Here is a fresh company report from Pauli in the wake of HK’s Q3 
A strong Q3 report reinforced the narrative around the sustainability of HKFoods’ earnings turnaround and the upward trend in profitability. Current operational earnings performance and lower financing costs push earnings-based valuation multiples to quite attractive levels. In a positive scenario, profitability could improve significantly further, although our forecasts for the next few years include only moderate earnings growth. We reiterate our Accumulate recommendation and raise the target price to EUR 1.9 accompanied by forecast revisions (previously EUR 1.8).