Accessible version Yihai Kerry Arawana (A) Rising margin headwinds ahead; retain Underperform Reiterate Rating: UNDERPERFORM | PO: 22.70 CNY | Price: 24.90 CNY Lower estimates and cut PO to RMB22.7 YKA's 1H26 revenue/core NPAT was +6%/+7%. Reported NPAT was +31%, boosted by one-off disposal gain of JV stakes (in 1Q16). Growth was more 1Q loaded with revenue/core NPAT +11%/+17%, given CNY holiday effect and favorable crushing margin. However, softness was witnessed in 2Q, in terms of revenue growth moderatio ...