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KUALA LUMPUR: CIMB Research, which has maintained its “add” call on Kawan Food Bhd has raised its target price for the food manufacturer to RM5.56 from RM3.50.
KAWAN Food Bhd is Malaysia’s largest frozen flour products producer. Its main products are roti paratha, chapatti and spring roll pastry. The domestic market makes up the largest share of the group’s revenue at 40%, while the United States is its largest export market at 30% of group revenue.
WHILE the after-effects of recession in 2010 had left many fast-moving consumer goods (FMCG) companies hurt and looking for ways to cut costs, the weaker ringgit against the US dollar is certainly proving to be exciting for food manufacturer Kawan Food Bhd.
News from the Malay and Chinese newspapers.
PETALING JAYA: The recent slide of the ringgit, which had fallen 4.6% against the US dollar over the past one month, is helping boost investors’ appetite for shares in exporters. Investors are betting that these companies, mostly manufacturers, will benefit from increased sales. A weaker ringgit makes local produce more attractive to foreign buyers.
KUALA LUMPUR: Kawan Food’s share price rose to a high of RM2.58 on Friday after CIMB Equities Research initiated coverage of the frozen food producer with a target price of RM3.65.