China BioPharma Corp (fka CHBO)

[sweet crude]

CBPC - H5N1 research

China BioPharma (OTC: CBPC)

PRICE TARGET OF $1.31

TEDG reported around $9 million in sales for fiscal year 2005, along with $1.5 million in net income profit. Based on other biotech 'bird flu' plays within the sector, and only 82 million shares issued and outstanding we feel TEDG should have a fair market cap value of at least $108 million. This valuation would still only give TEDG a price/sales ratio of 12 as compared to others in the sector ranging from 12 to 653 times sales.

$9 million (revenue) x 12 (price to sales) = $108 million market cap

($108 million market cap / 82 million shares outstanding = $1.31 a share)

http://www.theasianinvestor.com/reports/tedg.htm