Ricegrowers Limited, trading as SunRice (ASX:SGLLV) recently held an investor day that showcased high-level strategy, divisional management and new product innovations. A vertically-integrated supply chain with global scale is being matched with deep local market consumer insights to deliver new products. Protein rice, a world first, will launch in Australia and the US in August and plays to the global trends for protein consumption across the day. Baking flour has recently been added to the Trukai (PNG) product portfolio utilising the existing brand and distribution. The middle east is ~12% of group revenue but has no presence in Syria, Iraq, Iran or Yemen. The group is looking to double the middle east business by 2030 on the back of entry into new regions and an expanded offering outside medium-grain rice. There is no change to guidance or numbers, with the company due to report FY26 earnings in late June. We would note our forecast H2 FY26 dividend of $0.50/share represents the bulk of our FY26 dividend forecast. Our DCF valuation remains $18.20/share, while SGLLV is currently trading at a 20% PER discount to peers using FY26 LSEG consensus estimates.
