Wednesday
Aug192009
Fufeng (546HK): Intact picture-BUY (unchanged)
Wednesday, August 19, 2009 at 9:37AM 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.

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