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Edelson is now in China trying to convince the CEO to hand out a dividend to get more exposure. Also there is discussions with another US firm to merge so this question of Chinese companies not following approved SEC audit procedures will be cleared. A lot going on and watch for a better audit report for this last quarter. As China recovers, this stock is positioned.
CHOP- China Gerui Advanced Materials Group Announces Results of 2012 Annual General Meeting
Today : Tuesday 4 December 2012
ZHENGZHOU, China, Dec. 3, 2012 /PRNewswire-FirstCall/ -- China Gerui Advanced Materials Group Limited (NASDAQ: CHOP) ("China Gerui," or the "Company"), a leading high precision, cold-rolled steel producer in China, today announced the results of its 2012 Annual General Meeting (the "Annual Meeting") held on November 29, 2012 in Zhengzhou, China.
At the Annual Meeting, shareholders elected each of the following nominees to the Company's Board of Directors for a term of three years: Mingwang Lu, Yi Lu and Yunlong Wang.
Shareholders also ratified the appointment of UHY Vocation HK CPA Limited as the Company's independent public accounting firm for the fiscal year ending December 31, 2012.
CHOP- New Star Analyst Rankings for China Gerui Advanced Materials
http://finance.yahoo.com/q/sa?s=chop
Good point chief, Personally i think the company was smart to lower guidance for the year and it wouldn't surprise me if we see an earnings surprise next Q...
Not too many small cap China companies not reporting decreases in 2012, however 2013 is looking more promising for many sectors...
It is not a dismal ER considering the downside of China's GDP. I think the company will report a much improved ER in Jan and a merger. Enjoy the holidays and the coming year.
CHOP- The next significantly undervalued US listed China stock that could see nice returns for investors at current devalued levels.
CALI-CCCL-CHOP The most undervalued China companies listed on the US markets... CALI & CCCL seeing nice gains recently and i believe CHOP is next.IMO
As China addresses the economic and social issues facing its economy head-on, look for a turnaround in the sectors that are currently experiencing a slowdown; steel, construction, equipment manufacturing.
China Gerui Advanced Materials Group (CHOP) recently announced that it continues to operate profitably and increase production - albeit at a slower rate, while working on new product initiatives and specialization in order to grow its customer base.
We should expect some fits and starts as China moves toward sustainable growth, but evidence points to a turnaround starting in the fourth quarter. This is particularly true for companies that will contribute to the much-anticipated domestic growth and infrastructure, such as steel manufacturers. Improvements in revenue and profits will likely come more slowly than in the past, but this should not deter investors looking to participate in China's growth. Companies that were able to not only survive the past year, but also implement strategic tactics for growth, such as CHOP, will undoubtedly generate positive returns for their investors.
China Gerui Advanced Materials Group Limited a leading high precision, cold-rolled steel producer in China provided an update of its share repurchase program.
As of the market close on Friday, June 15 2012, the Company has repurchased 1,423,101 of its ordinary shares at an average price of USD 3.58 per share for a total repurchase price of USD 5,090,919.
Even with a dismal Q3 earnings report and a revised 2012 EPS of .70, CHOP is still grossly undervalued @ current levels and could see very nice upside from here...
It also wouldn't surprise me to see a private placement offer in the near future...
Best of luck
I'm in and expect news on a merger to boost shareholder base and visibility. We shall see. Happy T-Day to all. ;)
China Gerui Advanced Materials Group Limited Announces Third Quarter 2012 Results
Today : Tuesday 20 November 2012
ZHENGZHOU, China, Nov. 20, 2012 /PRNewswire-FirstCall/ -- China Gerui Advanced Materials Group Limited (NASDAQ: CHOP) ("China Gerui," or the "Company"), a leading high precision, cold-rolled steel producer in China, today announced unaudited financial results for the three and nine months ended September 30, 2012.
"We recorded disappointing financial results in the third quarter of the year due to the continued decline in our raw material costs in the third quarter that contributed to an intensified pricing environment and increased competitive pressures. This resulted in the contraction of both our sales volume and average selling price as the pricing pressure that had been present in the domestic steel industry at large entered a portion of our specialized steel sector. This led us to enact a temporary reduction in the output of some of our steel products in order to avoid predatory pricing and the further migration of thin margin pricing to ensure our reputation as a high quality precision cold-rolled steel producer," said Mr. Mingwang Lu, Chairman and Chief Executive Officer.
"Despite the quarter's results, we believe that the fundamentals of our business remain sound. We are cautiously optimistic about a significant rebound in pricing and resultant turnaround in our specialized steel segment starting from the second quarter of 2013 that will enable us to leverage our strong productive capabilities and product synergies. We will continue to enhance our product offerings and competitive profile in order to reach more customers with an expanded range of end-use products and materials," Mr. Lu continued. "Our strategic decision to focus upon exports to reach a wider and more diversified wider customer gained further traction in the most recent quarter and fits our strategy of being a high-end global steel producer."
Third Quarter 2012 Results
Revenue decreased 44.5% to $56.1 million in the third quarter of 2012 from $101.1 million in the third quarter of 2011. The decrease in revenue was primarily due to a 33.1% decrease in the Company's average selling price of $698 per ton for the third quarter of 2012 as compared to an average selling price of $1,044 for the same period of 2011 as well as a 17.3% decrease in sales volume to approximately 80,386 tons for the third quarter of 2012 as compared to approximately 97,185 tons for the same period of 2011.
Gross profit decreased 72.6% to $8.8 million in the third quarter of 2012 from $32.1 million in the same period of 2011. Gross margin was 15.7% in the third quarter of 2012 compared to 31.7% in the same period of 2011. The decrease in gross margin was due to significant market driven price declines of the Company's raw materials, a slowdown in China's economic growth and demand for our products and intensified competition in the Company's segment of the steel sector. Further, there was additional testing of both the chromium plating line that was temporarily taken offline during August of 2012 as well as the added 100,000-ton wide-strip production line to ensure its improved precision and successful ramp-up.
Operating income decreased 79.6% to $5.9 million in the third quarter of 2012, or 10.5% of revenue, from operating income of $28.7 million, or 28.4% of revenue, in the same period of 2011. The decrease in operating income in the third quarter 2012 as compared to operating income in the comparable year-ago period is primarily due to the corresponding decrease in gross profit and relatively higher operating expenses as a percent of revenue in the third quarter of 2012 compared to the same period of 2011.
Net income was $2.4 million in the third quarter of 2012, or $0.04 per fully diluted share, compared to $21.4 million, or $0.37 per share in the same period of 2011.
Financial Condition
As of September 30, 2012, the Company had $229.9 million in unrestricted cash, $12.6 million in current certificates of deposit and an additional $166.0 million in restricted cash, as compared to $246.6 million in unrestricted cash and $118.1 million in restricted cash as of December 31, 2011. Working capital was $175.8 million as of September 30, 2012, compared to $142.5 million as of fiscal year end 2011. The Company's short-term debt consisted of notes payable and term loans that totaled $327.8 million as of September 30, 2012, compared to $249.1 million as of December 31, 2011. The Company has no long-term debt. Shareholders' equity was $324.6 million as of September 30, 2012 as compared to $298.4 million as of December 31, 2011. The net cash used in operating activities for the nine months ended September 30, 2012 was $29.4 million compared to net cash provided by operating activities of $47.9 million in the same period of 2011.
Recent Developments
During the third quarter of 2012, the Company had repurchased 286,997 ordinary shares at an average price of $1.98 per share for a total repurchase price of approximately $0.57 million. Since the launch of its share repurchase program in April 2011, and as of September 13, 2012 the Company had repurchased a total of 1,710,098 ordinary shares at an average price of $3.31 per share for a total repurchase price of approximately $5.7 million.
2012 Guidance Revision
Given current market conditions, the Company is revising its guidance for the year 2012. For the year of 2012, we are lowering our revenue guidance to be in the $265 million to $270 million range, below our previously announced revenue guidance range of $290 million to $305 million. The Company is also lowering its earnings per share guidance range to $0.65 to $0.70 per share for the year 2012, below its previously announced guidance range of $0.75 to $0.85 per share.
Industry and Business Update
In the third quarter of 2012, the Company experienced a continued contraction in its average selling price relative to previous quarters. Raw material costs experienced a marked decrease in the third quarter, continuing the trend of rapidly decreasing raw material prices since the second quarter of 2012. As is widely known, China's steel sector has been operating at a loss with problems of oversupply amid a general domestic economic slowdown where major China steel makers have cut prices due to low demand. Plans for and investment in capital-intensive infrastructure projects have been cut back significantly at both national and provincial levels, which negatively impacted demand for steel products from key industries including real estate, steel-making, railway construction, ship-building and so on. The Chinese government has recently introduced an RMB four trillion stimulus plan which we believe will help stem the price erosion that resulted in a severe cut back in the aggregate productive capacity of the steel sector and a collapse in its profitability.
The price of iron ore, the base material from which the Company's raw material of hot-rolled steel coil is derived, has steadily decreased during 2012 from a spot price of $147.65 per metric ton in April of 2012 to a price of $127.94 per metric ton as of July 2012, a drop of 13.3%. In the third quarter, iron ore prices fell further to $99.47 per metric ton as of September 2012, a 32.6% drop from April iron ore prices, before a recent rebound to October's $113.95 level.
The substantial fall-off of pricing in the steel industry was compounded by generally weaker customer demand due to a contraction in general domestic business activity in certain key sectors in which our customers operate such as the construction industry that the Company serves. In addition, the difficult pricing environment that affected most of our product segments was exacerbated by sustained price cuts enacted by large Chinese steel companies as a means to maintain their own viability albeit at reduced production levels.
These factors combined with the Company's cost-plus pricing methodology compelled us to lower the average selling price of our cold-rolled steel products so as to remain competitive and maintain a reasonably sound level of business activity. We made a strategic decision in the third quarter to cut back on the output of some of our products so as to avoid a head-to-head pricing war with lower-grade cold-rolled steel producers. The Company believes that once made, pricing concessions are often difficult to rollback, with the additional concern that deep pricing cuts might degrade our highly favorable reputation as a high-end cold-rolled steel strip producer. The Company believes that its decision not to engage in a price war with such competitors will enable it to revert back to its former pricing strategy where it can charge a premium for its products relative to its competitors when market conditions improve.
During the third quarter, the Company continued to test its new wide-strip capacity to ensure that it has reached its design specifications, which improves its prospects for procuring new business domestically as well as internationally. In addition, the Company took its chromium plating lines offline for maintenance for a two-week period in August for further testing and refinement. These factors also contributed to the Company's lower gross margin in the third quarter, although to a lesser extent than the reasons previously cited.
Given current market conditions, we found it necessary to revise our guidance for the year 2012. We plan to adapt our strategic focus to more effectively compete in our market segment despite a macroeconomic environment reflective of highly volatile material prices, slower consumer demand and large company industry participants. Towards that end, we are intent upon continuing to enrich and diversify our product platform to offer our customers additional specialization and customization options. For instance, our chromium plating business continued to generate relatively high margins in the third quarter and is representative of a value-added product that warrants continued premium pricing.
We are also focused upon widening our customer base so as to be less vulnerable to the change in domestic demand and are committed to procuring a larger number of customers on a more diversified basis. We are now engaged in active discussions with potential domestic and international customers who are currently testing our products, which is a standard procedure prior to entering into new contracts.
As previously announced, the Company completed its addition of 100,000 tons of annual cold-rolled steel production capacity during the first quarter of 2012 as part of Phase II of its capacity expansion plan. The Company's total production capacity now totals 500,000 tons of specialized wide- and narrow-strip cold-rolled steel which are all fully operational. The Company estimates that the utilization of its wide- and narrow-strip cold-rolled steel productive capacity was approximately 75-80% in the third quarter, down from the 83% utilization rate of the second quarter, attributable to the predatory price competition. The Company also estimates that the utilization of its chromium-plating production lines was approximately 65% during the third quarter, up from the 55% utilization rate of the second quarter.
We believe that the Chinese economy is going to stabilize and that the demand for steel products in the domestic market will turn stronger in the coming quarters, reversing the declining trend that had occurred over the last four to five quarters. We believe that beginning from the first quarter of 2013, we could see an inflection point in the fundamentals of the sector and that new Company materials products and applications will enable us to migrate away from low-end cold-rolled competitors to more specialized segments and enable us to achieve a higher utilization rate of our production lines.
"We are confident that our productive capacity, value-added technologies and new strategies will enable us to adapt to the currently challenging market conditions. While we are cautiously optimistic as to a return to more normalized operating environment, we believe that our current initiatives will enable us to effectively compete on a wider scale and that a diversified product platform will enable us to reach a larger and more varied customer base," Mr. Lu concluded.
CHOP- I can't believe how undervalued this company is trading @ these levels...
Even @ $3.58 this year the company felt it was undervalued at current equity market values and began a repurchase program, WTF???
June 18, 2012 /PRNewswire-Asia-FirstCall/ -- China Gerui Advanced Materials Group Limited (NASDAQ: CHOP) ("China Gerui," or the "Company"), a leading high precision, cold-rolled steel producer in China, today provided an update of its share repurchase program.
As of the market close on Friday, June 15, 2012, the Company has repurchased 1,423,101 of its ordinary shares at an average price of $3.58 per share for a total repurchase price of $5,090,919.
"The continued execution of our share repurchase program reflects confidence in our Company and our view that the Company's public equity is undervalued at current equity market levels," said Mr. Mingwang Lu, Chairman and Chief Executive Officer. "We anticipate sound long-term growth prospects for our business and view share repurchases as an important element in our ongoing commitment to maximize the long-term value of our company for our shareholders."
In April 2011, the Company announced that its Board of Directors had approved a six-month share repurchase program to repurchase up to an aggregate of $10 million of its ordinary shares. The Company's Board of Directors subsequently extended the program from six months to an indefinite period or until the program is completed. The volume and timing of repurchases depend upon market conditions, share price and other factors. They are also subject to, and are intended to be in compliance with, the conditions of Rule 10b-18 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, blackout periods that restrict repurchases at certain times in compliance with Section 10(b) and Rule 10b-5 of the Exchange Act, and other relevant rules and regulations under the U.S. securities laws.
PR Newswire (http://s.tt/1eUdL)
CHOP- China Gerui Advanced Materials Group Limited Announces Conference Call to Discuss Third Quarter 2012 Financial Results on November 20, 2012
ZHENGZHOU, China, Nov. 8, 2012 /PRNewswire-FirstCall/ -- China Gerui Advanced Materials Group Limited (NASDAQ: CHOP) ("China Gerui," or the "Company"), a leading high precision, cold-rolled strip steel producer in China, today announced that the Company plans to host a conference call to discuss its third quarter financial results ended September 30, 2012 at 8:00 am ET on November 20, 2012.
The Company will release its financial results prior to the conference call. Listeners may access the call by dialing +1 (866) 395-5819 five to ten minutes prior to the scheduled conference call time. International callers should dial +1 (706) 643-6986. The conference call participant pass code is 68790010.
A replay of the conference call will be available for 14 days starting from 10:00 pm ET on Tuesday, November 20, 2012. To access the replay, dial +1 (855) 859-2056. International callers should dial at +1 (404) 537-3406. The passcode is 68790010.
A live and archived webcast of the call will be available on the Company's website at http://www.geruigroup.com/Investors.html. To listen to the live webcast, please go to the Company's website at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software.
About China Gerui Advanced Materials Group Limited
China Gerui Advanced Materials Group Limited is a leading niche and high value-added steel processing company in China. The Company produces high-end, high-precision, ultra-thin, high- strength, cold-rolled steel products that are characterized by stringent performance and specification requirements that mandate a high degree of manufacturing and engineering expertise. China Gerui's products are not standardized commodity products. Instead, they are tailored to customers' requirements and subsequently incorporated into products manufactured for various applications. The Company sells its products to domestic Chinese customers in a diverse range of industries, including the food packaging, telecommunication, electrical appliance, and construction materials industries. For more information, please visit http://www.geruigroup.com.
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YCharts Performance ~ http://ycharts.com/companies/CHOP/performance
YCharts Dashboard ~ http://ycharts.com/companies/CHOP/dashboard
InsideStocks Opinion ~ http://www.insidestocks.com/texpert.asp?sym=CHOP&code=XDAILY
InsideStocks Profile ~ http://www.insidestocks.com/profile.asp?sym=CHOP&code=XDAILY
InsideStocks Quote ~ http://www.insidestocks.com/quote.asp?sym=CHOP&code=XDAILY
InsideStocks Projection ~ http://charts3.barchart.com/procal.asp?sym=CHOP
Zacks Quote ~ http://www.zacks.com/stock/quote/CHOP
Zacks Estimates ~ http://www.zacks.com/research/report.php?type=estimates&t=CHOP
Zacks Company Reports ~ http://www.zacks.com/research/report.php?type=report&t=CHOP
Knobias ~ http://knobias.10kwizard.com/files.php?sym=CHOP
StockScores ~ http://www.stockscores.com/quickreport.asp?ticker=CHOP
Trade-Ideas ~ http://www.trade-ideas.com/StockInfo/CHOP/HOT_TOPIC.html
Morningstar ~ http://performance.morningstar.com/stock/performance-return.action?region=USA&t=CHOP&culture=en-US
Morningstar Shareholders ~ http://investors.morningstar.com/ownership/shareholders-overview.html?t=CHOP®ion=USA&culture=en-us
Morningstar Transcripts~ http://www.morningstar.com/earnings/NoTranscript.aspx?t=CHOP®ion=USA
Morningstar Key Ratios ~ http://financials.morningstar.com/ratios/r.html?t=CHOP®ion=USA&culture=en-US
Morningstar Executive Compensation ~ http://insiders.morningstar.com/trading/executive-compensation.action?t=CHOP®ion=USA&culture=en-us
Morningstar Valuation ~ http://financials.morningstar.com/valuation/price-ratio.html?t=CHOP®ion=USA&culture=en-us
CCBN (Thompson Reuters) ~ http://ccbn.aol.com/company.asp?client=aol&ticker=CHOP
TradingMarkets ~ http://pr.tradingmarkets.com/?lid=leftPRbox&sym=CHOP
OTCBB ~ http://www.otcbb.com/asp/SiteSearch.asp?Criteria=CHOP&searcharea=e&image1.x=0&image1.y=0
Insidercow ~ http://www.insidercow.com/history/company.jsp?company=CHOP&B1=Search%21
Forbes News ~ http://search.forbes.com/search/find?tab=searchtabgeneraldark&MT=CHOP
Forbes Press Releases ~ http://search.forbes.com/search/find?&start=1&tab=searchtabgeneraldark&MT=CHOP&pub=businesswire,prnewswire&searchResults=pressRelease&tag=pr&premium=on
Forbes Web ~ http://search.forbes.com/search/web?MT=UNGS&start=1&max=10&searchResults=web&tag=web&sort=null
YouTube Symbol Search ~ http://www.youtube.com/results?search_query=CHOP
Buy-Ins ~ http://www.buyins.net/tools/symbol_stats.php?sym=CHOP
Quotemedia ~ http://www.quotemedia.com/results.php?qm_page=47556&qm_symbol=CHOP
Earnings Whispers ~ http://www.earningswhispers.com/stocks.asp?symbol=CHOP
Bloomberg Snapshot ~ http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=CHOP
Bloomberg People ~ http://investing.businessweek.com/research/stocks/people/people.asp?ticker=CHOP
Financial Times ~ http://markets.ft.com/Research/Markets/Tearsheets/Summary?s=CHOP
Investorpoint ~ http://www.investorpoint.com/ enter "CHOP" and click search.
Hotstocked ~ http://www.hotstocked.com/ enter "CHOP" and click search.
Raging Bull ~ http://ragingbull.quote.com/mboard/boards.cgi?board=CHOP
Hoovers ~ http://www.hoovers.com/search/company-search-results/100003765-1.html?type=company&term=CHOP
DD Machine ~ http://www.ddmachine.com/default.asp?m=stocktool_frame.asp?symbol=CHOP
SEC Form 4 ~ http://www.secform4.com/insider/showhistory.php?cik=CHOP
OTCBB Pulse ~ http://www.otcbbpulse.com/cgi-bin/pulsequote.cgi?symbol=CHOP
Failures To Deliver ~ http://failurestodeliver.com/default2.aspx enter "CHOP" and click search.
http://www.coordinatedlegal.com/SecretaryOfState.html
http://regsho.finra.org/regsho-Index.html
http://www.shortsqueeze.com/?symbol=CHOP&submit=Short+Quote%99
DTCC (PENSON/TDA) Check - (otc and pinks) - Note ~ I did not check for this chart blast. However, I try and help you to do so with the following links.
IHUB DTCC BOARD SEARCH #1 http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=CHOP
IHUB DTCC BOARD SEARCH #2: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=14482&srchyr=2011&SearchStr=CHOP
Check those searches for recent CHOP mentions. If CHOP is showing up on older posts and not on new posts found in link below, The DTCC issues may have been addressed and fixed. Always call the broker if your security turns up on any DTCC/PENSON list.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=Complete+list
For a complete list see the pinned threads at the top here ---> http://tinyurl.com/TWO-OLD-FARTS
MACDlinks
~ Monday! $CHOP ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $CHOP ~ Earnings expected on Monday *
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=CHOP&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=CHOP&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=CHOP
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=CHOP#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=CHOP+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=CHOP
Finviz: http://finviz.com/quote.ashx?t=CHOP
~ BusyStock: http://busystock.com/i.php?s=CHOP&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=CHOP >>>>>>
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 just did a management interview with CHOP. It is posted on my blog www.uncoveringalpha.com
Zack
China Gerui Advanced Materials Group Limited Closes $18.8 Million Private Placement Transaction
23 minutes ago - Pr Newswire
Related Companies
Symbol Last %Chg
RODM 3.25 -2.99%
CHOP 5.63 -2.93%
As of 4:00 PM ET 6/4/10
China Gerui Advanced Materials Group Limited (Nasdaq: CHOP) ("China Gerui," or the "Company"), a leading niche and high value-added steel processing company that utilizes advanced technology to produce specialty steel products in China, today announced that on June 4, 2010, the Company closed a private placement transaction with a group of accredited investors pursuant to which the Company raised $18.8 million via the sale of 3,303,771 of the Company's ordinary shares at a purchase price of $5.70 per share. Maxim Group LLC and Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the placement agents for this transaction.
China Gerui plans to use the net proceeds from the private placement to finance the previously announced expansion of the Company's high-precision cold-rolled steel production capacity, accelerate the build-out of a chromium-plating production line of 200,000 metric tons that was originally scheduled for 2011, as well as for general working capital purposes related to the expanded production capacity.
"We are pleased to announce the closing of this private placement transaction and appreciate the support of our new and existing investors," commented Mingwang Lu, Chairman and Chief Executive Officer. "The proceeds from this financing, together with the proceeds from our November 2009 capital raise and internally generated cash resources, provide us with the financial wherewithal to better capitalize on the increasing demand for high-end cold-rolled steel production in China by accelerating the expansion of our production capacity and optimizing our product portfolio toward higher margin products. Our strengthened balance sheet will help us meet the front-loaded milestone payments related to Phase I of our expansion program, where 150,000 metric tons of new production capacity is scheduled to begin contributing to revenues beginning in the fourth quarter of 2010, and accelerate the build-out of our chromium-plating production line, a project that was originally scheduled for 2011, but which we are moving into 2010 to meet strong customer demand. We believe the investments we are making today will ultimately benefit our shareholders via accelerated revenue growth, higher margins, and increased earnings and EPS performance."
The securities issued in the private placement have not been registered under the United States Securities Act of 1933, as amended or the securities laws of any other jurisdiction. The Company is obligated to register the ordinary shares within a pre-defined period. Until they are registered, these securities may not be sold by investors in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements. For more detailed information on this financing, see the Company's Report on Form 6-K which will be filed with the Securities and Exchange Commission on or about June 7, 2010.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About China Gerui Advanced Materials Group Limited
China Gerui Advanced Materials Group Limited (formerly Golden Green Enterprises Limited) is a leading niche and high value-added steel processing company that utilizes advanced technology to produce specialty steel products in China. The Company produces high-end, high-precision, ultra-thin, high- strength, cold-rolled steel products that are characterized by stringent performance and specification requirements that mandate a high degree of manufacturing and engineering expertise. China Gerui's products are not standardized commodity products. Instead, they are tailored to customers' requirements and subsequently incorporated into products manufactured for various applications. The Company sells its products to domestic Chinese customers in a diverse range of industries, including the food packaging, telecommunication, electrical appliance, and construction materials industries. For more information, please visit http://www.geruigroup.com .
Safe Harbor Statement
Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include, among others, those concerning the offering, our expected financial performance and strategic and operational plans, our future operating results, our expectations regarding our ability to meet payments related to Phase I of our expansion program, the new production line, statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward- looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2009 and otherwise in our SEC reports and filings, including the final prospectus for our offering. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov . We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
For more information, please contact:
Company Contact:
Email: investors@geruigroup.com
Website: http://www.geruigroup.com
Investor Relations Contact:
CCG Investor Relations
Mr. Athan Dounis
Phone: +1-646-213-1916
Email: athan.dounis@ccgir.com
Good factors to me!
Thnx.
CHOP is an excellent company with good cash flow.
Warrants are probably the only reason the stock is where it is.
At less than 6 PE and 50% growth with about 80 mil cash on the balance sheet, I don't know why people are not talking more about it.
This stock is owned by institutions as well.
Net income attributable to common stockholders increased 111.5% to
$11.4 million, or $0.27 per diluted share, from $5.4 million, or $0.18
per diluted share
CHOP: Review:
http://www.bullsonwallstreet.com/forum_u...
"CHOP has a very low pe for NASDAQ standards.
2009 fully diluted eps = 1 - 1,05 $
2010 fully diluted eps = 1,2 $
ongoing expansion which doubles capacity and ensures the growth during 2010 and later with higher profit margin products."
And CADC seems to be concrete-construction materials play!
They both look ok for long term?
China Gerui Advanced Materials Group Limited Launches New Website for Investor Relations http://www.geruigroup.com/
Ian - any comment on the price action here?
Picked up some of the warrants today, I like the outlook for 2010
CHOP got some much-needed coverage on briefing trader today, and the volume has been nice to see. Whether it can hold the gains or not is another story, but at the very least it's some nice exposure.
CHOP Maxim Group Brief: http://bit.ly/59KAdT
Coverage initiated
Golden Green Enterprises CHOP Maxim Group Buy $10
many of these legit china companies, when first listed, trade at pathetic PE's until they post some financials and do a roadshow or two. Then you have multiple expansion as new institutions buy in. The thing i like about CHOP is its a market leader and its a play on the ever growing Chinese consumer...
Mr. Lu added, "Our sales growth reflects our ability to successfully align our business toward markets that are driven by the growth of China's middle class, who are the ultimate end-users of most of our products. Unlike the crude steel industry, whose demand is largely driven by the capital investment cycle, the use of our products is much more related to consumer spending and overall GDP growth in China. This is because the largest component of our revenues comes from food and industrial packaging manufacturers, with the balance coming from manufacturers of construction materials, electrical appliances and telecommunications equipment."
Chinese stocks trade at a discount automatically because of where they are located.
Transparency is almost never what you would get in the US. You can't just pick up a phone and call them unless you happen to speak Chinese or they speak English. You can't drop by their HQ while on a business trip to Denver, CO or wherever as many micro-cap investors do when the occasion arises.
Most importantly there have been plenty of Chinese scams and even legitimate businesses that have been robbed by their insiders (ie the cash the company had dissapeared along with the insiders). There is almost no recourse for a US investor.
Lots of uncertainly leads to a discount.
Thanks to Ian, Question for the group
I'm in at $5.10. Screaming buy. Thanks to Ian Cassell for the blog tip. That tip is going to make me a lot of money.
As for the group, I have a question. These china small-cap stocks tend to sell ridiculously cheap in terms of fundamentals. Moreover, after earnings, the market tends to treat them like sh-t, even when they beat expectations. Why?
It's not just the case with CHOP--it's that way across the board. A P/E of 5 for a company with a great earnings report, a positive cash flow, a positive YOY and QOQ growth rate, operating in a strong sector in a strong, emerging economy? Are you kidding me?
What is going on here?
If US Steel were profitable right now (it's losing money), does anyone think it's P/E would be 5? And that's a huge company with significant debt serving the exhausted debt-laden economies of the US and Europe.
Are investors suspicious of companies like CHOP because they chinese? Do they fear the chinese preference for equity financing over debt financing? Do they just not know what sorts of opportunities are available abroad? I'm just curious to know if anyone has an idea what the reasons are, even though they obviously do not make sense. I think that these chinse small cap P/E's will expand to 2 or 3 times their current value once it becomes clear to the world where future economic growth lies. There will be many people wishing they had gotten in now.
correction/add on to Mr. Edelson ownership as stated per yahoo in my earlier post.
Mr. Edelson is the beneficial owner of 3,276,188 of the Issuer’s Ordinary Shares, representing 9.66% of the Issuer’s outstanding Ordinary Shares. This includes the 1,666,667 Ordinary Shares underlying warrants owned by Mr. Edelson. Mr. Edelson has sole voting and dispositive power over all shares.
from the 13-D filed April 23, 2009.
I couldn't resist either and took a chunk at the close. This one should get interesting in the coming months.
CHOP former CHNQE does have an interesting board member.
Harry Edelson
Director
Golden Green Enterprises Limited
Woodcliff Lake , NJ
Sector: FINANCIAL / Diversified Investments
75 Years Old
Harry Edelson served as COAC's chairman of the board and chief executive officer since its inception and became our director on March 17, 2009. Since August 1984, he has been the managing partner of Edelson Technology Partners, which manages a series of five venture capital technology funds (the 'Edelson Funds') for ten multinational corporations (AT&T, Viacom, Ford Motor, Cincinnati Bell, Colgate Palmolive, Reed Elsevier, Imation, Asea Brown Boveri and UPS) and two large pension funds. Mr. Edelson previously worked for Merrill Lynch, Drexel Burnham Lambert and CS First Boston and was ranked by Institutional Investor Magazine as an All Star analyst. Mr. Edelson is a former president of the Analyst Club, the oldest club on Wall Street, founded in 1925, and is President and a founding member of the China Investment Group LLC, an organization formed to provide a forum for update and exchange of its members' knowledge of China. He has been a member of the Juilliard Council since 2001. The Julliard is one of the world's leading schools in the fields of music, dance and acting. Mr. Edelson was honored in the Knesset by receiving the Israel 50th Anniversary Award from the Prime Minister of Israel. Mr. Edelson is a member of the Asia Society and the China Cultural Foundation. He is also an advisor to the China Cultural Foundation. He has given numerous speeches in Hong Kong, China and the United States on investing in China. Mr. Edelson received a B.S. from Brooklyn College and an MBA from New York University Graduate School of Business
Mr. Edelson got some skin in the game here with about 1,6Mio shares!
http://biz.yahoo.com/t/01/336.html
http://www.edelsontech.com/edtech.html
Lu Yu Ying is another one... got to dig around this weekend
http://biz.yahoo.com/t/08/8003.html
good luck!
bought another 1000 shares - in for 10k so far. I'll double again next week pending my DD.
lol okay you win. They are idiots - lets buy more
believe me...i have met a lot of people that invest 100's of millions in these types of companies and you would be amazed how stupid they are. I know a lot of the firms that were on the call and these guys are flippers..and anyone selling a company trading at 5x this years earnings with the earnings power going forward of CHOP IS AN IDIOT.
Situations like this provide good opportunities for those that are patient and able to sift thru the chaff. I'm a buyer.
okay. I'm not denying this may be a good opportunity. But I wouldn't call the investors idiots. You weren't in their shoes so you can't know for sure if they are idiots... I always give people the benefit of the doubt so I'll assume the investors are generally smart people. Taking cues from the call - it seems they may have explicitly asked during the road shows if there is seasonality in the business and they were told there is not. Doesn't mean CHOP is a bad investment - just means there was confusion over the word "seasonality" so I don't blame them if they are upset.
Now they may be stupid to sell given all the factors you posted on your blog today but doesn't mean their move to sell is not understandable. It's an understandable emotional reaction to sell today based on fear due to a perceived image of decreased trust and transparency.
the investors in the q/a were idiots...there was no language barrier as i thought the call was very clear...the company gave a revenue/net income range for the year which was the same that they gave pre ipo and the company reaffirmed that they will hit it. And they are also idiots because the business isn't seasonal it can be "lumpy" (which is what the company should have said in refute). It just so happens that the 08 and 09 q4's were the weakest and investors think they saw a trend. Which it isn't ..probably just a freak occurrence most likely..not like a care that much anyway...there is no weakness..they said multiple times they are running at capacity which is why they are doubling capacity
CHOP Q and A - very entertaining.
I can see why the PIPE investors would be pissed. Maybe it's due to a language barrier or maybe there is a larger issue of trust and transparency.
It sounds like the investors previously asked during the road shows if there was "seasonality" and they were told no. It seems also quarterly numbers from previous years were not available to the investors. It seems the investors would have been mollified if CHOP agreed with the assessment they were trying to make that Q4 drop is due to "seasonality" but CHOP didn't want to agree to the usage of that word. The implication could be a longer-term slow down in demand from customers. There was some assurance when it became clear that 2008 had this same pattern indicating seasonality. If CHOP would have left it like that - the investors may have been mollified. But then CHOP had to go and talk about 2007 saying "but in 2007 there wasn't a drop in Q4!" That was the nail in the coffin for today's downward action in price because what that did was close the session on a feeling of confusion and mistrust - again possibly due to the language barrier.
In summary - I can see the perspective these investors have and understand why they are selling off. But I am willing to make the bet that it is a language barrier and my take on what I heard is that this Q4 dip in expected revenue is more due to seasonality in production (plant maintenance, seasonal timing of how the company solicits for orders, etc), rather than seasonality in demand. But then again, if that were true, you are still left with the open question of why that seasonality in production was not there in 2007?
Your thoughts?
yes that is correct..it was a really good call..when you get to the Q/A you will see what I meant in my article..just childish..
listening now... I didn't see this in your article... did I hear this right:
paraphrasing from memory...
"This is actually the first time we are giving guidance and we wanted to be conservative and there is a chance we will have an upside surprise."
yeah you can.....A replay of the conference call will be available for 14 days starting from 10:00 am ET on Friday, November 20, 2009. To access the replay, dial (888) 286-8010. International callers should dial +1 (617) 801-6888. The passcode is 70547673.
can we hear a replay of the call online anywhere?
nice article. will double my position if it goes to mid $4's
CHOP: Ripley’s Believe it or Not http://bit.ly/1NNWMA
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