China Sun Biochem (C86.SG) last up 9.9% at 72 Singapore cents; Merrill Lynch says potential accounting irregularities rumors are untrue having clarified with management. May be capped at 73 cents with over 1.2 million offers at that price, though orderbook suggests stock may edge up to 72.5 cents. Says it doesn't "see any significant deterioration in its fundamentals", and deems China Sun's valuation "attractive for a leading corn processor in China". Keeps stock as Buy with S$1.26 price objective.
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