ords view

We retain our Hold recommendation The imminent completion
of the divestment of Sucrogen and resolution of the return of funds to shareholders is certainly a positive for CSR, and will allow management to turn its attention to the go-forward position of the company.

However, with capital upside of only ~6.6% (based on the current share price of $1.78, capital repatriation of 52.7ps, and our revised price target of $1.37), we do not see sufficient reason to adopt a more positive stance on the stock.