Sino Grandness - 3Q13: Beat Expectations | I3investor

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Sino Grandness - 3Q13: Beat Expectations

StockFanatic

Publish date: Tue, 19 Nov 2013, 10:58 PM

Progressing well on all fronts. 3Q13 results were better than expected with revenue up 56% and net profit doubled YoY. 9M13 revenue was in line at 71% of our full-year number but margin surpassed expectation. Accordingly, we raise our FY13 PATMI by 8% to CNY423m, which our FY14-15 forecasts remain largely unchanged.

We understand that the listing of Garden Fresh is progressing smoothly and is set to complete by Oct 2014. Maintain BUY with a higher TP of SGD1.00 based on SOTP.

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