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GTN [M-PF +6.1%] - An emerging agri-food powerhouse - Initiation

We initiate with an MARKET PERFORM rating on GTNFoods (HSX: GTN). We like GTN’s M&A strategies that target at undervalued agri-food companies through the privatization process, and we believe GTN has formed an execution team capable of creating great value from these assets. As this is still early in the process of its business restructuring with more capital raising through private placements in the next 12-18 months, GTN looks more suited for long-term investors.