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Piper Jaffray Companies

NYSE:PJC ISIN:US7240781002

Piper Jaffray Companies (NYSE:PJC) is a middle-market investment bank and institutional securities firm.



Fufeng Group Limited (HKG:0546) In-line 1H10 With Net Profit Increased By 30%, A Piper Jaffray (NYSE:PJC) Research Report

🕔8/18/2010 1:54:05 PM 4512

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).

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Fufeng Group (HKG:0546) Releases A Research Report - Average Selling Price Sustains Well At High Level

🕔5/13/2010 2:04:08 PM 7248

We (PiperJaffray - (NYSE:PJC)) reiterate our Overweight rating on Fufeng Group (HKG:0546) (PINK:FFNGY) after its release of 1Q10 operation updates. Thanks to healthy Average Selling Price (ASP) trends and capacity expansion, Fufeng's profit margin and revenue growth are on track to deliver our earnings estimates (+11%/30% in FY10E/11E). Fufeng further raised its ASP on April 10 to pass on the continuously rising corn cost. Our PT of HK$6.70 (9.4x FY10E) is still below the initial conversion price of the CB issued recently (HK$7.03).

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Fufeng Group (HKG:0546) Convertible Bond Conversion Price 20% Above Current Level

🕔5/13/2010 2:00:44 PM 7001

Fufeng Group (HKG:0546) (PINK:FFNGY) has announced it will issue Rmb-dominated convertible bonds (CBs) to raise Rmb 820mil-1bil. As the initial conversion price (HK$7.03) is below both of the current share price and our current PT of HK$6.7, there is no dilution impact on our modeled numbers at present. Our initial take on the CB issue is that it is slightly positive to the company's financials as it can lock the company's interest costs in face of a potential interest rate hike. We leave our model, rating and PT unchanged.

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ABN Newswire Stocks to Watch: February 11, 2010

🕔2/11/2010 11:00:23 AM 10935

ABN Newswire stocks to watch today include: Galaxy Resources Limited (ASX:GXY) (PINK:GALXF), Otto Energy Limited (ASX:OEL), Australian Bauxite Limited (ASX:ABZ), Coalspur Mines Limited (ASX:CPL) (PINK:CSPZF), Havilah Resources NL (ASX:HAV) and Fufeng (HKG:0546) (OTC:FFNGY).

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