信达国际控股3月24日发布公告。We lower Ausnutria’s FY21E/FY22E EPS forecast by 6.4%/14.0%, mainly on lower sales and GM forecast, we also introduce FY23E forecasts. We expect Ausnutria’s sales and EPS would grow at 16.6%/15.6% CAGR in FY19-FY22E. Though facing a short term sales slowdown, we still believe Ausnutria’s fundamental and growth story remain intact. Ausnutria is trading at FY21E 11.8x PE (~44% discount to HK, China listed leading players and international peers and 1 s.d. below its 3-year trading average), with both own brand IMF and nutrition segment continue to drive Ausnutria’s growth story. We maintain Ausnutria’s rating at BUY with new TP at HK$16.30 based on 17.9x FY21E PE and EPS (unchanged 15% discount to major peers’ average).