Expect slower recovery for Del Monte Pacific in US, says CIMB’s Tng

SINGAPORE (July 4): CIMB Research is keeping its “add” recommendation on Del Monte Pacific (DMPL) with a lower target price of 38 cents from its previous 40-cent price target.

To recap, the food and beverage (F&B) group reported stellar FY16 earnings with a US$51.5 million ($69.2 million) net profit last week – a significant turnaround from its loss of US$43.2 million in FY15 – and a FY16 revenue which grew 3.7% y-o-y.

(See: “Del Monte Pacific back in the black with FY16 earnings of US$51.5 mil”)

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