China Animal reported quite a disappointing set of results for FY2010 with net profit of RMB129.7mn down 21% from FY2010.  To be fair, the company did take non-recurrent charges of RMB42mn for its HK dual listing and another RMB19.2mn for share options issued to staff.  Excluding these, net profit would have been about RMB189mn giving a gain of about 16-20% over FY2009. In item 10, the company is guiding for a very much stronger 2011 as its new acquisitions start to contribute.  I am keeping the stock in view at the moment because the earlier guidance for FY2010 net profit has been trending down from RMB240mn to RMB220mn before IPO (dual listing expenses).   So they are under achieving what they have informally guided for. ..... Click here to read more...