We have added CAB into our THEMATIC and GROWTH Portfolios at 5,000 shares and 10,000 shares, respectively, at an average price of RM0.93/share yesterday. In fact, we are also featuring CAB in our retail research, On Our Radar series this morning with a Trading Buy at fair value of RM1.29/share. We believe CAB is a small cap worth adding into your investment portfolio as it offers a strong earnings growth story with an upside potential of 39% from here. Our fair value is based on CY15 9x PER which is at a 10% discount to the FBMSC’s valuation of 10x. The earnings growth is to be driven by: (i) the new acquisition of Singapore-based Tong Huat Poultry Processing Factory Pte Ltd, and (ii) expansion of existing farms in Juru, Penang and Padang Meha, Kedah. As such, its monthly capacity is set to reach 5m birds by this year-end from 3.6m birds currently. In addition, CAB has been acquiring parcels of lands mainly in Mainland Penang more than 20 years ago with the purpose for farming expansion. However, these lands are no longer suitable for farming activities as there are close to housing estates, which may cause environment issue. As such, there is potential of value unlocking for these landbank in the future, either by sale of land or property development via JV.