BOC International raised its rating from sell to buy and raised the target price from HK$6.30 to HK$8.90. It previously raised earnings per share expectations for the 2010-12 fiscal year by 17%, 11%, and 20%, respectively. BOC International said that the main surprise of Dafuaihuo's interim results was that net profit rebounded sharply from the previous six months.

As the economy continues to recover, BOC International believes that Dahuaihuai will further benefit from rapid growth in same-store sales and rapid expansion of sales outlets.

According to Bank of China International, on the surface, the competitor Dale Group (0341.HK), which has a relatively large valuation, is more attractive, but the latter has a stable track record, so it is definitely worth having a premium.

Super Happy rose 2.23% yesterday to close at HK$7.34.