BreadTalk

*Result* Despite sustaining its double-digit revenue growth, BreadTalk's 1Q10 net profit fell by 64% to $0.784m mainly due to underperformance of its PRC food court operations, start-up costs for Ramen Play business and Carl's Junior, and higher tax rates. BreadTalk's 1Q10 earnings missed our expectations, accounting for only 6% of our earnings forecast. We are currently reviewing our earnings estimates/ recommendation. More to follow after briefing.