A 70% per cent increase in the medium term net profit has continued to rise this morning, with shares now up 2.67% to HK $26.9 and 107,000 shares. Citi's report said it had raised its rating from a sale to a buy and slashed its target price from HK $12.5 to 1.5 times to HK $31.6, the equivalent of 24 times times the forecast P/E ratio in the 10 fiscal year, the median level of the 10 p/E ratio, in turn to a market premium of 17%. Citigroup said it would raise the net profit forecast for the 09-10 fiscal year by 23% and 37% respectively to reflect faster sales growth and better cost control, and that the company's earnings growth momentum will continue as green beers will benefit from higher residents ' ability to pay.
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