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DALIAN TIANBAO GREEN FOODS CO.LTD DUFE INVESTMENTS Diagram BUY Recommendation Price: DCF Model-Rmb35.18 P/E Model-Rmb27.09 Two different models suggest further upside of 34%-74% from current price. Investment Summary Company Profile Tax Macro Environment: Policy Industry: Market Condition Soybean Protein Ice-cream Market Aquatic Processing Market Aquatic Processing Market Frozen fish, frozen fish fillets average annual export volume (10K Tons) Soybean Protein Ice-cream Market Competitive Strengths Excellence Client Resource Higher Value Added Products Business Strategies Capacity Expansion Market Expansion Out of Season Sale Capacity Expansion Business Strategies Capacity (K Tons) Market Expansion Business Strategies HOKUDAI Kirin International Out of Season Sale Business Strategies Operating Analysis： Sales Forecast (CAGR*) CAGR*: Compound Annual Growth Rate Operating Analysis： Revenue by Each Product Operating Analysis: Gross Profit Margin of Each Product Financial Analysis: Du Pont Analysis TATO*： Total Asset Turnover Financial Analysis: Solvency Financial Analysis: Asset Management Capability DCF Model 2010E 2011E 2012E 2013E 2014E Revenue 1162 1431 1756 2021 2339 EBIT 140 155 137 189 208 -Tax on EBIT 0 0 0 0 0 +Depreciation Amortization 35 43 57 64 67 -Changes in Working Capital （243） （304） （377） （434） （486） -Capital Expenditure 116 145 180 103 70 Free Cash Flow 302 357 391 583 691 Present Value 302 317 309 410 6510 Price 35.18 Key Assumption Terminal growth=5% WACC=12.46% Valuation: Absolute Valuation Discount Growth 11.5% 12.46% 13.50% 4% 35.87 31.74 28.21 5% 40.46 35.18 30.84 6% 46.17 39.71 34.16 Valuation: DCF Sensitivity Analysis YEAR 2008A 2009A 2010E EPS (Rmb) 0.35 0.38 0.63 Industry P/E 35X 48X 36X Company P/E 47X 65X 43X Price (Rmb) 16 25 27.09 Valuation: Relative Valuation BUY Recommendation Pr