prospects will largely depend on the
market conditions.
that SA imports increased to 393
000t (2013: 390 000t )
378c/share with a forward
PE of 7 times.
Results for the first semester to
end-March show revenue fell 3.7%
to R1.67bn (1H14P: R1.7bn) largely
due to the 15% decrease in revenue
from the broiler division following
The sector is also bracing itself for
an influx of duty free US chicken
after the ending of the punitive
duties on US chicken imports
under the new agreement of the
Bull factors
•
•
•
Decrease in input costs of
grains and other key inputs to
improve margins
New tariff regime eases pricing
pressures from imports
Continued rand weakness to
increase landed price of imports
Bear factors
•
•
•
the business model change.
Headline earnings leaped 182%
to 26.3c(1H14P:9.3c) on the back
of margin expansion to 4.9% from
around 1% the previo