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21-31 of 31
- Initiate coverage: BUY for > 30% total return
- Consumer play with exposure to the Philippines, established Del Monte and growing S& W brands
- Rerating catalysts: better trading liquidity and continued earnings growth
- DCF-based TP of S$0.97, offering 3.3% yield
BUY, S$0.97 TP.
We initiate coverage of Del Monte Pacific (DMPL) with a BUY rating for > 30% total return. The stock presents an opportunity for investors to leverage on robust growth of the Philippines economy. We are projecting 25% earnings CAGR over FY12-15F.
Established brand in a young Philippines market.
Del Monte leads in the canned pineapple juice, tomato sauce/ ketchup and culinary segments in the Philippines, which is South-East Asia’s (SEA) second largest consumer market with a 93m population. The robust economic growth there is expected to spur consumption domestic sales accounted for 60% of DMPL’s FY12 revenue. It also has rights to the S& W brand in Asia Pacific.
Visible earnings growth drivers.
We project robust near and medium term earnings growth, supported by: (i) rising domestic sales driven by its branded products and larger distribution network (ii) continued growth of the S& W brand in the Asia Pacific region (iii) expiry / revision of long term supply contracts to lift margins in FY15F (iv) expiry of PET toll packing contract in 3Q14 and (v) cost savings from its waste-to-energy project.
Re-rating to continue, driven by earnings growth and better trading liquidity.
Today unusual high vol of 5.7m done by 12 noon. New high of 83.5c. Last done 82c, up 6c. Any corporate news by Del Monte Pacific Ltd today?
March 14, 2013
Del Monte Pacific
Current S$0.90
Target S$1.05
CIMB initiate coverage with Outperform and a target price at 20x CY14 P/E, its historical 5-year average. it project core EPS growth of 13-28% for FY13-15.
http://www.remisiers.org/cms_images/research/Mar11-Mar15_2013/DelMonte15032013cimb.pdf
Trading to resume at 12.30 noon.
PRESS RELEASE: INCIDENT AT DMPI CAMP PHILLIPS
Del Monte Pacific Limited (“DMPL”) wishes to inform the SGX that at around 6.00 PM yesterday, February 19, 2013, a group of members of the New People’s Army, a leftist militant group entered Camp Phillips, a residential community for Del Monte Philippines, Inc (“DMPI”) employees in Bukidnon, Philippines.
The Group had apparently tried to rob a Petrol Station outside the Camp and retreated inside the Camp when confronted by the Philippine National Police. They burned three heavy equipment units to cover their retreat to the mountains. One security guard was fatally shot while resisting their entry. All residents of the camp were unharmed.
DMPL wishes to stress that the incident does not in any way affect the Plantation and Cannery operations and both are running normally.
By Order of the Board
Del Monte Pacific Limited
Yvonne Choo
Company Secretary
20 February 2013
Del Monte announced trading halt this morning.
info.sgx.com/webcorannc.nsf/AnnouncementLast3Months/4776DEC81F1EB20848257B18000A73B9?opendocument
I faintly remembered that Del Monte has something to do with SUNMOON, but can't recall what is the relationship. Anyone vested in either SUNMOON or Del Monte can enlighten? Thanks.
SGX announcement
Announcement and Press Release - Del Monte Launches Food Products in Myanmar
http://info.sgx.com/webcorannc.nsf/RSSAnnouncementToday/DB57F22DCB3B351C48257B0300234DB8?Opendocument
Del Monte: Launches Food Products In Myanmar.
30 Jan 2013 17:09Del Monte Pacific Limited launched an exclusive range of international Del Monte products including packaged fruits, tomato ketchup, pasta and spaghetti sauces in the Myanmar market...Attachments:http://www.btinvest.com.sg/markets/news/56970.html?source=si_news
| Del Monte |
___3 mths ended Sep 2009___ |
Net Loss (S$M)___ |
-$2.45 |
Business Times - 30 Oct 2009
Del Monte Pacific confirms US$100m damages claim
By ANGELA TAN
Del Monte Pacific Limited (DMPL) on Friday confirmed that Fresh Del Monte Produce Inc. (FDM) had filed a new complaint against the company in a New York State Court for alleged breach of certain contracts between the parties and claiming damages of US$100 million.
DMPL said although the lawsuit was filed with the Court on 28 October 2009 and DMPL learned of it on 29 October 2009, service of the summons and complaint does not appear to have been effected to date.
DMPL said it believes that FDM's lawsuit is without merit and the claimed damages without basis and grossly exaggerated and will contest these claims vigorously without prejudice to actions it may take against FDM. DMPL is also confident that it will prevail in this case.
DMPL's and FDM's subsidiaries are parties to a Canned Fruit Supply Agreement.
On 17 May 2007, as part of DMPL's restructuring efforts to improve the terms of its supply contracts, DMPL had given notice of termination of such Canned Fruit Supply Agreement. Based on a 3-year notice period, the contract will terminate on 31 May 2010.
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ANNOUNCEMENT OF LITIGATION
30-Oct-2009 11:19:41
http://info.sgx.com/webcorannc.nsf/AnnouncementLast3MonthsByCompanyNameAndCategory/3A772ACC019B11154825765F000E3669?opendocument
Business Times - 30 Oct 2009 Del Monte Pacific sued for breach of contract
(SAN FRANCISCO) Fresh Del Monte Produce Inc has filed a US$100 million lawsuit against Del Monte Pacific Ltd, the Singapore-based beverage and packaged foods company, for breach of contract for allegedly selling pineapple concentrate in its territory.
Fresh Del Monte, the Grand Cayman-based fruit and vegetable packer and distributor, has exclusive rights to sell Del Monte brand food products in Europe, the Middle East and Africa, according to a lawsuit filed on Wednesday in New York Supreme Court in Manhattan. Del Monte Pacific's Philippines unit attempted to sell pineapple juice concentrate in Africa in September, and Del Monte Pacific sells and ships the product in the Netherlands, the lawsuit says.
Fresh Del Monte filed similar lawsuits against the Singapore company in 2006, 2007 and 2008, the complaint says. The first two cases were settled and the third is pending. Del Monte Pacific's conduct violates the settlement agreements of the two earlier cases, the lawsuit says.
Wednesday's lawsuit seeks a court order banning Del Monte Pacific from further sales of Del Monte brand products in Europe, the Middle East and Africa, US$100 million in compensatory damages and unspecific punitive damages.
There was no answer at Del Monte Pacific's offices in Singapore. - Bloomberg
