Tegel IPO

[Hectorplains]

Will New Zealand consumers’ per capita consumption of chicken meat continues to increase similar to Asia, Africa and South America?
Will there be further expansion into new export markets?
Will there be improved margins through productivity gains?
How about consumer spending pattern?
Will chicken become alternative proteins as red meat prices are high and less healthy when compare with poultry?
Can they maintain reasonably strong balance sheet while becoming competitive player?

Thanks.

Will New Zealand consumers’ per capita consumption of chicken meat continues to increase similar to Asia, Africa and South America? Yes, it already is. It's a firm trend.
Will there be further expansion into new export market? There is that potential. However, the immediate focus should be on raw to Australia - that's the market that's recently opened to them. Plenty of potential there, before they go chasing new markets.
Will there be improved margins through productivity gains? Yes - look at the new mega farm in Northland. It's not going to be a one off...
How about consumer spending pattern ? Irrelevant, it's a protein staple.
Will chicken become alternative proteins as red meat prices are high and less healthy when compare with poultry? It already is - red meat vs white meat sales in NZ are all one way.
Can they maintain reasonably strong balance sheet while becoming competitive player? Yeah, well this is the BIG question. So far, they'd get an 'unsatisfactory' grade.