Fufeng Group (
HKG:0546) is the world's largest producer of MSG, xanthan gum and a major supplier for a series of bio-fermentation products. The main products of the Group are food additives, animal nutrition, colloid and high-end amino acids. In fiscal 2016, Fufeng generated sales of approximately RMB11.2 billion and profit attributable to shareholders of about RMB1.09 billion. For more information, please visit our website www.fufeng-group.com
Fufeng Group Limited (HKG:0546) (PINK:FFNGY), a leading corn-based biochemical products manufacturer in China, today announces its unaudited interim results for the six months ended 30 June 2011.
Fufeng Group (HKG:0546) (PINK:FFNGY), the largest manufacturer and supplier of MSG in China and the largest manufacturer of xanthan gum in the world, today announces its annual results for the year ended 31 December 2010. The Group's revenue in 2010 was approximately RMB 6,416 million, representing an increase of approximately RMB 1,783 million or 38.5% as compared with that of 2009.
Fufeng Group (HKG:0546) (PINK:FFNGY) is pleased to release a research report conducted by RedFile Research.
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) (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) (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) (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 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.
Fufeng Group (HKG:0546) (PINK:FFNGY) releases research report produced by Kim Eng Securities (BAK:KEST).
Fufeng Group (HKG:0546) Research Report Conducted By Royal Bank of Scotland (RBS) (NYSE:RBS). Fufeng is China's largest glutamic acid and second-largest MSG producer. We forecast an earnings CAGR of 20% for FY10-12, driven by capacity expansion and increasing cost savings. We initiate with a Buy rating and a HK$7.10 target price.
