Dairy Farm

Dairy Farm: 1H11 Net profit +24% yoy to US$226.4m on 16% YoY increase in rev. JP Morgan maintain Neutral, with TP $8.60 from $8.00, noting grp as a proxy to Pan-Asian consumption. IIFL retain Add, with TP $9.21. Note grp as steady going and maintain f/cast of 21% yoy Net Profit. Tip growth in 2011 and 15% NP CAGR over 2010-13.