JPMorgan lifts China Minzhong Food (K2N.SG) target price to S$1.60 from S$1.45 after increasing FY11-12 earnings estimates by 13%-12%, says Dow Jones.

JPMorgan is keeping its Overweight call, saying “We believe Minzhong will be able to continue delivering average selling price and volume growth with its organic/GAP (Good Agriculture Practices) certified produce favoured by its export customers as well as domestic consumers who place great importance on food safety.”

Research house says core fiscal FY10 earnings of RMB383 million ($76.5 million) (+37%), excluding fair value losses, 5% above consensus estimates. Notes plantations of vegetables processor not affected by recent China floods, allowing Minzhong to partly benefit from higher vegetable spot prices. Shares +1.6% at $1.30.