China XLX Fertiliser (B9R.SG) +0.9% at $0.585 after posting 3Q net profit +127% on year, +24% on quarter at CNY28.3 million, revenue +16% on-year, +23.4% on-quarter. 

CIMB, which has Outperform rating, $0.71 target says though below consensus, “the results met our expectation.” Expects strong 4Q10; “we remain optimistic on its business fundamentals,” tips catalysts from favourable outlook for methanol; strong urea ASPs; implementation of off-peak urea export tax, stable international urea prices.

DBSV, which keeps Buy call, $0.66 target, says firm on track to meet FY estimate “given recent surge in urea prices to above CNY1900/ton.” House also upbeat on L/T prospects, with proposed 4th plant; tips operations to commence early 2013; says plant will increase capacity by 60%-80%, lifting annual output to over 2 million tons of urea. “This should further strengthen China XLX's leadership in the coal-based urea market.”