QAF Limited is a food company with core businesses in bakery, primary (pork) production, and distribution and warehousing. The company is the maker of Gardenia Bread – the number one selling bread brand in Singapore, Malaysia, and the Philippines.

As successful as QAF’s bakery segment is, its pork production business has been beset with challenges and a drop in global pork prices. I last attended QAF’s AGM in 2017 when the company had plans to list its pork business on the Australian stock exchange, which was subsequently shelved due to the headwinds in the industry that followed.

As pork prices fell over the last two years, so has QAF’s share price:

Chart: Google

From a peak of S$1.57 in February 2019, it fell to eventually hit a low of 56 cents over the next 20 months – a drop of 64%. QAF’s share price has rebounded strongly since the