
Charoen Pokphand Foods
We believe CPF’s newly-introduced retail outlet - CP Food Market - will be a great success, reaffirming the company’s strategy to boost the sales of food products, which provide more stable and healthier margins. At the same time, its 3Q11 net profit is on course to another record high while severe flooding in the country appears to have left CPF relatively unscathed. As such, CPF remains a firm OUTPERFORM (target price based on SOP).