Image source: BT
On 15 Feb 2022 we sent out a recommendation on Japfa.
The wait had tested our patience and conviction and finally we have some positive news. Japfa management had decided to spin off its Dairy business separately in HK under AustAsia and will be giving out all its shares in specie to Japfa’s shareholders.
Please refer to the following link for more details:
From the article, the company value AustAsia at S$0.49 and the remaining Japfa’s protein biz at S$0.49, total value is thus S$0.98. Of course, whether the market decide to recognize this full value is another story. It will take awhile for the deal to complete, thus the story is still unfolding but the ending for this chapter is almost set.
As usual, this writeup was broadcast to Clients on 30 Mar 2022 but posted here only on 5 Apr 2022.
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