0938 GMT - Nongfu Spring's tea supply chain is likely to be its key competitive advantage, as the beverage maker is already the biggest beneficiary of China's shift toward low- and no-sugar drinks, Bernstein analysts say in a note. The company is China's most profitable soft-drink operator and has the highest earnings before interest and taxes margin for the ready-to-drink segment among its major peers. "These attractive margins are underpinned by the company's focus on competing in concentrated markets with differentiated product offerings that target low/no sugar consumer needs," they write. Bernstein has an outperform rating on the stock and a target price of 54.00 Hong Kong dollars. Shares closed at HK$41.80.