CJCJ: Excessively Undervalued Considering Strong Fundamentals
We maintain a Buy rating and TP of W600,000 on CJCJ, noting that 2021 is to mark the first full year of collaboration with Schwan’s Company. Going forward, its Bibigo dumplings should become available in over 50% of mainstream US retail stores, given CJCJ’s ongoing signing of new contracts with large-scale distributors, starting with Target and Walmart.
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