Should QAF be in your bread basket of stocks?

SINGAPORE (Nov 29): OCBC is maintaining its “buy” call on multi-industry food company QAF with a fair value of $1.46 given supportive growth conditions like favourable raw material prices due to ample global supply.

“The projection by ABARES for wheat crop in Australia is set to reach about 29.1 million metric tonnes, albeit some recent concerns due to frost damage,” says lead analyst Jodie Foo in a Tuesday note.

While revised projections for the harvest season in Australia only comes out in December, the International Grain Council has also raised global grains production to 2,084 million metric tonnes, up 4% compared to last year, notes Foo.

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