ING – Inghams Group

Positive:
– Poultry steady increase year on year, vs red meat showing decline in recent years. Poultry viewed as a healthier choice.
– Due to tough quarantine regulation, little poultry is imported, so there is little competition.
– Market leader
– Reasonable PE ratio vs consumer staples sector

Negative:
– Government protective of local agriculture vs Asian foreign owners
– Little export opportunity for poultry – due to higher operating costs in…

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