Qingmei

Qingmei: CIMB initiates with Buy and $0.241 TP. House note that consistently strong Chinese consumer demand has kept grp’sgrowth story intact; with a FY12 double-digit yield of 14.3%, undemanding valuations of 1.7x FY13 P/E, and downside capped by high net cash per share of 14.1cts (87.6% of current share price). House think this stock is a definite steal.