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Friday, October 14, 2011 10:39:12 AM
While one would like to see top line sales growing a bit more, they did report that the sales were 6.2% higher than the fourth quarter of 2011, so at least sales are rising over last quarter. Also, the company confirms that it sees the demand continue to rise for its higher margin LIP product, which is evidenced by the announcement that they will convert an additional 2 mfg lines to LIP, from cobaltosic in the coming year.
There was a rise in receivables, but also a rise in prepaid orders. The receivables increase may be a result of having some new large customers, which is reflected in the expanded list of 105 or more customers. Generally, I would say having new, large customer is a positive overall, even if it results in a rise in receivables.
Nothing terribly exciting in the report, but nothing distressing either.
We continue to have a company that is a key player supplying the growing lithium battery market in China, that is supported by a huge government commitment through 2015.
Meanwhile, the company has assets of over $1/share, cash of .40 a share, and trades at a PE of less than 2.
While the stock performance has been very weak, I like buying cash reserves at about .75 on the dollar, which is what is available today, with the price hovering around .30. I don't see demand for the companies products going down, and they have been very good at reporting every quarter, like clockwork, which cannot be said for all the other little Chinese stocks out there.
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