In part 1 of the series, I have discussed the primary production (pork) segment of QAF Ltd (QAF SP). In part 2, I will provide an overview of its Bakery segment, its profit trend in the last decade, and a bit of history. Those familiar with the story of Gardenia and Bonjour breads can skip the history portion.  

In the later part of this article, I try to evaluate the market’s implied valuation for its bakery division, my findings for this business, and near-term risks that can affect its share price.

This insight is part of Smartkarma. For more follow this link.