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  "documentTitle": "China Huishan Dairy Holdings (6863 HK)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2016-12-16 00:00:00",
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  "notes": "The methodology involves deducting specific segment CapEx (liquid milk, milk powder, motor vehicles) from total cash flow, then adjusting for construction in process and plantation buildings to arrive at a per-farm average.",
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      "text": "CapEx: 2,843",
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      "text": "We first deduct the segment CapEx for liquid milk and milk powder processing (the processing plants) as well as the PPE expense for motor vehicles from the cash flows utilized for PP&E.",
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      "text": "30 Huishan 2013 IPO Prospectus, p. 270",
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      "text": "Table 2: Dairy Farm CapEx Spend on PP&E Based on Changes in Cash Flows, FY14-16 (RMB millions)",
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