1Q09 net profit at S$30.1m was in line with our expectations forming 36% of our FY09 estimate and 33% of consensus. Gross, operating and net margins remained stable at 56%, 19% and 13% respectively despite increased expenditure on advertising and promotional activities, research and development and capacity expansion. Revenue slipped 2% to S$223.7m as a result of S$26.3m in forex translation losses, mainly due to the decline in the Aussie and Kiwi dollars. Excluding the translation losses, revenues would have increased by 9%, demonstrating the effectiveness of the company's increased advertising and promotional activities. Sales of health supplements grew 9% yoy to S$145.9m, despite S$3.5m in translation losses, driven by Brand's Liquid supplements' key markets in Thailand, Taiwan and Malaysia. Australasia local currency sales grew 7%, boosted by higher fresh coffee sales in Australia and tea, herbs and spices in New Zealand. Maintain FY09-11 EPS estimates. SOTP-derived target price lowered to S$5.25, from S$5.42, following the payment of the S$0.25/share dividend. Maintain Outperform.