Singapore Stock Market News
Sino Grandness - Investment Theme Intact
StockFanatic
Publish date: Thu, 15 Aug 2013, 06:02 PM
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Sino Grandness reported a set of good results. Revenue grew by 27% yoy to RMB595m and net profit grew by 24% yoy to RMB103m. 1H net profit accounted for 44% of our full year forecast.
We maintain our earnings forecast unchanged as we believe that the company can do even better in 2H13 due to acceleration in beverage sales.
The biggest catalyst for the stock, the spinoff of Garden Fresh, seems intact. Maintain BUY and target price of SGD1.89, based on SOTP valuation.
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