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Investing.com - JPMorgan has initiated coverage on Century Pacific Food Inc. (PSE:CNPF) with an Overweight rating and a price target of PHP44.00.
The price target represents significant upside potential for the Philippine consumer staples manufacturer, which has underperformed the PSEi index by 4.4% year-to-date according to JPMorgan.
JPMorgan expects Century Pacific Food to deliver a 13% two-year EPS CAGR over 2025-2027, which is twice as fast as its closest Philippine peers and higher than the mid-to-high single-digit sector growth in the categories where the company operates.
The investment bank attributes its positive outlook to Century Pacific Food’s strong organic and M&A execution track record, as well as its dominant market leadership position in the Philippines.
JPMorgan believes the company’s superior growth delivery will reverse the year-to-date underperformance, which was partly due to cyclical raw material-led margin compression.
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