Who can resist snacking? Everyone knows that snacks are not really good for the figure, but the desire is universal. Which is why Want Want, China’s answer to Kraft or Nestlé, got another boost on Tuesday on yet more strong earnings. A run of good results has almost doubled Want Want’s market capitalisation in two years to $13bn, which elevated it into the Hang Seng index in November. Its shares have been trading on a multiple of 24 times 2012 earnings – half as much again as Nestlé and Kraft, the world giants of the business. Is that justified?
誰能抵擋零食的誘惑？每個人都知道喫零食不利於保持體形，但喫零食的慾望是普遍存在的。這也是旺旺（中國的卡夫(Kraft)或雀巢(Nestlé)）的股價爲何在週二因強勁盈利而再度得到提振。持續的良好業績令旺旺的市值在兩年裏幾乎翻了一倍，達到130億美元，也讓它在去年11月成功躋身恆生指數的成分股。目前其股價已達2012年預期盈利的24倍——相當於該行業全球巨擘雀巢和卡夫的一半。這合理嗎？
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