Charoen Pokpand Foods (CPF) Buy near 20 – for an MT trade to 45-50

We might be wrong but from our analysis of volume flows, CPF looks as if it needs to come off a tad further – to 20, or just below. Currently at 21.70, the correction is in its 6 month and will probably last several more, but this is one you want to catch when it stabilizes as a medium term move to 45-50 is very likely in our view – by late 2012 to H1 2013. We view 17 to 18 as a worst case scenario for the stock, and if indeed it does pullback that far, it will be a raving buy.


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