Thursday, January 17, 2008 3:27:05 PM
The firm cited several catalysts that should drive shares of China Fire & Security higher within the next few months:
1. the Company has a "healthy backlog" of orders, which provides excellent earnings visibility going into 2008;
2. China Fire & Security's high level of earnings visibility could create upside potential to earnings estimates;
3. new contract wins will provide positive catalysts for China Fire in the near-term; and
4. concerns about the weakening U.S. economy have caused investors to become more interested in Chinese stocks, "yet valuations still remain attractive relative to growth."
Piper Jaffray's $18 price target on China Fire & Security is based on 17x and 14x its FY08 and '09 EPS estimates, respectively, representing a sharp discount relative to the firm's 40% expected operating profit growth rate for the next two years.
China Fire & Security Group, Inc. engages in the design, development, manufacture, and sale of various fire safety products for the industrial fire safety market in the People's Republic of China.
Signatures are so yesterday!
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