China MinZhong: Reported 1Q11 Net Profit +20%YoY to Rmb52.4m, which were in line with expectations, margins improved and cash conversion cycle improved, with Planting & leasing target on track, currently planting 7kmu of new cultivation area, while leasing 8300mu of new farmland for rmb151.5m….
Valuations are undemanding, with Grp currently trading at 6.2xE FY11P/E vs CHina Green 8.4x. JP Morgan maintains Overweight with $1.60 TP based on strong execution & attractive valuation.
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