CICC-Results Review Abstract
Big Margin Recovery and Fast Expansion on the Way
--GP margin improvement will continue in oil seeds,
--Fast capacity expansion will start to pay off from
--Beneficiary of soft commodity price rise and currency appreciation
--is trading at 13x 2010e EPS and 10.3x 2011e EPS-- lower than the global processor average --maintain an ACCUMULATE rating with end-2010 TP of HK$11.30
Sales revenue
Bio-fuel and corn processing-pushed by rally in fuel ethanol, crude corn oil and bio-chemicals
Gross margin
Oil seeds processing -- backed by hedging gain recorded at end-1H
Brewing materials -- fueled by lowered inventory cost
Rice trading and processing -- dragged by decline in high margin rice export
Bio-fuel and corn processing --pushed by increase in selling prices of corn products
Porky's Response
日線圖 KDJ（9,3,3）看跌背離
週線圖 KDJ（9,3,3）-J在大偏差
月線圖 KDJ（9,3,3）賣出信號
IPO-2007/3/21
時 日 月 年
己 甲 癸 丁
巳 寅 卯 亥
2010--庚寅=七殺欺身年
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