China Animal: Could see a bit of negative sentiment, after Co. announced that the reporting accountants of the Co. conducted a review on the Unaudited 3Q Financial Statements of the Group and consequent to the review, further adjustments have been made to the Unaudited 3Q Financial Statements and the auditors have given negative assurance on the adjusted fin statements for 9M10…
Overall, bottom line was reduced by Rmb5m to Rmb16.3m from Rmb21.3m. Technically, see support at the recent swing low of $0.39.The 30-day SMA and 50-day SMA is likely to provide support for the stock going forward. To date, the 2nd batch of shares has been transferred to HKSE, and the 3rd batch transfer will cease on 20 December 2010…
On the restated accts, grp will trade at a hefty 26.6x FY10E PE, however Kim Eng remains upbeat on grp’s prospects for 2011, with a TP of $0.48, pegged at 15x FY11E PE.
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