Poultry business ING delivered a strong result in August with NPAT of $71m coming in ~14% ahead of expectations. History tells us that during tough economic times, which most Australians are supposed to be enduring, although not according to yesterday’s Retail Sales numbers, we turn to the cheaper protein alternative of chicken over, say, steak, i.e. a likely tailwind through 2024.
- We like the stock’s resilience to market selling through September/October, and a push above $3.60 feels likely into Christmas, initially 5-10% higher.
MM is bullish ING, targeting fresh 2023 highs
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