China Ceramics Com Ltd (fka CCCL)

[RealDutch]

I sent this email to David (IR) and Edmund (CFO)

re : CCCL - June presentation on your website

David (Edmund),

I noticed EPS $0.13 (TTM, excluding asset impairment) on page 4 of your presentation.
This is not correct, IMO.
I calculated EPS for 2015 as follows -

From 20-F
Total loss 2015 = RMB 361M
Asset impairment = RMB 422M
Difference = RMB 61M = USD 9.62M
EPS (2015) = 9.62/20.3 = $0.47

I know you are using TTM and I am using FY 2015, but the effect of Q1 couldn't possibly account for the large difference.
As a result, the P/E you mention on page 4 is wrong as well.

Following the reverse split, EPS is actually 8 x $0.47 = $3.76

So you can see that you are creating the wrong impression,
at a time when the share price is seriously depressed already.

I would appreciate it if you could update the numbers.

Thanks,
xxx.

Btw, my EPS estimate for 2016 is $4.40/share.