China MinZhong

China MinZhong: Macquarie initiates with Overweight call and $1.80 TP, citing deep value in the patch, with attractive valuations of 6.2x CY11E PE vs peers 9x leading processed veg producer in China who is gaining overseas mkt share as quality improves. Highlight that grp getting ready for big capex push in FY11 & FY12, projecting EPS to grow 20% in FY11 & 38% in FY12 on the back of rising vols.