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« Fuji Catering (1175 HK, HK$7.60) – Trading suspended due to delay in results announcement | Main | Fufeng (546 HK, HK$2.90) – Encouraging signals for margin expansion »
Wednesday
Jul222009

Fufeng (546HK): More margin gain on technical upgrade-BUY (unchanged)

DateWednesday, July 22, 2009 at 9:25AM

 

Key points:

- Technical upgrade to reduce coal procurement cost by 30-50%.

- Gross margin anticipated to widen 7pcp to 25.0% in FY12/09F.

- Higher long-term market share based on strengthening cost advantage.

- New round of capacity expansion industry-wide is likely.More aggressive xanthan gum pricing in 2H to obtain market share.

- New target at HK$4.51.

 

Fufeng: More margin gain on technical upgrade

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