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Is the worst finally over for struggling Super Group?
After a 31% profit decline in FY14.
Super Group may finally be on the way to recovery after several quarters of uninspiring results. Analysts note that Super’s turnaround plan may finally bear fruit in 2015, following a 31% decline in its full-year net profit for 2014.
CIMB analyst Kenneth Ng noted that the group reported better-than-expected results in the fourth quarter thanks mainly to the recovery in its Branded Consumer (BC) markets, strong Food Ingredients’ margin expansion and $6.5m worth of non-core gains.
“Fourth quarter performance was good and showed that Super is starting to find its feet, after three very poor quarters. A weak share price in 2014 plus encouraging data points in 4Q, warrant a less negative stance,” Ng wrote.
Meanwhile, Maybank Kim Eng analyst Gregory Yap lauded Super’s comprehensive plan to rebrand, innovate and “premiumise” its products, on top of diversifying its offerings and markets.
“After 2014’s downs, we expect more ups than downs in 2015. 4Q14 was the second quarter it met market expectations. With the return of growth in its core markets backed by growth in new markets, China and Vietnam, we think its worst could be over,” Yap stated.
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