March 14, 2008


Thailand's CPF welcomes tariff cut on soymeal



Charoen Pokphand Foods (CPF) said it would primarily benefit from Thailand government¡¯s recent announcement of soymeal tariff cut from 4 percent to zero, as soymeal prices are lowered for them.


CPF's target price of THB6.29 (US$0.20) is retained, implying 37 percent upside potential from the current share price, which is also offering 1.9 percent and 2.8 percent dividend yields for fiscal year 2007 and 2008, respectively.


Soymeal is one of major raw material costs for pig farmers. The outlook for pork price remains strong due to the tight supply over the next 6-9 months.

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