China Animal: 2Q11 results in-line.
Ad justed Net Profit of Rmb59m, +57% yoy and +50% wow, with Rmb60m projection driven by strong rev growth from powdered and biological drug segments.
DMG maintains Buy but reduce TP to $0.33 from $0.42, on the back of uncertain global economic outlook and weak sentiment towards the S-Chips sector. House revise target multiple down to 5x EV/EBITDA (old: 7x), its historical mean since listing.
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