is expected to report its 1Q07 earnings on the week of 7-11 May, before market open. We see the company to post HUF 7.4bn net profit, down 48.6% y/y and down 8.4% q/q. There is no consensus estimate available yet. We expect slight negative market reaction to the quarterly results as factors (such as adverse changes to the reimbursement system, new taxes and cross currency development) will pull down the quarterly net result more than expected to hit to 2-year bottom. We see Richter
could post 17.8% of our full year net profit expectation of HUF 42.6bn in 1Q07, and 16.5% that of the full year consensus forecast of HUF 45.0bn (source: Bloomberg).