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25-11-2008, 07:19 PM

cheongtk

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Join Date: May 2008

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China Essence Group Ltd - By CIMB

Salient points

• Results appear inline with historical trends. 6MFY09 net profit forms
32% of our full year forecast. Sales grew 29% yoy but net profit fell 7%
yoy. Gross profit margin declined 2.5 percentage points as margins for
potato starch and modified starch fell.
• Compared to the same period a year ago, cash cycle improved.
Inventories are edging up as August to September is the peak
production period.

Outlook – cautious
• Anti-dumping tax against potato imports from Europe continues to
create a favourable market for Chinese producers.

BUY; TP: S$0.32

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