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« Pacific Andes (1174 HK, HK$1.53): South Pacific expansion going well | Main | RCG Holdings Ltd. (802 HK): RFID/biometrics leader in China and Asia- BUY (int. coverage) »
Wednesday
Nov042009

Fufeng (546 HK): light of market equilibrium -BUY (unchanged)

 

Key points:

- 250,000 tonne corn procurement from government approved

     with potential gain of RMB57.5m in 4Q.

- Surphuric acid, ammonia and coal cost dropped in 3Q.

- MSG price driven by corn price.

- Earnings estimates penciled up 22.1% for FY12/09F.

- New target at HK$4.86.

- Fair value at HK$5.74 under new market-equilibrium scenario.

Fufeng: light of market equilibrium

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Reader Comments (1)

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February 25, 2010 | Unregistered Commentermake money trading

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