Stock Name: ChinaAniH
Company Name: CHINA ANIMAL HEALTHCARE LTD.
Maybank-Kim Eng Research in a Mar 1 research report says: "Excluding the gain in fair value derivative financial instruments and amortised interest expense related to its convertible bonds, adjusted net profit more than doubled to RMB52.7 million, helped in part by the absence of several one-off charges for its dual-listing in Hong Kong.
"Overall gross margin also improved sequentially by 1.6ppt to 71.3%, mainly boosted by the biological drug segment. Management is still keen to explore other sales avenues such as exporting the animal FMD vaccines to overseas markets either through joint ventures or OEM arrangements.
"Target price of 36 cents, based on 11x FY12F recurring EPS. CAH has declared a final DPS of 3.0 cents (payout ratio of about 21.4%), implying a dividend yield of 2.5%. MAINTAIN BUY."
Company Name: CHINA ANIMAL HEALTHCARE LTD.
| Research House: Kim Eng | Price Call: BUY | Target Price: 0.36 |
Maybank-Kim Eng Research in a Mar 1 research report says: "Excluding the gain in fair value derivative financial instruments and amortised interest expense related to its convertible bonds, adjusted net profit more than doubled to RMB52.7 million, helped in part by the absence of several one-off charges for its dual-listing in Hong Kong.
"Overall gross margin also improved sequentially by 1.6ppt to 71.3%, mainly boosted by the biological drug segment. Management is still keen to explore other sales avenues such as exporting the animal FMD vaccines to overseas markets either through joint ventures or OEM arrangements.
"Target price of 36 cents, based on 11x FY12F recurring EPS. CAH has declared a final DPS of 3.0 cents (payout ratio of about 21.4%), implying a dividend yield of 2.5%. MAINTAIN BUY."
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