Sino Grandness

Sino Grandness: Maybank-KE reiterating its Buy Call noting that share price dropped from an all-time high of $1.60 to $1.355 (down 15%). However see the recent share price weakness as a buying opportunity. Channel check suggests that the new products Garden Fresh launched in 2Q13 have been well received by consumers. The biggest catalyst, the potential Garden Fresh spinoff, also seems to be on track. At the current valuation of only 5.1x FY13 PER, not too concerned about any downside risk.