China Growth Stocks

[Rames]

SKBI - Hudson keeps Buy, lowers PT to $14

We made changes in our model to reflect the increased guidance provided during the conference call. We also adjusted the estimated blended tax rate to reflect a similar level as reported on the 1Q2010. Based on these changes, we are lowering our 2010 and 2011 EPS estimate to $1.34 and $1.64 from $1.40 and 1.72, respectively. We are taking a more conservative approach to accommodate expenses that have been identified as not tax-deductible.

--

Those estimates are significantly below what I have on paper. I never get this tax stuff right so I'll have to look into this again.