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« Pacific Andes (1174 HK): Head to south - BUY (unchanged) | Main | China State Construction (3311HK): Ramping up China-BUY (unchanged) »
Wednesday
Aug192009

Fufeng (546HK): Intact picture-BUY (unchanged)

Key points: 

 

Ø 1H results broadly in line.

Ø Margin widened on lower raw materials costs.

Ø Cut price to expand xanthan gum market share in 2H.

Ø More capacity expansion in plan.

Ø Potential procure of corn from government to bring down cost.

Ø Forecasts penciled up.

Ø Target unchanged at HK$4.51.

Fufeng: Intact picture

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