20080827-Nomura-China Yurun Food (1068 HK)
Our view
Yurun’s 1H08 underlying net profit fell 6% short of our estimate on higher taxes. We
have revised down our FY08F earnings forecast by 6% and our fair value to
HK$12.60 from HK$13.50. We think the positives have been mostly priced in. We
downgrade to NEUTRAL from Buy on valuation.
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