BNP Paribas lifts China Minzhong Food (K2N.SG) target price to $1.68 from $1.50 after increasing valuation multiple to 9.2x FY11 P/E from 8.0x; keeps Buy call, according to Dow Jones.

BNP Paribas says vegetables processor in league of its own, backed by strong fiscal FY10 results, with earnings +27.6% at RMB367.5 million ($73.4 million) as revenue +34.5% at RMB1.42 billion.

Flags potential near-term overhang on shares as lock-up period for pre-IPO investors will be lifted next month: “We, however, view this as a catalyst to improve liquidity given the fact that the stock is closely held by long-only funds.”

Company listed in April. Shares +1.6% at $1.29.