[ET Net News Agency, 20 November 2017] UBS Global Research lowered its target price for
China Agri Industries Holdings (00606) to HK$5.05 from HK$5.07, and maintained its "buy"
rating.
The research house maintained its positive stance towards China Agri's strategy
development to become an integrated oilseed & grains processor, despite near-term earnings
shortfall from recently announced disposal of biofuel&biochemical division.
Biofuel & biochemical division accounts for 45% of China Agri's EBIT and generates the
highest asset return among its business portfolio, UBS estimated; however, its profits
also relies heavily on government subsidies.
UBS thus cut its 2018/19 earnings estimates 52/42% to account for the earnings impact
from the disposal. (KL)
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00606 SCE CM
Nominal 
0.265 +0.015 (+6.000%) Others
20/11/2017 18:01
[I-bank focus]UBS tweaks China Agri (00606) to HK$5.05
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