With reference to Table 1 below, Sunvic valuations seem very cheap. Below are my conservative assumptions. Table 1: Sunvic earnings forecasts Years FY11F Base FY10F High FY10F Base FY10F Low 1HFY10 Actuals FY09 Actuals *Sales (RMB m) 2943.6 3,017.2 2,943.6 2,870.0 1,471.8 1,819.5 **Net margin (%) 12.5% 12.0% 10.5% 9.0% 10.6% 21.5% NPAT (RMB M) 368.0 362.1 309.1 258.3 156.2 4.1 ***No. of shares 546.5 546.5 546.5 546.5 546.5 568.9 EPS (S$ cts) 13.5 13.3 11.3 9.5 5.7 0.1 PE at S$0.405 (x) 3.0 3.1 3.6 4.3 7.1 283.1 Source: Ernest Some assumptions used in the above table 1.      FY11F […]