AU
UK
CA
US
IND
NZ
This report is an updated version of the report published on 6 November 2025 at 12:06 PM AEDT
Company Overview
Company Overview: Select Harvests Limited (ASX: SHV) is an ASX listed producer of almond products for retail and industrial markets. SPC Global Holdings Ltd (ASX: SPG), formerly The Original Juice Co. Ltd, is an Australia-based global food and beverage company. Its product categories include packaged tomatoes, packaged fruit, frozen meals and snacks, beverages, powdered milk, pulses, frozen fruit and vegetables, shelf staple meals and snacks, and recipe bases/sauces and stocks. Kalkine’s Sector Report covers the Investment Summary, Sector Overview & Supporting Catalysts, Data Insights & Analysis, Financial Metrics, Financial Commentary, Risks, Outlook, Technical Analysis along with the Valuation, Target Price, and Recommendation on selected stocks.
Investment Summary
Sector Overview and Supporting Drivers
Australia’s Food sector plays a critical role in the national economy, supported by a strong agricultural base, advanced processing capabilities, and a reputation for high-quality, safe produce. Domestic demand is underpinned by population growth, urbanisation, and shifting lifestyles that are increasing consumption of convenience and ready-to-eat foods. Exporters continue to benefit from rising global demand, particularly in Asia, for premium Australian products. However, the sector remains exposed to climate variability, extreme weather events, and regulatory changes that may affect production costs and profitability. Despite these challenges, ongoing innovation, sustainability initiatives, and robust international demand provide favourable long-term growth prospects.
Sector Catalysts
Index Performance
Investment theme and stocks under discussion (SHV, SPG)
After understanding the sector, let us now look at two companies from the Food sector listed on the ASX. The price potential of the companies under discussion have been analysed based on Price/Cash Flow Per Share based relative valuation method.
1. ASX: SHV (Select Harvests Limited)
(Recommendation: ‘Speculative Buy’ at AUD 3.71; Potential Upside: Low Double-Digit; MCap: AUD 524.37mn)
SHV is an ASX listed producer of almond products for retail and industrial markets.
The stock has corrected by ~2.12% in last one month, and over the past six months, it has corrected by ~28.59%. The stock has a 52-week low and 52-week high of AUD 3.37 and AUD 5.45, respectively and is currently trading below its 52-week high-low average. SHV was last covered in a report dated ‘9 October 2025’.
2. ASX: SPG (SPC Global Holdings Ltd)
(Recommendation: ‘Speculative Buy’ at AUD 0.365; Potential Upside: Low Double-Digit; MCap: AUD 70.43mn)
SPC Global Holdings Ltd, formerly The Original Juice Co. Ltd, is an Australia-based global food and beverage company. Its product categories include packaged tomatoes, packaged fruit, frozen meals and snacks, beverages, powdered milk, pulses, frozen fruit and vegetables, shelf staple meals and snacks, and recipe bases/sauces and stocks.
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 6 November 2025. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual’s appetite for upside potential, risks, holding duration, and any previous holdings. An ‘Exit’ from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Technical Indicators Defined: -
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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Past performance is not a reliable indicator of future performance.
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