Fufeng Group (HKG:0546) Research Report By RedFile Research
Fufeng Group (HKG:0546) (PINK:FFNGY) is pleased to release a research report conducted by RedFile Research.
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Food & Beverage
Fufeng Group (HKG:0546) New Plant Construction On Track
The Royal Bank of Scotland N.V. (LON:RBS) (NYSE:RBS) Hong Kong Branch is pleased to release Fufeng Group research report.
Fufeng Group Limited (HKG:0546) High Margin Products Will Become New Growth Driver, A China Merchants Securities (CMS)(SHA:600999) Research Report
Fufeng Group Limited (HKG:0546) (PINK:FFNGY) announced 2010 interim results. Sales up 45.4% yoy to RMB2.98Bn, profit attributable to equity holders up 30% yoy to RMB460Mn. EPS reached RMB0.32. The company proposed an interim-dividend of RMB0.11 per share. The Xanthan Gum segment reached 20% of total gross profit in 1H2010 and another high margin-product Threonine will become new growth driver in the future.
Fufeng Group Limited (HKG:0546) Announce an SWS Research Report - GPM Dropped Due To Rising Costs Of Raw Materials, 2010TP Cut to HK$8.48, Maintain BUY Rating
Fufeng Group Limited (HKG:0546) (PINK:FFNGY) announced its 1H10 results yesterday, and they came in slightly below our expectation. The revenue was RMB2.99B (45.4% YoY growth) which is slightly higher than our forecast of RMB2.98B. The basic EPS was RMB0.277 (30% YoY growth) which is slightly lower than our forecast of RMB0.287. The GMP was 24.8% (1H09:28.1%) which is lower than our forecast of 28%. The significant drop of GPM was due to the significant price increase of raw materials, particularly corn kernels.
Fufeng Group Limited (HKG:0546) In-line 1H10 With Net Profit Increased By 30%, A Piper Jaffray (NYSE:PJC) Research Report
Fufeng Group Limited (HKG:0546) (PINK:FFNGY) 1H10 net profit increased by 30% YoY to Rmb460mil, in line with our estimate. Profit margin was largely in line with our estimate, and a higher subsidy income has offset the impact of lower-than-expected fertilizer sales. Moreover, robust volume growth in core products (xanthan gum + 127%, MSG + 80%) have boosted our confidence in Fufeng's strategy in gaining market share. We reiterate OW and maintain our PT of HK$ 6.7 (7.5X FY11E EPS of HK$0.9) on an undemanding valuation of 6.2x FY11 P/E (27% discount to peers).
Fufeng Group (HKG:0546) Expansion Into Consumer Pack MSG, A Royal Bank of Scotland (RBS)(LON:RBS) Research Report
Fufeng Group Limited (HKG:0546) (PINK:FFNGY) earnings grew 30% yoy in 1H10 to Rmb460m, in line with both our forecasts and Bloomberg consensus. We have fine-tuned our earnings forecasts for FY10-12. Maintain Buy, HK$7.10 target price.
Australian Market Report of August 13, 2010
The Australian stock market is higher in morning trade, despite that Wall Street recorded falls for the third consecutive trading day.
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