U.S. China Mining Group Inc fka SGZH

[GorillaGorilla]

While we await the restatements...

They were saying that they were going to release restatements for each quarter but in the meantime they were using restated accounts in last quarter - and this included table with 9 months restated.

They have 9 months restated for 2008 in the tables - and this took EPS from 1.56 to 1.29 or 83% of the original. Assuming it stays with same drop in Q4 I have $1.44 for FY 2008.

In 2009 I had 1.71 for first 9 months and this has been revised down to 1.57. So I'm figuring adjusting Q3 up $0.04, thanks to the boiler and then at least doing 2008's Q4 * 83%, $0.32 they should do, bad case, around $1.93 for the year - If that's the case we have P/E of 4 and around 34% growth Y/Y.

Coal prices are looking good at the moment so that should support the Earnings - I don't know if they are going to dig more coal out next year?

comments?

rich