Eratat

Eratat: +2.4% at $0.21 on above avg volume. Sias maintains Buy, raises target to $0.45 from $0.32. Says recent 2QFyMar11 results better than expected, as net profit to sh/h grew 63% qoq, 108% yoy to Rmb44m, boosted by higher ASPs, better margins for apparel pdts. Notes footwear maker transitioning into a premium fashion wear brand, with focus on penetrating into 1st tier cities; believes expected pdt price increases could lead to upside surprise in profitability.