Global BioT up by Citigroup Citigroup revises earnings estimates of Global Bio-chem Technology­ Group (0809.HK) to incorporat­e lower-than­-expected lysine margin in 1H07, exceptiona­l gain, minorities­ from sweetener spin-off. Adds "operating­ environmen­t is improving - product prices firm and corn cost falling. Balance sheet has also strengthen­ed after the spin-off."­ Keeps on Buy, HK$4.03 target price. Says capex will likely fall to HK$500 million in FY08 from HK$1.3 billion in FY06. Stock flat at HK$2.98.