Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
We did hear the news. A disagreement with their auditor. Very poorly handled by investor relations though. Very poor! Basically kept everyone hanging in the air.
It is not that something was penciled in under the sheets, but a problem of category. I think the auditor could have worked a little bit better with the company on the issue. Then maybe the company could have worked a little better with the auditor.
The issue exploded, and it was just the right excuse for sellers to explode. Placing the share in jeopardy from the threat of delisting, as it has occurred in the past.
OPINION.
Sounds like they pulled the Shanghai Shuffle.
Most stocks are on sale at the moment. Holding for more info.
Good news at any time. SUTR always delayed presentations of the quarter. It is a good time to buy. On the other hand, it is good that US financial institutions, own shares.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): October 17, 2014
SUTOR TECHNOLOGY GROUP LIMITED
(Exact name of registrant as specified in its charter)
Nevada 001-33959 87-0578370
(State of Incorporation) (Commission File No.) (IRS Employer ID No.)
No. 8, Huaye Road
Dongbang Industrial Park
Changshu, China 215534
(Address of Principal Executive Offices)
(86) 512-52680988
Registrant’s Telephone Number, Including Area Code:
_________________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 4.01 Change in Registrant’s Certifying Accountant.
(a) Dismissal of Previous Independent Registered Public Accounting Firm.
i. Effective October 17, 2014, the Audit Committee of the Board of Directors (the “Audit Committee”) of Sutor Technology Group Limited (the “Company”) approved the dismissal of Grant Thornton, the China member firm of Grant Thornton International (“Grant Thornton”) as the Company's independent registered public accounting firm.
ii. Grant Thornton’s reports on the Company’s financial statements as of and for the fiscal years ended June 30, 2013 and 2012 did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles.
iii. Other than described below, during the Company’s two most recent fiscal years (ended June 30, 2014 and 2013) and during the subsequent interim period through October 17, 2014, there were (1) no disagreements with Grant Thornton on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Grant Thornton, would have caused Grant Thornton to make reference to the subject matter of the disagreements in connection with its reports, and (2) no events of the type listed in paragraphs (A) through (D) of Item 304(a)(1)(v) of Regulation S-K.
In connection with the audit of the Company’s financial statements for the fiscal year ended June 30, 2014, Grant Thornton raised questions and planned to expand the scope of audit work on the revenue contributed from certain significant customers of the Company. As part of its audit scope, Grant Thornton selected the significant sales to these customers, which were reported as third-party sales, for testing. These transactions represented approximately two-thirds of unaudited fourth quarter revenue. Grant Thornton questioned whether the sales to these four customers in the fourth quarter satisfied revenue recognition criteria, due to certain facts related to the sales transactions, such as lack of fixed payment terms and the lack of cash receipts related to any of these transactions from the end of the fiscal year through the date we dismissed Grant Thornton.
In addition to questioning the sales for proper revenue recognition, Grant Thornton questioned the Company’s classification of the sales as third-party sales based on the fact that management of the majority of these customers were former employees of Shanghai Huaye Iron & Steel Group Co., Ltd., a PRC company of which the Company’s major shareholder and her husband are 100% owners, and three of the customers’ primary places of business resided at the related party facilities and location of one customer was not verified, as noted below. As the fourth quarter was a slow period for the steel industry with significant declines in steel prices and demand in China, Grant Thornton also questioned the substance of these significant sales in addition to the aspects of these sales mentioned previously.
As part of their procedures to complete their audit work related to these transactions, Grant Thornton would seek information that is not in the possession, custody or control of the Company. Grant Thornton indicated that the documentation we provided to substantiate the transactions did not satisfactorily achieve their audit objectives and they requested the following:
· Financial records and other business or credit rating information of the customers in question
· Information regarding the corporate structure of these customers and business agreements between those entities and our related party
· Permission to perform site visits at the customer locations, interview management, and observe the inventory and sales records between the Company and the customers.
Initially the site visits were arranged by the customers with the consent of the Company, but after the customers requested to know Grant Thornton’s procedures in advance of the visit all four customers revoked their consent to allow Grant Thornton to perform site visitations.
In addition to revenue testing, Grant Thornton requested that the Company revise its analysis of inventory reserves and further evaluate the recoverability and classification of inventory advances paid to related parties due to downward trend in the steel prices and demand in the China market subsequent to the fiscal year-end period.
Grant Thornton also advised the Company and the Audit Committee that, depending upon what Grant Thornton learned from the procedures performed pursuant to its audit scope, it might request additional information. The Company has concluded that Grant Thornton’s proposed procedures may create risks for the Company with respect to the Company’s obligation to timely file its annual report on Form 10-K for the fiscal year 2014.
These issues and requests were not resolved to Grant Thornton’s satisfaction.
The Audit Committee has carefully considered the additional work proposed by Grant Thornton and discussed the disagreement with Grant Thornton. The Company has authorized Grant Thornton to respond fully to inquiries of the successor accountant of the Company concerning this matter.
(b) Engagement of New Independent Registered Public Accounting Firm
i. Concurrent with the decision to dismiss Grant Thornton as the Company’s independent auditor, the Audit Committee approved the engagement of BDO China Shu Lun Pan Certified Public Accountants LLP (“BDO”) as the Company’s new independent registered public accounting firm.
ii. During the Company’s two most recent fiscal years (ended June 30, 2014 and 2013) and during the subsequent interim period through October 17, 2014, the Company did not consult BDO with respect to (a) the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on the Company’s consolidated financial statements, and neither a written report was provided to the Company or oral advice was provided that BDO concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (b) any matter that was the subject of either a disagreement as defined in Item 304(a)(1)(iv) of Regulation S-K or a reportable event as described in Item 304(a)(1)(v) of Regulation S-K.
The Company has full confidence in BDO’s ability to conduct the audit work independently, diligently and expeditiously. In addition, the Company remains fully confident in all of its previously reported financials and filings as to their accuracy and does not expect any material changes.
The Company provided Grant Thornton with a copy of this disclosure on October 21, 2014, providing Grant Thornton with the opportunity to furnish the Company with a letter addressed to the Securities and Exchange Commission containing any new information, clarification of the Company's expression of its views, or the respect in which Grant Thornton does not agree with the statements contained herein. When received, a copy of Grant Thornton’s letter will be filed as an exhibit to an amendment of this Current Report.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Description
16.1
Letter from Grant Thornton to the U.S. Securities and Exchange Co mmission (to be filed by amendment)
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001144204%2D14%2D062606%2Etxt&FilePath=%5C2014%5C10%5C23%5C&CoName=SUTOR+TECHNOLOGY+GROUP+LTD&FormType=8%2DK&RcvdDate=10%2F23%2F2014&pdf=
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Sutor Technology Group Limited
Date: October 23, 2014
/s/ Zhuo Wang
Chief Executive Officer
EXHIBIT INDEX
Exhibit
Description
16.1
Letter from Grant Thornton to the U.S. Securities and Exchange Commission ( to be filed by amendment)
Sutor Technology Plans To Present Its Plan Of Compliance To Nasdaq As Soon As Practicable
.
8:06a (Dow Jones)
Top 4 Small-Cap Stocks In The Steel & Iron Industry With The Highest EPS
October 02, 2014 4:37 AM
Below are the top small-cap steel & iron stocks on the NYSE and the NASDAQ in terms of earnings per share.
The trailing-twelve-month earnings per share at Insteel Industries (NASDAQ: IIIN) is $0.77. Insteel Industries' revenue for the same period is $390.10 million.
The trailing-twelve-month earnings per share at Synalloy (NASDAQ: SYNL [FREE Stock Trend Analysis]) is $0.73. Synalloy's PEG ratio is 1.88.
The trailing-twelve-month earnings per share at Olympic Steel (NASDAQ: ZEUS) is $0.56. Olympic Steel's ROE for the same period is 2.10%.
The trailing-twelve-month earnings per share at Sutor Technology Group (NASDAQ: SUTR) is $0.47. Sutor Technology's operating margin for the same period is 5.00%.
Posted-In: EPS small-cap Steel & Iron IndustryTrading Ideas
http://www.benzinga.com/trading-ideas/14/10/4893250/top-4-small-cap-stocks-in-the-steel-iron-industry-with-the-highest-eps
Surprise at any time. You be patient!
SUTR is late, even after the extension. Late is late, no matter what the excuse. They sure doing a great job killing the share price.
Being that SUTR is a specialty steel company. It might be an advantage to another company to buy it or merge.
Merger or pondering a buyout. Pure Speculation. Eh probably just a friendly visit.
Maybe! Just maybe a global merger? Most likely help all three companies going forward.
OPINION ONLY! Do not read into it.
Maybe! Just maybe a global merger? Most likely help all three companies going forward.
OPINION ONLY! Do not read into it.
SUTR chart looks interesting; we could see a breakout over a buck IMO. Closed at the HOD @ 0.85
I think SUTR will work out of it eventually, but it sure is painful to all those concerned. It is a very good company.
It has some major customers, just not enough customers ordering to keep the net profits at significant levels for the moment.
I am sure the company is very alarmed over the share price at the moment.
The chart changed, from oversold, to buy RSI(14)32.62 +6.37%
He finished with a positive candle
SUTOR Group's 2014 annual brand valuation 250 Mill.
Release Date: 2014-06-06
Recently, SUTOR, Bank Group commissioned Assets Appraisal Limited "Vincent" brand value assessed, this assessment does not contain Vincent's sub-brands, after Interbrand brand evaluation model and computational model based on Japan's Hirose, get "Vincent (SUTOR) "brand value of $ 250 million valuation, ie RMB 1.5 billion.
Silver Assets Appraisal Co., Ltd. is the largest asset evaluation agencies with authority and professionalism of its senior and authoritative by the industry unanimously approved. The SUTOR Bank Group commissioned Assets Appraisal Co., Ltd. for "Vincent (SUTOR)" brand value assessment of its resulting assessment report with a very high authority and authenticity. SUTOR Group is owned by the "Vincent (SUTOR)" brand was born in 2002, meaning Succeed Together, shared success, which means that the SUTOR Group has always focused on the user, the community, employees and grow together.
SUTOR Group is committed to the development of fine steel business, "Vincent (SUTOR)" brand was born 12 years ago, SUTOR Group always adhere to "Better idea, Better future" business philosophy as a guiding corporate behavior, is the development direction of the enterprise, and The "win-win cooperation" this idea throughout operations, to build the future to build a world-class enterprise group laid the cornerstone of the philosophy.
Brand is an identifying mark, a spiritual symbol, a value concept is the core of excellent quality reflects, and historical and cultural factors which, management, product quality, technical standards, service, social image, social enterprises and other contributions have a close relationship. Brand value includes not only financial value, but also contains a certain amount of social value, therefore, SUTOR Group each year will be on "Vincent" brand value be assessed and the data publicly available, so that customers, society, employees are more good understanding
Source: sutor cn pages Less
valuation $250,000,000 / shares outstanding 41,548,819 = value/share $6.017
The chart changed, the RSI (14) 25.54. up, and MACD:Up!
This is because they bought in low. Is was a dark red candle pointing up.
Monday can begin their growth.
http://stockcharts.com/h-sc/ui?s=SUTR&p=D&b=5&g=0&id=p26099102557&a=264845671
A white candle in today
It is very important that end the day with a white candle on the chart
Well with China now showing signs of recovery. Those companies that depend on sutr, as well as sutr depending on them to buy, might just be gaining new momentum.
First you have to beat the $ 1.14 off point then explodes
Email , response SUTR
Hello A.....,
If the company has meaningful news, we will release immediately. Thanks for your attention.
Best Regards,
Becky Xue
Investor Relations
Sutor Group
Headquarters:
17F, Science & Innovation Tower
No.333 Southeast Avenue
Changshu, Jiangsu Province
P. R. China, 215500
Tel: +86-512-52680988
New York:+1-718-5099097
Fax: +86-512-52687706
Email: investor_relations@sutorcn.com
www.sutorcn.com
"A............" ? Thu, 5 Jun 2014 15:10:15 ??:
I am a shareholder of the company. Why is not there an update to the company?
Growth in China in April and May grew favorably.
The shares are on the floor.
Thanks!
Best regards,
A.........
On your opinion. What would it take to bring the share price back to 52 week high levels or better? It seems most of what you have listed are basically small holdings in various funds. More to the day in and day out wig wagging waning we generally see.
Who owns Sutor Technology?
Renaissance Technologies 180600 $328692 March 31, 2014
Bridgeway Capital Management 135200 $246064 March 31, 2014
KCG Holdings 62897 $113843 March 31, 2014
First Wilshire Securities Management 50434 $54973 Dec. 31, 2011
Berkshire Asset Management 50000 $91000 March 31, 2014
CITADEL ADVISORS 38553 $70166 March 31, 2014
Technical Financial Services 35595 $65138 Dec. 31, 2013
LSV Asset Management 27600 $49128 March 31, 2014
Knight Capital 21964 $32946 June 30, 2013
Spark LP/DE 13100 $12969 March 31, 2012
Rotella Capital Management 12680 $22950 March 31, 2014
Spark Investment Management 12200 $19032 March 31, 2013
JAMES INVESTMENT RESEARCH 11520 $10944 June 30, 2012
Bank of America Corporation 10000 $18000 March 31, 2014
Tower Research Capital 7929 $14034 March 31, 2014
Deutsche Bank Aktiengesellschaft 7050 $11985 March 31, 2014
Creative Planning 4700 $4982 Dec. 31, 2012
Nomura Holdings 4477 $6984 June 30, 2013
UBS AG 3184 $6368 March 31, 2014
O'SHAUGHNESSY ASSET MANAGEMENT 2427 $4004 March 31, 2014
GROUP ONE TRADING 1077 $2003 March 31, 2014
MORGAN STANLEY 870 $0 March 31, 2014
BNP PARIBAS ARBITRAGE, SNC 510 $932 Dec. 31, 2013
Citi 68 $0 March 31, 2014
Kistler-Tiffany Advsiors 51 $0 March 31, 2014
Who sold Sutor Technology?
EMORY UNIVERSITY Dec. 31, 2012 500 $0
Timber Hill Sept. 30, 2011 11939 $10983
Johnson Investment Counsel June 30, 2011 104400 $272484
Inves June 30, 2011 63544 $80065
Barclays June 30, 2011 214 $222
Vanguard March 31, 2011 29891 $49021
Aperio March 31, 2011 17980 $28947
Evercore Wealth Management March 31, 2011 805 $998
Charles Schwab Investment Management Dec. 31, 2010 20500 $45100
Jacobs Levy Equity Management Dec. 31, 2010 10400 $22048
RHUMBLINE ADVISERS March 31, 2010 14088 $40996
Funds that own SUTR also own:
E TRADE Financial Corporation (ETFC)
Huntington Bancshares Incorporated (HBAN)
CTC Media (CTCM)
Genworth Financial (GNW)
Signature Bank (SBNY)
CapitalSource (CSE)
Seattle Genetics (SGEN)
Career Education (CECO)
Hudson City Ban (HCBK)
Intersil Corporation (ISIL)
Chiquita Brands International (CQB)
Electronics For Imaging (EFII)
PAREXEL International Corporation (PRXL)
Mueller Water Products (MWA)
Magellan Health Services (MGLN)
VAALCO Energy (EGY)
Albany Molecular Research (AMRI)
Hutchinson Technology Incorporated (HTCH)
Metali (MEA)
CNO Financial (CNO)
Growth in China's manufacturing sector continued to accelerate in May, rising to the highest level this year and adding to signs of a stabilizing economy, data released on Sunday indicate.
The Purchasing Managers Index, a gauge of manufacturing activity, rose to 50.8 in May, from 50.4 in April, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
Recovering and stabilizing Chinese economy is the most fundamental element for the growth of SUTOR.
http://www.chinadaily.com.cn/business/chinadata/2014-06/02/content_17557111.htm
If it is true of a China uptrend. Then this is the right place to be. Just hope other investors think the same.
opinion
SUTR reported a profit once again. Making better margin on less revenue. China growth factor down and steel prices had hit a low end, but SUTR still pulled off a profit.
Sutor Technology Group: Poised For A Major Upward Correction As New Capacity Comes Online
May. 8, 2014 7:48 AM ET | 3 comments | About: Sutor Technology Group Limited (SUTR)
Disclosure: I am long SUTR. (More...)
Summary
•According to Zacks, SUTR generates the highest Earnings Yield in the steel industry with 2013 earnings of 42c/share and sub-$2 pps.
•The Company received High Tech Enterprise Status for the second time extending its preferred tax rate of 15% through 2015, compared with the normal 25% corporate rate.
•SUTR is entering its next phase of growth as it gets poised to put on line its newly completed 25% production capacity expansion.
Sutor Technology Group Limited, (SUTR) incorporated on May 1, 1997, manufactures specialty, and fine finished steel products. The Company utilizes a range of processes and technological methodologies to converts steel manufactured by third parties into fine finished steel products. The Company's product offerings are focused on finished steel products, specifically hot-dip galvanized steel (HDG steel), and pre-painted galvanized steel, or PPGI. In addition, the Company produces acid pickled steel (AP steel), and cold-rolled steel. The Company's three operating segments are categorized according to the Company's three operating subsidiaries, which include Changshu Huaye, which manufactures and sells HDG steel and PPGI products; Jiangsu Cold-Rolled, which manufactures and sells HDG steel, AP steel and cold-rolled steel, and Ningbo Zhehua, which manufactures and sells welded steel pipe products.
Sutor's fully automated, state-of-the-art production lines have a total annual capacity of approximately 2 million tons of steel products. The Company's diversified finished products, due to its vertical integration model, are used extensively in solar energy applications, appliances, automobiles, consumer electronic products, medical instruments, industrial instruments and components, building & construction infrastructure, oil and gas transmission lines, and water resource and infrastructure applications. The company benefits directly from the increasing and sustainable demand for its products due to urbanization and industrial as well as energy upgrading in China. In addition to rapidly increasing domestic demand, the Company's primary export markets are Europe, the Middle East, SE Asia, Russia, and South America.
SUTR has been quietly making significant progress in several fronts in recent quarters. The Company has been winning contracts from a wide range of well-known companies domestically and globally, the most recent being Samsung. Much of its success is related to the creation of a myriad of products to address the specialized needs from dozens of clients. The company's award-winning R&D efforts have increased its patent portfolio from 20 patents in 2010 to almost 200 patents today (30 Invention Patents, 24 Utility Model Patents, 106 Appearance-Design Patents).
But all the specialized products that the Company can produce, and 100's of patents and know-how would be useless if it would not be able to translate this technological might into growing revenues and net income. But Sutor has grown revenues and increased the bottom line significantly in the last three years. This has not gone unnoticed as Zacks reported recently that SUTR generates the highest earnings yield in the steel industry. By definition, a high earnings yield also means that the stock price is undervalued.
The two tables below show: 1) revenues and net income for the last three years, and 2) several key valuation ratios that clearly show how ridiculously undervalued the stock price is today relative to its peers:
YEAR
Revenues, $MM
Net Income, $/share
2013
611.2
0.42
2012
531.6
0.3
2011
431.7
0,34
Valuation Ratio
Sutor
Sector
P/E Ratio (TTM)
3.1
34.56
Price to sales
0.11
3.73
Price to Book (MRQ)
0.27
2.88
Price to tangible Book (MRQ)
0.28
3.05
Price to Cash Flow
2.24
13.63
Net Profit Margin
3.64
- 7.4
TTM = Trailing 12 months
MRQ = Most recent quarter
Note: SUTR competitors are: ArcelorMittal (MT), Posco (PKX), Nucor (NUE)
I believe that SUTR's fair valuation should be $5 - $6/share. But "the cream rises to the top," and it's just a matter of time until value investors recognize SUTR as true sector gem with significant upside.
I believe SUTR is severely undervalued by lack of exposure, because of investors' fear that it could be a scam - as a result of the negative perception that has been created after Muddy Water's attack on several Chinese companies trading in US markets thus painting the entire sector with the same brush. However, SUTR's small short ratio of 0.3% or roughly 22K shares is testament that shorts don't believe that the company is a scam and should be afraid of its strong and improving fundamentals. Investors should know that Sutor is one of the most respected small steel producers in China having won several technical awards and having been recognized by many of its clients as a high-quality, reliable supplier of specialized steel products. Furthermore, SUTR's financial results are audited by well-known accounting firm Grant Thornton LLP.
The following are other factors position SUTR above many of its peers:
1.SUTR has gained compliance with major international engineering and quality standards. This ensures the production of consistent and high-quality products.
2.SUTR has the only R&D center that focuses on fine finished steel technology in Jiangsu Province.
3.As mentioned above, SUTR has a significant and growing intellectual property with almost 200 internally-generated patents.
4.SUTR has a strategic alliance with Mid-South University: China's leading institute in steel technology research.
5.SUTOR achieved API certification (American Petroleum Institute).
6.The Company has been recognized as a "National & Provincial High-Tech Brand," and as the "Jiangsu Well-known Brand."
7.Sutor is an approved supplier for Midea, Hitachi, Sunrain, LG, and many other well-known brands - and more recently, Samsung.
8.The Ningbo Zhehua Division is a qualified supplier for CNPC, Petro China, Sinopec, and many other companies both domestically and internationally.
9.The Ningbo Zhehua Division recently passed successfully the European Union PED Certification.
SUTR's technological superiority also benefits its bottom line. On October 16, 2013, SUTR announced that the Jiangsu provincial government had renewed the High Tech Enterprise status of the Company's wholly-owned subsidiary, Changshu Huaye Steel Strip Co., Ltd. As a result, Changshu Huaye is entitled to a preferred tax rate of 15% for the three years 2013 through 2015, compared with the normal 25% corporate tax rate. Changshu Huaye was designated as a High Tech Enterprise beginning in 2010.
It is clear by studying the above tables and the comments that I've already made that the recent company performance has been stellar but it's not yet reflected in the share price. But the company future is even brighter.
A glimpse into the future will be provided next week when the company reports its 3Q FY 2014 financial results. I expect that the company will beat last year's comparable quarterly results handily on revenues and net income because of a strong solar energy sector, and strong automobile and appliance production in China. The company has also won several recent major contract wins - here are some of them, starting with the most recent:
On March 31, 2014, Sutor that it had signed a product distribution agreement in Russia to sell high gross margin products including HDG, Galvalume and PPGI steel with an annual minimum sales volume of 5,000 tons.
On March 4, 2013, the company announced that Changshu Huaye Steel Strip Co., Ltd., a subsidiary of Sutor, has entered into a supply contract with SAMSUNG Group to supply a total of 6,500 metric tons of aluminum-zinc alloy coated steel (also known as Galvalume - a new product increasing in demand).
On February 20, 2014, Sutor announced that Changshu Huaye Steel Strip Co., Ltd., a subsidiary of Sutor, has entered into two international sales agency agreements with two sales agencies located in the Middle East market (covering Jordan and Iraq) and South American market (targeting Chile and Bolivia) to supply a total of 15,000 metric tons of coated steel coils annually.
On December 12, 2013, the Company announced that its subsidiary Ningbo Zhehua Heavy Steel Pipe Manufacturing Co., Ltd. ("Ningbo Zhehua") won three contracts to supply approximately 4,000 metric tons of spiral seam steel pipes to three water transportation pipeline projects in Zhejiang Province.
Other contracts and business updates are listed chronologically in Geo Investing's website.
I also expect that the company will update investors on the startup status of its newly completed 25% major expansion. On January 21, 2014, the Company announced that it has completed construction of the new 500,000 metric tons (MT) cold-rolling production line and moved to the phase of trial production at Jiangsu Cold Rolled Technology Co., Ltd, a subsidiary of Sutor. Former CEO Lifang Cheng commented: "We are optimistic that the new capacity will improve our operating efficiency, expand our product offerings and hence strengthen our competitiveness in the high-end product market."
Company management has been meeting recently with several IR firms, presumably because they believe that the stock is undervalued, and that more exposure is needed - particularly now that the company is entering its next growth phase with the startup of the new 500,000 metric ton expansion. This is not surprising because recently appointed CEO Mr. Zhuo Wang, and CFO Naijiang (Eric) Zhou are pro shareholders as both have Investors Relations' backgrounds. US-educated Mr. Zhou, for instance, was a stock analyst with Roth Capital Partners and held various positions at U.S Global investors.
I believe the time has come for SUTR stock to experience a well-deserved upward correction. I also believe that I am not alone as investors have been taking positions in recent days for what I believe could be a sustained rally towards fair valuation going forward. Even its perennial money-losing competitor China Precision Steel, Inc. (CPSL) has had a recent 200% upward explosion. But since no investment in the stock market is free of risks, investors should review all the risks and uncertainties as detailed in the company filings with the SEC.
Editor's Note: This article covers a stock trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.
http://seekingalpha.com/article/2201923-sutor-technology-group-poised-for-a-major-upward-correction-as-new-capacity-comes-online
Seeking Alpha Article just out: Sutor Technology Group: Poised For A Major Upward Correction As New Capacity Comes Online
Profitable! The share price has a strangle hold of manipulation in my opinion. One day that noose will be broken. Like it was stated before by the company. SUTR is very concerned about shareholder value. You can either take their word or not!
Buying more here today :) SUTR
In reply to Doebop from a private message. I feel SUTR has an easy potential for a $5 share price. The news keeps getting better and better. They are expanding nicely globally also. The new addition is near ready for full production.
Today the news was just the start of more of the same to come in my opinion. The share price reacted very good. What will it take to break this low float boat of suppressive manipulation? Heavy volume of friendly investor interest.
SUTR generally shows net profit each and every quarter. It has a solid performance overall. The share price is way under valued, but that is my opinion. Maybe we will work our way to $3.20, before we see some real value begin to build, but first we have to get there.
Nice to meet you Doebop, but I do not have private message. I was once tossed in the IHUB jailhouse with a paid subscription, even though I only lost a month. So since then I did not renew.
New 52 high $2.54. Samsung news is big! The bottom line is this company can deliver. SUTR has the capacity to produce the volume needed for the big brand companies.
SWEET!
OPINION!
I would tend to believe manipulative suppression is behind the trading action. Even the company buy back did not keep momentum going forward. I agree with what you are seeing.
opinion.
I dont understand this company and how the stock is trading... earnings per share is $0.54 for the trailing 4 quarters. So this is currently trading with a P/E ratio of 3.307 right now. That's ridiculous for a company that is consistently increasing their profit each quarter. They managed to raise their profit from the same quarter last year even with lower revenue.
What can Mr. Wang do for the share price, that Ms. Lifang Chen could not bring about?
Ms. Lifang Chen did a very fine job. The well being of the company is profitable.
It will be interesting to see how Mr. Wang will bring on new investor interest, while retaining the old.
Thanks Ms. Lifang Chen! You did more than an excellent job!
Congratulations Lifang Chen and associated employees. Excellent news on the three pipe contracts.
Sutor Technology Group Limited Won Bids to Supply Spiral Seam Steel Pipes to Water Transportation Projects
http://ih.advfn.com/p.php?pid=nmona&article=60365485&symbol=SUTR
Today : Thursday 12 December 2013
CHANGSHU, China, Dec. 12, 2013 /PRNewswire-FirstCall/ -- Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), a leading China-based manufacturer and distributor of high-end fine finished steel products used by a variety of downstream applications, today announced its subsidiary Ningbo Zhehua Heavy Steel Pipe Manufacturing Co., Ltd. ("Ningbo Zhehua") won three contracts to supply approximately 4,000 metric tons of spiral seam steel pipes to three water transportation pipeline projects in Zhejiang Province. The contracts are valued at approximately $3 million. Deliveries of Company products are expected to begin in January 2014.
Lifang Chen, Chairwoman and CEO of Sutor commented, "As a result of Ningbo Zhehua's efforts to strengthen its capability of providing customized products and services for end customers, the company is able to gain access to more municipal projects related to water supply, waste water treatment and recycling of treated water. The recent series of bid wins of water transportation related projects demonstrated our success in product upgrading and in the company's efforts to address heightened concerns on environmental issues in China."
"As environmental protection has become a top priority for the new Chinese leadership, we expect China's green industry will take a prominent position in the years to come. Accordingly, Sutor's operating subsidiaries, covering fine finished steel and steel pipe businesses, are undergoing a transformation in order to take advantage of the fast growing green industry. In addition to providing products for water-related projects, Sutor is striving to expand its market share in the air filtration and purification industry by supplying qualified fine finished steel products to relevant equipment manufacturers. We believe the versatility of our products and our commitment to meet market demands will enable us to significantly increase our competitiveness in the long term," Ms. Chen continued.
About Sutor Technology Group Limited
Sutor is one of the leading China-based manufacturers and distributors of high-end fine finished steel products used by a variety of downstream applications. The Company utilizes a variety of in-house developed processes and technologies to convert steel manufactured by third parties into fine finished steel products, including hot-dip galvanized steel, pre-painted galvanized steel, acid-pickled steel, cold-rolled steel and welded steel pipe products. To learn more about the Company, please visit http://www.sutorcn.com/en/index.php.
Forward-Looking Statements
This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among others, those concerning our expected financial performance, liquidity and strategic and operational plans, our future operating results, our expectations regarding the market for our products, our expectations regarding the steel market, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties include, but not limited to, the factors mentioned in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended June 30, 2013, and other risks mentioned in our other reports filed with the Securities Exchange Commission ("SEC"). Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
For more information, please contact:
Jason Wang, Director of IR
Sutor Technology Group Limited
Tel: +86-512-5268-0988
Email: investor_relations@sutorcn.com
SOURCE Sutor Technology Group Limited
Copyright 2013 PR Newswire
Almost as if the price per share has been taken hostage. I agree with you fully. Exceptional value!
with this quarter's earnings, this now has earnings of $.50 for the year leading up to now, and that makes for a P/E ratio of 3.84 right now. Keep in mind this traded close to 6x earnings before LAST quarters earnings were released. I can't believe this is only trading at 1.92 right now.
"In addition, we focused our efforts on developing high-end products and targeted new end customers in China and overseas. We added more than 600 new customers in the first quarter of fiscal 2014. Some of the customers are in the environmental protection business."
http://finance.yahoo.com/news/sutor-technology-group-limited-reports-130000681.html
My opinion. 600 new customers is nothing short of the word fantastic. Congrats!
A decent 95,000 shares bought around 2:40 today. This thing doesn't see much volume so its a decent chunk for right now.
China's economy grew 7.8 percent in the three months ending in September.
http://finance.yahoo.com/news/china-growth-earnings-push-stocks-134719467.html
crickets.... Does anyone have any thoughts on this stock at the time?
So undervalued and oversold. I bet some swing traders made some nice cash on this one.
They also said, where the company is located, that there is a lot of developments going on, and that there is a lot of room for growth within the company.
Followers
|
20
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
853
|
Created
|
02/22/08
|
Type
|
Free
|
Moderators |
A Chinese steel company.
Manufacturer and distributor of steel finish fabrication products.
http://sutorcn.com/en/index.php
The Above charter reflects our organization structure as of the date of this prospectus:
(1) The other 10% of Changshu Dongbang Sewage Treatment Co., Ltd. is owned by Dongbang Asset Management Company, a company owned by Dongbang Town.
Changshu Dongbang Sewage Treatment Co., Ltd. provides sewage treatment services to Changshu Huaye and Jiangsu Cold-Rolled and had a revenue of approximately
$0.18 million in the fiscal year of 2007.
websites:
http://sutorcn.com/en/index.php
Region Photo's: http://search.yahoo.com/search?p=photos+%2C+Changshu%2C+Jiangsu+Province&yhdr_submit_button=Web+Search&fr=ush1-finance
http://www.locr.com/photo_detail.php?id=13180915&ref=21&index=4&user_id=1638
http://en.wikipedia.org/wiki/Changshu
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |