Some say a picture speaks a thousand words. With reference to Chart 1, it seems like China Animal (“CAL”) has almost tumbled 50% from the high seen in Dec 2010. What has happened? Is CAL[1]’s results worse than FY10? Are prospects dimmer than before? Chart 1: CAL’s 2 year stock chart Source: Shareinvestor (2 May 12) Firstly, let’s compare FY11 vs FY10* results With reference to Table 1, FY11 revenue and net profit rose 30% and 86% year on year (“y/y”) to RMB768m and RMB223m respectively. Excluding the gain in fair value of derivative financial instruments and amortised interest expense […]