margin contracted to 14.7% in 3QFY17 due to lower pricing in non-retail channels. DMFI incurred net loss of US$14.6m in 3QFY17 (3Q16: US$17.3m profit). ■ However, DMPL continued to gain strength with 3QFY17 net profit of US$21.2m, an 81% yoy gain. ■ Preference share issuance has been postponed again. We estimate the earliest that the issuance will take place is 2QCY17. ■ Maintain Hold with lower target price of S$0.35
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Check out our compilation of Target Prices
