Strong fundamental and predictable fast growth ahead.. A leader in corn processing... My short-term target for it is 0.975.. track how it performs..

2001~2005，4年来的 Revenue growth in range of 28.64%~216.72% and profit growth 29.10%~40.95%...
2006上半年 growth 52.40%, profit 13.50%...
即使今年profit相对不是很好，不过也不会很差吧。。。
现在 Trading at 68.5,historical PE=10.97,下跌空间有限吧,我感觉。。。

China Sun Biochem (C86.SG) last up 9.9% at 72 Singapore cents; Merrill Lynch says potential accounting irregularities rumors are untrue having clarified with management. May be capped at 73 cents with over 1.2 million offers at that price, though orderbook suggests stock may edge up to 72.5 cents. Says it doesn't "see any significant deterioration in its fundamentals", and deems China Sun's valuation "attractive for a leading corn processor in China". Keeps stock as Buy with S$1.26 price objective.

除非公司基本面不好，或者卖价太高，否则不用太担心。。。

短期不妙。。有可能掉到 0.56~0.59。 i.e., historical PE 9~9.5... 至于买卖，慎重斟酌。。。

看来，真正的投资者还是理智的。Fundamental 没有改变。只是由于新的accounting标准，而使net profit降低。。“Had the effect of adopting the interpretation not been taken into consideration, the Group would record a 22% increase in total profit to RMB 220 million.”

Rumours of mass resignations, licence rejection, accounting irregularities and
official investigations have not panned out. Instead, China Sun has been
transparent in its guidance and governance. Further, corn prices have retreated
following the harvest to RMB900/ton now, providing a short term catalyst. We
maintain our BUY call on the stock, but reduce our price target to $0.95 to
reflect a more conservative EPS that includes the exceptional charges.

Our 12 month PO of S$1.26 is based on our DCF valuation, which assumes 12%
WACC and 3% terminal growth.
Risks to our price objective are the following: an unexpected rise in corn prices that affects profit margins; a delay in the ramp-up of the 100,000 ethanol plant; and failure to secure fuel ethanol license in China.