Stock Name: ChinaMinzhong
Company Name: CHINA MINZHONG FOOD CORP LTD
Company Name: CHINA MINZHONG FOOD CORP LTD
| Research House: DMG | Price Call: BUY | Target Price: 1.68 |
DMG & Partners cut its target price for Singapore-listed China Minzhong Food Corporation (CMFC.SI) to $1.68 from $2.28 and kept its buy rating.
China Minzhong reported fourth-quarter net profit of 97 million yuan, up 33% from a year ago and ahead of DMG's expectations, due to strong revenue growth from its fresh and processed vegetable segments.
However, DMG has cut its fiscal 2012-2013 earnings estimates by 5-3%, due to uncertainty over demand from the United States and Europe in light of a potential economic slowdown.
“We continue to like China Minzhong as it will likely remain a key beneficiary of current high food inflationary environment and the management’s strong execution post-listing, delivering quarterly results that were either within or exceeded consensus expectations,” DMG said.
At 10:59 a.m., shares of China Minzhong were 1.7% higher at $1.215 and have fallen 10.7% since the start of the year.
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