Thursday, August 26, 2010
China Minzhong: JPMorgan lifts target to $1.60 from $1.45. Increases FY11-12 earnings est by 13%-12%. Keeps Overweight call. Belives Minzhong will continue delivering ASP and volume growth with its organic/GAP (Good Agriculture Practices) certified produce favored by both export and domestic consumers, who place great importance on food safety. Notes Minzhong's plantations were not affected by recent China floods, allowing company to partly benefit from higher vegetable spot prices.