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Above expectations
Our FY23E-FY24E earnings estimates are raised by 9%-10% and we introduce FY25E. Into FY23, we expect LHIB’s operating landscape to improve with Malaysia’s poultry price controls coming to an end in Jul 2023 and expectations for more stable livestock and feed demand in its other respective countries of operations. Our TP is raised to MYR1.00 based on an unchanged 15x FY23E PER. Maintain BUY.
IPO price RM1.10 to 52sen now. No more price control over egg and chicken soon. Good start for LHI :)
No more price controls for chicken, eggs after June, says Mat
The price control mechanism in Malaysia, which has the most price-controlled items in the region, has caused lower supplies of food staples, resulting in higher prices, according to the World Bank.
The World Bank’s lead economist for macroeconomics, trade and investment Dr Apurva Sanghi commented recently
