Beverage and culinary products could also be introduced . The trend in the US has been towards fresh

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Is DMPL in for acquisition-driven growth or has it taken too big a bite with its proposed acquisition of DMF? Execution, as always, remains a risk, but successful smithfield cafe integration could catapult DMPL into the league of US$100m-profit companies.
DMPL has won the bid to buy DMF’s consumer food business in the US and South America for US$1.675bn . More will emerge on the financing structure, terms and financials of DMF over the next few months and we will review our EPS/rating accordingly. For now, we are positive on the deal. Maintain Outperform smithfield cafe and target price, based on 25x P/E (1 SD above its 6-year average). Catalysts are expected from successful integration of DMF .
DMF is the No. 1 in packaged fruits and vegetables and No. 2 in packaged tomatoes and broths in the US and South America . The US and South America provide a large addressable market for DMPL and a market for its excess pineapple supply. The devil is in the execution but there will be opportunities for DMPL to evaluate DMF’s product offerings and move to higher-margin products, especially pineapple-based ones. 
Beverage and culinary products could also be introduced . The trend in the US has been towards fresh produce and sales growth has been anaemic for processed products in the US. The acquisition is not cheap at 38.6x P/E and raises financial risks with DMPL’s pro-forma net gearing at 1.7x. Investors should smithfield cafe also be prepared for the possibility of dividend cuts over the next few years as DMPL digests this acquisition.
The deal should be completed unless blocked by the regulatory authorities or DMPL’s inability to cough up the money . More details smithfield cafe will be made available over the next few months as deal completion has been scheduled for end-Feb 14. ( Read Report ) Daily Chart Technical Analysis ■ R2: 1.000 ■ R1: 0.940 ■ S1: 0.825 ■ S2: 0.780
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