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I miss read your post last time. I suspect it may be ready to head back to $3 soon. All it needs is the right news, from the looks of the last week.
LOL, I think you got the wrong price / stock post, mixed up there.
We had real good news this week!!!
http://ih.advfn.com/p.php?pid=nmona&article=44326610&symbol=N^CBAK
China BAK Awarded a New Contract to Supply High-Power Batteries to Chery Automobile
If this is li-ion batteries to a car company, this HUGE news!!!!! I think Li-ion is all CBAK makes!!!!
China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that the Company's Tianjin facility was awarded a new contract by Chery Automobile
Co., Ltd. ("Chery"), one of the largest automobile manufacturers in China, to supply high-power batteries used in manufacturing electric cars.
As per the contract, China BAK will supply 110 units of lithium-ion power batteries, which will be used by Chery to manufacture electric cars in its December quarter. China BAK will deliver these batteries to Chery in December 2010. This is a repeat order and there is a potential that it will lead to a large scale supply contract.
"We are excited to have the opportunity to work with Chery to deliver world-class electric cars. Our cooperation with Chery is a new milestone in our expansion into the high-technology electric vehicles segment. It demonstrates the high quality of our products and the strong commitment of our team," commented Mr. Xiangqian Li, CEO of China BAK, "With the continual government support and policies, we believe electric vehicles have significant growth potential in China and we are well-positioned to optimally harness this opportunity."
About Chery Automobile Company, Ltd.
Chery Automobile Co., Ltd. manufactures, markets, and exports passenger vehicles in China. It offers cars, SUVs and MPVs, and SPVs. It also provides engines, transmissions, and other components. Chery Automobile Co., Ltd. was formerly known as Anhui Chery Automobile Co., Ltd. The company was founded in 1997 and is headquartered in Wuhu, China with operations in Asia, the Middle East, Africa, North America, South America, and Australia. At present, Chery possesses a full set of production and R&D units, such as Car Factories, Engine Factories, Transmission Factory, Automotive Engineering and Research Institute, Planning & Design Institute and Testing Technology Center. For more information, please visit http://www.cheryinternational.com .
About China BAK Battery Inc.
China BAK Battery, Inc. (NASDAQ: CBAK) is a leading global manufacturer of lithium-based battery cells. The Company produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, notebook computers and portable consumer electronics such as digital media devices, portable media players, portable audio players, portable gaming devices, and PDAs. China BAK Battery, Inc.'s production facilities, located in Shenzhen and Tianjin, PRC, cover over three million square feet and have been recently expanded to support the production of larger batteries for various types of vehicles. For more information regarding China BAK Battery, Inc., please visit http://www.bak.com.cn .
Safe Harbor Statement
This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All "forward-looking statements" relating to the business of China BAK Battery, Inc. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. These factors include but are not limited to: risks related to China BAK's business and risks related to operating in China. Please refer to China BAK's Annual Report on Form 10-K for the fiscal year ended September 30, 2009, as well as China BAK's Quarterly Reports on Form 10- Q that have been filed since the date of such annual report, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. China BAK's actual results could differ materially from those contained in the forward-looking statements. China BAK undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
I just made a BUY of a good size amount Fri. I have had this one before , and it is now coming into the Up season for all types of Batterys , This stock IMO , is heading into the up turn to the North , It should climb back up at least 0.40 cents in the next two months , I will Be Buying More Soon . CBAK is a very good CHINA Co. JMO .
Earnings came out:
http://ih.advfn.com/p.php?pid=nmona&article=43785265&symbol=CBAK
Most of it looks pretty encouraging, and it looks like they cleaned up the books all at once (which shows up as a larger than expected loss this time, that is mostly a non cash loss, write down of obsoltete inventory, and price reductions to trim inventories, and plan on showing a profit next quarter, IMHO.
Now I know why the price has dropped 50% last 3 months other than just a market wide sell off, somebody knew this was coming?
Earnings alert! The come out at 9:30 am on Wednesday, July 28th.
http://ih.advfn.com/p.php?pid=nmona&article=43744363&symbol=CBAK
Just rereading my old notes here. This stock is selling off, so low, it is selling for way less than even stock holders equity per share, nearly half of stock holders equity.
I noticed John Peterson had a recent Alpha post on most similar battery stocks, and this one he had listed with negative working capitital, which I did not believe. Turns out CBAK lists most of their debt as short term, instead of long term, and working capital calculation favors long term debt over short term, but CBAK has more stock holders equity than short term debt, so I just do not see a problem. Also, they have been using short term debt for years now, instead of long term debt, probably because short term rates was cheaper in China than long term? GE did the same thing, until the liquidity crisis hit the USA.
When and if the current madness, and selling just because others are selling and driving prices down ends, I will be adding more, and I have been adding as the bargain got better. Still holding this pearl, and still adding as the bargain keeps getting better, as this one will be way back up before long, maybe even back over $3 by year end.
IMHO this is one of the best values out there right now!
I do not pretend to know where the bottom is on this or other battery stocks that all seem to be a death dive, in spite of what many see as a bright future. But this one is selling for way under book value, and I suspect it will return to show earnings soon, so I would watch closely for the bottom, as this one is way over sold. I am already long, and adding as I see this price as a bargain already. This is a growing company with growing revenues, strong R&D, and it has had profits before. Yahoo shows that earnings are due out today, I don't know if that is correct but I am on watch for earnings, since if they show a surprise profit, it should set a bottom, higher low than last year, on that news.
Typo/addition to my last post, current market cap is about $100 million, or about 5% of worldwide sales!!!! Near as I can tell their losses last 6 quarters have been nearly equal to capital investment costs and R&D investment costs, and in part due to the recession, but their sales revenue is climbing strong, so they may turn the quarter and show a profit this month or next quarter. Losses have been falling last 3 quarters.
Earnings coming out on July 28th according to a news bite.
CBAK to a 20% dump early today, and rallied to close up .02, about 1.5% up. I was already long and added during the bounce. My add was up .08/share or plus 6%. CBAK as near as I can tell is now oversold. It has a low share float, current market cap around
CBAK made a new 52 week low today at $1.35, but closed up at $1.52 on double the daily average volume. About 8% of the 66 million shares outstanding are short, And it has sales of about $2 billion US/year, in state of the art Li-ion batteries. CBAK reports earnings July 28. CBAK has gaps at $4 and $2.30
According to Fidelity CBAK is selling for 1/2 of book value now!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
CBAK's last quarter had a 24% increase in revenue over the same quarter in the prior year
Details on CBAK here, as well an interesting chart, I think today's candle is called a bullish HAMMER!
I was late to the crash party this morning, when someone shorted the stock and pushed it down 20%, but I did add shares at $1.44 before it turned green to close up and green, up .02, after a 10:30 am sell off that sent it down .13 cents share to a new 52 week low of $1.37. Volume was twice the daily average today!
WE had a huge volume spike Friday, about a 10X rise in volume!!!
And ended the day flat, but only after a nice day long rally.
This one could make a nice move up next week during MF end of quarter window dressing, and Friday may been the first signs.
I am still long.
I currently have 2000 shares, added 1500 the last 2 days. I haven't done as much research as I'd like but I have a friend who is an analyst and he believes this is rock bottom. Good buy IMO.
I doubled my share count today, bought, added more.
Two SEC filings today. One was quarterly which showed very nice numbers including a profit, and this new power point p[resentation:
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6946436
I am very close to adding here.
I'm out ..Tired of waiting and moved on ~~
I am still long here. Just read yesterdays quarterly financials:
http://eresearch.fidelity.com/eresearch/goto/evaluate/news/basicNewsStory.jhtml?symbols=CBAK&product=USPR____&provider=PR_NEWS_&storyid=201004261814PR_NEWS_USPR_____CNM020&hlinks=vnhl
While the chart is still bearish, This is a huge buy IMHO. If i did my number crunching right the book value, stock holders equity is about $2.60 or so a share, and it dropped like a rock this week to $1.99!!!! Look at the increase in sales, they actuall had operating profits again this quarter, a smaller net loss, most of the loss equaled the R&D expense, they have .50/share of cash in the bank, and so on. This is the most solid battery only, Li-ion battery company in the world (IMHO). And they say they will have net after all expenses profits the second half, starting with the current quarter, this year! I think speculators dumped it today, on a bad down market day, as they bought last week in hopes of a blow out quarterly profit this quarter, and sold the news on the worst possible day. If $2 holds, I will be adding here for the long haul.
GLTA
Could be, just have to acculate a little at a time ..;)
This is a shockingly quite board here, makes me wonder if this is not a more than I thought previously over looked stock?
I guess everyone overlooked the $1 million dollar high power china auto company order for bus battery news recently?
yeah i like the news today and the possible rumors swirling around. should be a nice gainer
This is looking good, been watching for months, one of the largest producers of lithium/ion batteries
rumors that CBAK and GOOG have something in the works. link below
http://www.tickerspy.com/newswire/?p=1264
Oil up above $71. today, so I'm thinking CBAK should finally start going up. Lets make some money.
Amended Current report filing (8-K/A)
Date : 10/21/2009 @ 4:37PM
Source : Edgar (US Regulatory)
Stock : (CBAK)
I'm in as of today.... chart looking pretty good looks like something is going on.
Anybody still around here?
No posts since Dec '07.
What's with that?
Great day today! This stock is on fire!
Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Financial
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
Effective November 30, 2007, the Board of Directors of China BAK Battery, Inc. (the "Company") amended Article VI of the Company's Bylaws to make the Company eligible to participate in the NASDAQ Stock Market's Direct Registration System. Effective January 1, 2008, companies listed on the NASDAQ Stock Market are required to be eligible to participate in the Direct Registration System administered by the Depository Trust Company. The Direct Registration System is a method of recording registered share ownership in book entry form without the need for physical paper certificates.
The text of the amended Article VI of the Company's By-Laws is attached to this report as Exhibit 3.
Estimated Market Cap
183,796,868.96 as of Dec 4, 2007
*
Outstanding Shares
48,882,146 as of Aug 16, 2006
*
Number of Share Holders of Record
148 as of Jan 31, 2006
CBAK is not a baking company. They are lithium battery supplier to all of China... and all their growing cell phone and laptop growth.
Expecting 49% growth in 4th quarter... see their 8k.
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0001144204-07-065046&Type=HTML
China BAK Battery, Inc., through its subsidiaries, engages in the manufacture, commercialization, and distribution of various standard and customized lithium ion (Li-ion) rechargeable batteries. The company manufactures six types of Li-ion rechargeable batteries: steel-case cell, aluminum-case cell, battery pack, cylindrical cell, polymer cell, and industrial battery. The company's products are used in cellular telephones, as well as for various other portable electronic applications, including high-power handset telephones, laptop computers, power tools, digital cameras, video camcorders, MP3 players, electric bicycles, hybrid/electric motors, and general industrial applications. China BAK Battery sells its products to packing plants operated by third parties in the People's Republic of China, the United States, and the Republic of Turkey. The company was founded in 2001 and is based in Shenzhen, the People's Republic of China.
Check this 8K... they expect 49% growth in the 4th quarter.
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0001144204-07-065046&Type=HTML
This ones holding great. In at 9.03 today for longer term.
Took a big fall today to $7.50
Easy money
Shorting opportunity
http://stockcharts.com/h-sc/ui?s=cbak
Should see a rebound here after yesterday's market sell-off
Traditionally, reverse splits are the kiss of death. Of course each case must be judged on its own merit. Good luck...I'll be watching...lol
Good points. Every stock has its potential blemishes. The directors say the r/s is aimed at getting the pps higher and increasing liquidity for shareholders, which doesn't seem like such a bad thing to me, though such a split may be deemed unecessary if the price continues to rise as it did yesterday. the spread is large but not for long in my opinion.
Nice find except for this minor detail...http://old.edgarpro.com/edgar_conv_html/2004/07/15/0001144204-04-010057.html#FIS_TOP_OF_DOCUMENT
Company only has 6.5 mil shares o\s of which 1.7 mil are held by Directors & Officers. They want to do a r\s between 1:2 & 1:25. WHY??? Oh yeah...and the huge spread.
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