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?
谁能抵挡零食的诱惑？每个人都知道吃零食不利于保持体形，但吃零食的欲望是普遍存在的。这也是旺旺（manbetx3.0 的卡夫(Kraft)或雀巢(Nestlé)）的股价为何在周二因强劲盈利而再度得到提振。持续的良好业绩令旺旺的市值在两年里几乎翻了一倍，达到130亿美元，也让它在去年11月成功跻身恒生指数的成分股。目前其股价已达2012年预期盈利的24倍——相当于该行业manbetx app苹果 巨擘雀巢和卡夫的一半。这合理吗？