Global BioT up by Citigroup


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5570 Postings, 6419 Tage skunk.worksGlobal BioT up by Citigroup

 
  
    #1
28.09.07 06:57
Citigroup revises earnings estimates of Global Bio-chem Technology Group (0809.HK) to incorporate lower-than-expected lysine margin in 1H07, exceptional gain, minorities from sweetener spin-off. Adds "operating environment is improving - product prices firm and corn cost falling. Balance sheet has also strengthened after the spin-off." Keeps on Buy, HK$4.03 target price. Says capex will likely fall to HK$500 million in FY08 from HK$1.3 billion in FY06. Stock flat at HK$2.98.  

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