Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CIMB starts Dairy Farm at outperform

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STOCKS NEWS SINGAPORE-CIMB starts Dairy Farm at outperform Jul 12th 2012, 01:24 Wed Jul 11, 2012 9:24pm EDT CIMB Research has initiated coverage of supermarket operator Dairy Farm International Holdings Ltd with an 'outperforming' rating and a target price of $12.00, citing its growth potential, underpinned by emerging Southeast Asian markets. By 0114 GMT, shares of Dairy Farm were flat at $10.50 and have gained 12.5 percent so far this year. Although Dairy Farm is perceived as a defensive stock, CIMB said it offers growth opportunities due to its presence in Southeast Asia's fast-growing economies, such as Indonesia. "With accelerating income growth, rapid urbanisation and room to grow for the modern format, its ASEAN markets provide the foundation for the group's next phase of growth," said CIMB. Indonesia is the largest retail market for Dairy Farm, the brokerage added, and has a very high proportion of traditional stores and favourable population demographics. CIMB expects Dairy Farm's sales to grow at a compounded 13 percent a year from fiscal 2011-2014.

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