I have always maintained that analyst reports are important references for investors. They contain critical information that the average investor would not have access to, such as results from site visits and insights derived from management interactions.
However, for all the value that an investor can derive from analyst reports, I recommend to take them with a pinch of salt. While analysts are indeed professionals, that does not preclude them from mistakes. Occasionally, analysts might even be guilty of severe conflict of interests (as NRA Capital showed with 1MDB here).
I will use Japfa as an example to illustrate my point.
Introduction to Japfa:
Japfa is a vertically integrated proteins producer - their business covers feed production, breeding, fattening/milking, processing and eventually distribution of food. Proteins contributes the lion's share of Japfa's earnings while Dairy and Consumer Food are the other contributing segments.
In terms of Geography, Japfa ...
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