
Industrygrowthandmarketconsolidationtodriverevenue。Yuanshengtai(YST)shouldbenefitfromseculargrowthindairydemandinChinaandtheconsolidationincowfarmingbeingdrivenbythegovernment.YSTplanstodoublecapacityto108,000cowsby2017.Weexpectthistosupporta23%revenueCAGRin2013-17.FCFimprovementandstrongearningsgrowtharekeypositives。Investorsareconcernedaboutcowfarming’slongpay-backperiodandn...