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That was a brilliant analysis.
Recommendation for CAAS: Strong sell.
The stock surge of CAAS has been established on the expectation that the company will go private. While to my research, the expectation is highly likely to fall through and I recommend to short.
CAAS announced in May that its Board of Directors received a preliminary non-binding proposal letter from its Chairman, Mr. Hanlin Chen, to acquire all the outstanding shares of common stock of the company not already beneficially owned by Mr. Chen for US$5.45 per share in cash. The offer was revised in August that the deal would be completed through a company owned by Mr. Chen and his wife with target price being the same. One thing about the non-binding proposal is the huge uncertainty to close the deal as the due diligence process can reveal additional information about the company; the other thing for non-binding offer is the funding plan that sellers usually outline to prove the transaction can be completed. In this case, Mr. Chen would pay $75.2million in cash to complete the deal while nothing was mentioned in the offer about the financing issue. Assuming Mr. Chen has sufficient cash, the escalated capital regulation in China has made it almost impossible to exchange RMB to USD to reacquire the shares. There were already several well-known investigations by the Chinese government into multinational companies who have been active in oversea M&A deals this year. It is said CSRC (China Securities Regulatory Commission) isn’t supportive of “go-private” and we are all aware political risk can affect Chinese companies more than others.
The analysis above was based on the assumption that Mr. Hanlin Chen has enough cash for the transaction, but does he really have?
Surprisingly, besides CAAS, Mr. Hanlin Chen has been involving in the management of 31 other companies, and even plays a key role in most of them. For example, Mr. Chen is the legal representative for Shanghai Hongxi Investment & Development Co.,Ltd, Shiyan Jiulong Automobile Spare Part Co.,Ltd, Xiamen Qiaolong Industry & Trade Development Limited Company, Hubei Henglong Automotive System Group Co., Ltd. and etc. I’m wondering how Mr. Chen deals with conflicts of interest when some of his other companies are also in the automobile industry, and how Mr. Chen divides his effort when his other companies are so diversified in industries like investment, materials, real estate, petit credit, microchips manufacture. Also, even CAAS has been profitable, the company never issued dividends to its investors, so where did Mr. Chen get the money for his business investment empire? Is it possible CAAS’s asset has been moved to his own pocket? If it is true, what about the interests of others investors of CAAS?
Looking deeper into his companies, something more interesting showed up. Jingzhou Henglong Real Estate Co., Ltd, of which Mr. Chen is the largest shareholder with 26% of the shares, has experienced serious cash flow problems. The company invested 4billion RMB in a residential development project called Henglong Four Seasons and hasn’t finished the construction on time because of financing issues. The company was sued by the condo buyers and was required by the court to deliver the condo within three months and pay the compensation fee with interest loss, or the contracts will be invalid. It’s hard to imagine how Mr. Chen has cash to buy CAAS when another firm of his is so desperate for money to deliver the project.
The financial reports revealed the cash and cash equivalents of CAAS decreased by 30% from 2015 to 2016. The investing cash flow increased by 62.5% from 2015 to 2016 and the pace continued in 2017. Besides CAAS dramatically increased its bank and government loan in 2017, which is 5 times as last year according to the quarterly report. Where is all the money going? Wish it’s not Mr. Chen’s own pocket.
To conclude, Mr. Chen’s non-binding proposal couldn’t show enough sincerity to complete the deal. Combining the evidence of his other firms, it’s probably just a gimmick to boost the stock price to cash out for himself.
Get in early on this because in two weeks when they announce earnings they could beat earnings and the price will Skyrocket
broke out of a high-tight flag on rising volime
i see $12-$18 in the works here! wooo hooo run like the wind baby
why is this board is quiet... this stock is so predictable it was overdue for its moon shoot!
News for 'CAAS' - (China Automotive Systems Has Returned 43.1% Since SmarTrend Recommendation (CAAS))
Jul 15, 2013 (SmarTrend(R) Spotlight via COMTEX) -- SmarTrend identified an
Uptrend for China Automotive Systems (NASDAQ:CAAS) on May 1st, 2013 at $4.80. In
approximately 3 months, China Automotive Systems has returned 43.13% as of
today's recent price of $6.87.
In the past 52 weeks, shares of China Automotive Systems have traded between a
low of $3.51 and a high of $8.13 and are now at $6.87, which is 96% above that
low price. In the last five trading sessions, the 50-day moving average (MA) has
climbed 4.9% while the 200-day MA has risen 1.5%.
China Automotive Systems, Inc. manufactures power steering systems and other
related products for different segments of the automobile industry in China. The
Company focuses on parts, accessories, and new technologies. China Automotive is
also targeting customers in North America, the Asia-Pacific countries, and the
Middle East.
SmarTrend will continue to scan these moving averages and a number of other
short interests' are doing everything "imaginable"
to "suppress and stifle" the optimism, for this drug.
be patient. it will get the "credit" it is due. i am not
purchasing anymore at these prices, but i am
going to hold what i do have.
Up 10% 2nd day in a row. 8 now. Lets hope Ben at 2pm don't kill it
Quite the move today looking extended up here IMO
Any news? Up 12% today. Broke 7. Can I get 8?
IN CONGRESS, JULY 4, 1776
The unanimous Declaration of the thirteen united States of America
When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security. — Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States.
Hope y’all have a safe and happy 4th of July.
China Automotive Systems Reports First-Quarter Record Net Sales and Higher Net Income
WUHAN, China, May 14, 2013 /PRNewswire-FirstCall/ -- China Automotive Systems, Inc. ("CAAS" or the "Company") (CAAS), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the first quarter ended March 31, 2013.
First Quarter 2013 Highlights
•Net sales increased by 20.1% to a first-quarter record of $97.2 million, compared to $80.9 million in the first quarter of 2012.
•Gross profit increased by 26.0% to $19.4 million, compared to $15.4 million in the first quarter of 2012; gross margin was 20.0%, compared to 19.0% in the first quarter of 2012.
•Income from operations increased by 47.6% to $9.3 million, compared to $6.3 million in the first quarter of 2012, and the operating margin was 9.6%, compared to 7.8% in the first quarter of 2012.
•Net income attributable to parent company's common shareholders was $5.9 million, or diluted earnings per share of $0.21, compared to the net loss attributable to parent company's common shareholders of $0.8 million, or diluted loss per share of $0.03, in the first quarter of 2012.
•Cash and cash equivalents were an all-time high of $90.4 million at March 31, 2013, an increase from $87.6 million at December 31, 2012.
Mr. Qizhou Wu, chief executive officer of CAAS, commented, "In the first quarter of 2013, we achieved record net sales for any first quarter in our history and increased our market share as our sales growth rate reached 20.1%, compared to the 13.2% growth rate of the China automotive market for such period as reported by the China Association of Automobile Manufacturers (CAAM). We sold more high-quality steering systems to our large Chinese customer base in China, including to our new Sino-foreign joint venture customer, SAIC-GM-Wuling ("SGMW"), who has entered into a significant purchase agreement with us recently, and we shipped more of our advanced electric power steering systems to domestic customers. Our leading market share in China increased as our close relationships with many local OEMs resulted in our becoming their preferred supplier for safety-related steering systems. Our first quarter sales were also lifted by strong exports to an OEM customer in North America. With our product portfolio, we have positioned ourselves to benefit from the vehicle growth in the world's two largest automotive markets, China and the United States."
Mr. Jie Li, chief financial officer of CAAS, commented, "Our cash and cash equivalents reached an all-time high of $90.4 million at March 31, 2013, and we believe we will continue to generate cash internally over time. We will use our financial strength to create advanced products to sustain our market leadership in China and create a growing presence in international markets."
First Quarter of 2013
In the first quarter of 2013, net sales increased by 20.1% to a first-quarter record of $97.2 million, compared to $80.9 million in the same quarter of 2012. The net sales increase was mainly due to significant sales to SGMW and an increase in sales to Brilliance Auto, an increase in automotive vehicle sales in China, the sales of new products to a customer in North America, and the appreciation of the Renminbi ("RMB") versus the U.S. dollar, which were partially offset by the lower average selling prices of the products sold in China.
Gross profit increased by 26.0% to $19.4 million in the first quarter of 2013, compared to $15.4 million in the first quarter of 2012. The gross margin was 20.0% in the first quarter of 2013, versus 19.0% in the first quarter of 2012. The increase in gross profit and margin was primarily due to greater sales volume, and lower unit cost mainly as a result of reduced raw material expenses and technical improvements to enhance production efficiency.
Selling expenses rose by 45.5% to $3.2 million in the first quarter of 2013, compared to $2.2 million in the first quarter of 2012. Selling expenses represented 3.3% of net sales in the first quarter of 2013, compared to 2.7% in the first quarter of 2012. The increase was mainly due to higher compensation and transportation expenses due to an increase in the number of sales personnel.
General and administrative expenses ("G&A expenses") increased by 20.6% to $4.1 million in the first quarter of 2013, compared to $3.4 million in the same quarter of 2012. The increase was mainly due to higher attorney expenses. G&A expenses represented 4.2% of net sales in the first quarter of 2013 and in the first quarter of 2012.
Research and development expenses ("R&D expenses") decreased by 5.6% to $3.4 million in the first quarter of 2013, compared to $3.6 million in the first quarter of 2012. The decrease in R&D expenses was mainly due to lower personnel-related expenses and reduced external support fees. R&D expenses represented 3.5% of net sales in the first quarter of 2012, which was a decrease from 4.4% in the first quarter of 2012.
Income from operations increased by 47.6% to $9.3 million in the first quarter of 2013, compared to $6.3 million in the same quarter of 2012. As a percentage of net sales, the operating margin was 9.6% in the first quarter of 2013, compared to 7.8% in the first quarter of 2012. The increase was mainly due to the $4.0 million rise in gross profit and stringent control of operating costs in the first quarter of 2013.
Net financial expenses decreased by 77.8% to $0.2 million in the first quarter of 2013, compared to $0.9 million in the first quarter of 2012. This reduction was primarily due to a decrease in the interest expenses as a result of the redemption of the remaining convertible notes by the Company on May 25, 2012.
There was no gain or loss on change in fair value of derivative in the first quarter of 2013 as all the convertible notes had been redeemed by the second quarter of 2012, compared to a non-cash loss of $3.9 million in the first quarter of 2012 due to movements in the Company's stock prices during such quarter.
Income before income tax expenses and equity in earnings of affiliated companies was $9.2 million in the first quarter of 2013, compared to $1.6 million in the first quarter of 2012. The increase in income before income tax expenses and equity in earnings of affiliated companies in the first quarter of 2013 was mainly due to an increase in operating income of $3.0 million, a decrease in financial expenses of $0.7 million, and a decrease in the loss in fair value of derivatives of $3.9 million in the first quarter of 2012, while there was no such loss in the first quarter of 2013.
Net income attributable to parent company's common shareholders was $5.9 million in the first quarter of 2013, compared to net loss attributable to parent company's common shareholders of $0.8 million, including net income of $0.03 million from discontinued operations, in the corresponding quarter of 2012. Diluted earnings per share were $0.21 in the first quarter of 2013, compared to diluted loss per share of $0.03 in the first quarter of 2012. The weighted average number of diluted common shares outstanding was 28,050,937 in the first quarter of 2013, compared to 28,260,302 in the first quarter of 2012.
As of March 31, 2013, total cash and cash equivalents were $90.4 million, compared to $87.6 million as of December 31, 2012. Working capital was $144.5 million as of March 31, 2013, compared to $138.7 million as of December 31, 2012.
Business Outlook
Management reiterates its revenue guidance of 10% year-over-year growth in the full year 2013. This target is based on the Company's current views on operating and market conditions, which are subject to change.
Conference Call
Management will conduct a conference call on May 14th at 8:00 A.M. EDT / 8:00 P.M. Beijing Time to discuss these results. A question and answer session will follow management's presentation. To participate, please call the following numbers 10 minutes before the call start time and ask to be connected to the "China Automotive Systems" conference call:
Phone Number:
+1-877-407-8031 (North America)
Phone Number:
+1-201-689-8031 (International)
In addition, the conference call will be broadcast live over the Internet at http://www.caasauto.com. Please go to the web site at least 15 minutes early to register, download and install any necessary software.
A telephone replay of the call will be available after the conclusion of the conference call through 11:59 P.M. EDT on June 14, 2013. The dial-in details for the replay are:
U.S. Toll Free Number:
+1-877-660-6853
International dial-in number:
+1-201-612-7415
Use Conference ID "413624" to access the replay.
About China Automotive Systems, Inc.
Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through ten Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 4.0 million sets, steering columns, steering oil pumps and steering hoses. Its customer base is comprised of leading Chinese auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd., Chery Automobile Co., Ltd., and Chrysler North America. For more information, please visit: http://www.caasauto.com
Forward Looking Statements
This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company's review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Form 10-K annual report filed with the Securities and Exchange Commission on March 27, 2013, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
For further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
Email: jieli@chl.com.cn
Kevin Theiss
Investor Relations
Grayling
Tel: +1-646-284-9409
Email: kevin.theiss@grayling.com
China Automotive Systems, Inc. and Subsidiaries
Condensed Unaudited Consolidated Balance Sheets
(In thousands of USD unless otherwise indicated)
March 31, 2013
December 31, 2012
ASSETS
Current assets:
Cash and cash equivalents
$
90,352
$
87,649
Pledged cash deposits
26,230
26,481
Accounts and notes receivable, net - unrelated parties
230,493
211,306
Accounts and notes receivable, net - related parties
15,120
12,286
Advance payments and others - unrelated parties
4,774
3,127
Advance payments and others - related parties
672
779
Inventories
45,270
43,542
Current deferred tax assets
3,600
4,392
Total current assets
416,511
389,562
Non-current assets:
Property, plant and equipment, net
81,168
81,691
Intangible assets, net
695
676
Other receivables, net - unrelated parties
1,002
849
Other receivables, net - related parties
80
107
Advance payment for property, plant and equipment - unrelated parties
1,330
1,001
Advance payment for property, plant and equipment - related parties
3,808
4,162
Long-term investments
3,733
3,665
Non-current deferred tax assets
4,206
4,112
Total assets
$
512,533
$
485,825
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Bank and government loans
$
46,934
$
40,284
Accounts and notes payable - unrelated parties
176,476
166,380
Accounts and notes payable - related parties
4,864
4,521
Customer deposits
903
870
Accrued payroll and related costs
5,675
5,472
Accrued expenses and other payables
24,022
23,063
Accrued pension costs
4,177
4,255
Taxes payable
5,989
5,593
Amounts due to shareholders/directors
293
332
Deferred tax liabilities
63
46
Advances payable
2,600
-
Total current liabilities
271,996
250,816
Long-term liabilities:
Advances payable
-
2,609
Total liabilities
271,996
253,425
Commitments and Contingencies
Stockholders' equity-
Common stock, $0.0001 par value - Authorized - 80,000,000 shares; Issued– 28,260,302 and 28,260,302 shares at March 31, 2013 and December 31, 2012, respectively
3
3
Additional paid-in capital
39,371
39,371
Retained earnings-
Appropriated
9,953
9,953
Unappropriated
125,269
119,329
Accumulated other comprehensive income
26,406
25,898
Treasury stock - 217,283 and 217,283 shares at March 31, 2013 and December 31, 2012, respectively
(1,000)
(1,000)
Total parent company stockholders' equity
200,002
193,554
Non-controlling interests
40,535
38,846
Total stockholders' equity
240,537
232,400
Total liabilities and stockholders' equity
$
512,533
$
485,825
The condensed consolidated balance sheet of the Company as of December 31, 2012 has been adjusted to reflect the discontinued business of Zhejiang Henglong & Vie Pump-Manu Co., Ltd. ("Zhejiang business"), the Company's 51% equity interest in which was disposed of in May 2012.
China Automotive Systems, Inc. and Subsidiaries
Condensed Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss)
(In thousands of USD unless otherwise indicated)
Three Months Ended March 31,
2013
2012
Net product sales
Unrelated parties
$
89,021
$
73,027
Related parties
8,143
7,893
97,164
80,920
Cost of product sold
Unrelated parties
71,137
59,363
Related parties
6,665
6,179
77,802
65,542
Gross profit
19,362
15,378
Gain on other sales
674
112
Less: Operating expenses
Selling expenses
3,164
2,180
General and administrative expenses
4,126
3,382
Research and development expenses
3,400
3,592
Total operating expenses
10,690
9,154
Income from operations
9,346
6,336
Other income, net
70
72
Financial expenses, net
(201)
(912)
Gain on change in fair value of derivative
-
(3,861)
Income before income tax expenses and equity in earnings of affiliated companies
9,215
1,635
Less: Income taxes
1,747
1,461
Equity in earnings of affiliated companies
58
80
Income from continuing operations
7,526
254
Discontinued operations - net of income tax
-
31
Net income
7,526
285
Net income attributable to non-controlling interests
1,586
1,054
Net income (loss) attributable to parent company's common shareholders
$
5,940
$
(769)
Comprehensive income:
Income from continuing operations
$
7,526
$
254
Income from discontinued operations
-
31
Net income
7,526
285
Other comprehensive income:
Foreign currency translation gain, net of tax - continuing operations
612
481
Foreign currency translation gain, net of tax - discontinued operations
-
21
Foreign currency translation gain, net of tax
612
502
Comprehensive income - continuing operations
8,138
735
Comprehensive income - discontinued operations
-
52
Comprehensive income
8,138
787
Comprehensive income attributable to non-controlling interests
1,689
1,099
Comprehensive income attributable to parent company
$
6,449
$
(312)
Net income (loss) attributable to parent company's common shareholders per share
Basic -
Income (loss) from continuing operations attributable to shareholders
$
0.21
$
(0.03)
Income (loss) per share from discontinued operations
-
-
Basic
$
0.21
$
(0.03)
Diluted-
Income (loss) from continuing operations attributable to shareholders
$
0.21
$
(0.03)
Income (loss) per share from discontinued operations
-
-
Diluted
$
0.21
$
(0.03)
Weighted average number of common shares outstanding
Basic
28,043,019
28,260,302
Diluted
28,050,937
28,260,302
The condensed unaudited consolidated statement of operations and comprehensive income of the Company for the three months ended March 31, 2012 has been adjusted to reflect the discontinued Zhejiang business, the Company's 51% equity interest in which was disposed of in May 2012.
China Automotive Systems, Inc. and Subsidiaries
Condensed Unaudited Consolidated Statements of Cash Flows
(In thousands of USD unless otherwise indicated)
Three Months Ended March 31,
2013
2012
Cash flows from operating activities:
Net income
$
7,526
$
285
Adjustments to reconcile net income from operations to net cash provided by (used in) operating activities:
Depreciation and amortization
3,468
3,507
Increase (decrease) in allowance for doubtful accounts
(95)
69
Inventory write downs
224
117
Deferred income taxes
738
119
Equity in earnings of affiliated companies
(58)
(80)
Loss on change in fair value of derivative
-
3,861
Amortization of debt issue cost
38
-
Loss (gain) on fixed assets disposals
(165)
2
Changes in operating assets and liabilities:
(Increase) decrease in:
Pledged deposits
321
(122)
Accounts and notes receivable
(21,381)
1,610
Advance payments and others
(1,529)
902
Inventories
(1839)
(6,746)
Increase (decrease) in:
Accounts and notes payable
9,985
954
Customer deposits
32
(567)
Accrued payroll and related costs
189
(399)
Accrued expenses and other payables
900
1,696
Accrued pension costs
(89)
229
Taxes payable
382
2,447
Advances payable
(16)
634
Net cash provided by (used in) operating activities
(1,369)
8,518
Cash flows from investing activities:
Increase in other receivables
(122)
(600)
Proceeds from disposal of equipment
405
101
Payments to acquire property, plant and equipment
(2,843)
(1,992)
Payments to acquire intangible assets
(60)
(4)
Net cash used in investing activities
(2,620)
(2,495)
Cash flows from financing activities:
Proceeds from government and bank loan
8,101
1,589
Repayments of bank loan
(1,595)
-
Dividends paid to the non-controlling interests
-
(796)
Increase (decrease) in amounts due to shareholders/directors
(40)
1
Net cash provided by financing activities
6,466
794
Effects of exchange rate on cash and cash equivalents
226
75
Net increase in cash and cash equivalents
2,703
6,892
Cash and cash equivalents at beginning of period
87,649
72,960
Cash and cash equivalents at end of period
$
90,352
$
79,852
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Three Months Ended
March 31,
2013
2012
Cash paid for interest
$
374
$
789
Cash paid for income taxes
$
1,263
$
552
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Three Months Ended
March 31,
2013
2012
Advance payments for acquiring property, plant and
equipment
$
5,138
$
5,960
Dividends payable to non-controlling interests
$
163
$
807
breaks 5.08 resistance :)
5-6-2013 market edge second opinion upgraded from avoid to long/buy
~ Friday! $CAAS ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $CAAS ~ Earnings expected on Friday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=CAAS&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=CAAS&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=CAAS
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=CAAS#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=CAAS+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=CAAS
Finviz: http://finviz.com/quote.ashx?t=CAAS
~ BusyStock: http://busystock.com/i.php?s=CAAS&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=CAAS >>>>>>
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
I'm in. We have to realize its potential.
China Automotive Systems has the Highest Upside Potential in the Auto Parts & Equipment Industry (CAAS, SORL, WATG, XIDE, BLDP)
3 days 4 hours 42 minutes ago - Comtex SmarTrend(R) via Comtex
Comtex SmarTrend(R)
Below are the top five companies in the Auto Parts & Equipment industry as measured by the potential gains between the current stock price and the projected average analyst target.
China Automotive Systems (NASDAQ:CAAS) has a potential upside of 116.8% based on a current price of $7.15 and an average consensus analyst price target of $15.5.
SORL Auto Parts (NASDAQ:SORL) has a potential upside of 116.3% based on a current price of $5.01 and an average consensus analyst price target of $10.84.
Wonder Auto Technology (NASDAQ:WATG) has a potential upside of 107.6% based on a current price of $5.42 and an average consensus analyst price target of $11.25.
Exide Technologies (NASDAQ:XIDE) has a potential upside of 52.1% based on a current price of $9.86 and an average consensus analyst price target of $15.
Ballard Power Systems (NASDAQ:BLDP) has a potential upside of 51.4% based on a current price of $1.75 and an average consensus analyst price target of $2.65.
SmarTrend currently has shares of Ballard Power Systems in an Downtrend and issued the Downtrend alert on April 18, 2011 at $2.06. The stock has fallen 15% since the Downtrend alert was issued.
Write to Chip Brian at cbrian@mysmartrend.com
China Automotive Systems: New 52-Week Low Set Today (CAAS)
2 days 19 hours 29 minutes ago - F71 via Comtex
Financial News NetwFork Online - 52-week High-Lows
China Automotive Systems (NASDAQ:CAAS) traded at $6.30 today, breaking its 52-week low. So far today approximately 456,000 shares have been exchanged, as compared to an average 30-day volume of 201,000 shares.
In the past 52 weeks, shares of China Automotive Systems have traded between the current low of $6.30 and a high of $21.49 and are now at $6.39. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.71% while the 200-day MA has slid 0.72%.
China Automotive Systems, Inc. manufactures power steering systems and other related products for different segments of the automobile industry in China. The Company focuses on parts, accessories, and new technologies. China Automotive is also targeting customers in North America, the Asia-Pacific countries, and the Middle East.
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China Automotive Systems, Inc. (China Automotive) is a holding company and has no significant business operations or assets other than its interest in Great Genesis Holdings Limited (Genesis). Through Genesis, the Company manufactures power steering systems and other component parts for automobiles. All operations are conducted through eight Sino-foreign joint ventures in China and a wholly owned subsidiary in the United States. The Company has business relations with more than 60 vehicle manufacturers, including FAW Group and Dongfeng Auto Group, automobile manufacturers in China; Shenyang Brilliance Jinbei Co., Ltd., light vehicle manufacturer in China; Chery Automobile Co., Ltd, state-owned car manufacturer in China, and Xi'an BYD Auto Co., Ltd and Zhejiang Geely Automobile Co., Ltd., car manufacturers.
Still holding at 27 mil o/s
Great recent update with more expansion. This has to be the quietest opportunity around.
CAAS -- looks like 200 MA is next. RSI/STO watchlisted.
Last Price (USD) $3.35
Change +0.18 (5.68%) keep moving little guy
China Automotive Systems Expects Record Production at Two Subsidiaries
Lets see a bounce first!
I really like this one.....
China Automotive Systems Sold 1.3 Million Power Steering Units in 2008
Come on little buddy
Institutions are buying and holding!!!!!!!!!
http://www.mffais.com/caas.html
MM's were holding tight on the ask with only a penny fluctuation
Good stuff!!
Last Price (USD) $ 3.13
Change +.14 (4.68%)
Had to grab some shares on this current lift
Snapshot:
China Automotive Systems Hosts Ceremony for First Shipment to Dongfeng Peugeot Citroen
WUHAN, Hubei, China, Dec. 8 /PRNewswire-Asia-FirstCall/ -- China Automotive Systems, Inc. (NASDAQ:CAAS), a leading power steering components and systems supplier in China, today announced that its subsidiary, Jingzhou Henglong Automotive Parts Co. ("Henglong"), conducted a ceremony to celebrate the first shipment of its power steering gears to the Dongfeng Peugeot Citroen Automobile Company Ltd. ("DPCA") for use in DPCA-manufactured cars.
In addition to Mr. Hanlin Chen, Chairman of CAAS and other senior management of the Company, the Mayor of Jingzhou City, where Henglong is based, the Purchasing Director of DPCA, an officer of PSA Global Procurement in Shanghai, and French automotive engineers attended the ribbon-cutting ceremony. Following the ceremony, all guests visited the production plant, testing center and R & D facility.
Mr. Hanlin Chen, Chairman, stated, "This first shipment represents a milestone in our drive to become a leading supplier of power steering systems and gears to the world's automotive leaders. Following our successes with DPCA, we also received our first purchase order with a global automotive manufacturer headquartered in North America."
"Our advanced power steering gears being shipped to DPCA are replacing products currently being imported into China. Our gears and systems have achieved global quality standards for these critical safety-related products, and we have a cost advantage which will benefit DPCA by using our products," Mr. Chen concluded.
The Purchasing Manager of DPCA and officers from PSA Global Procurement congratulated Henglong for meeting the stringent global quality standards which led to winning the DPCA contract. They also stated they look forward to continuing to work closely with CAAS as it is on its way to becoming a supplier to PSA Global in the future.
Henglong's manager reviewed how the company started development of three new power steering gears for DPCA in 2005. These three models were designed for the Peugeot 206, Elysee R23 and Picasso N68. Subsequently, all models passed the French UTAC safety test, road tests and inspections. In 2008, Henglong won commercial supply contracts for the Peugeot 206 and Elysee R23, and is continuing to work on orders for the Picasso N68 model.
About Dongfeng Peugeot Citroen Automobile Co. Ltd.
Dongfeng Peugeot Citroen Automobile Company Limited, established in 1992, is a joint venture between Dongfeng Motor Corporation and French automaker, PSA Peugeot Citroen. Headquartered in Wuhan, Hubei, DPCA is now the one of the largest automobile manufacturers in China. In 2007, the Company's sales volume had reached 207,000 passenger cars. The Company announced the plan to increase production capacity after construction of the second plant in Wuhan. For more information, please visit http://www.dpca.com.cn/ .
About CAAS
Based in Hubei Province, People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through seven Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers 4 separate series of power steering and 307 models of power steering with an annual production capacity of 1.1 million sets, steering columns, steering oil pumps and steering hoses. Its customer base is comprised of leading Chinese auto manufacturers such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., Brilliance China Automotive Holdings Ltd., Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd., etc. For more information, please visit: http://www.caasauto.com/
Outstanding 27.0 M Float 6.5 M
Short Interest 0.1 M (12/2/2008) Short Int. Ratio 2.6 (1.4% of float)
Insider Holdings 76.1% (11/2008)
Bought 3 months 62,100 Sold 3 months 0
Institutional Holdings 2.8% (11/2008)
Total Holdings 0.8M held by 18 institutions
Bought last month 0.1 M Sold last month 0.1 M
Waiting for it to come down a little more. Good insider holdings at a time when Autoparts may stay localized in China.....
We'll see
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The Company is a supplier of automotive parts and most of its operations are located in China. An increase or decrease in the output and sales of Chinese vehicles could result in an increase or decrease of the Company’s results of operations. Its product offering encompasses a full range of auto parts incorporated into steering systems for both passenger automobiles and commercial vehicles. It currently offers four separate series, 300+ models of power steering including rack and pinion power steering, integral power steering, electronic power steering and manual steering, steering columns, steering oil pumps and steering hoses.
China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through eight Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 5.0 million sets of steering gears, columns and steering hoses.
Our customer base is comprised of leading auto manufacturers, such as China FAW Group, Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, Ford Motor Company, and Fiat Chrysler LLC in North America.
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