10K should be amazing...here's what Lebed said last year...
March 23rd, 2011:
China Agri-Business Inc (CHBU)
Current Price: $1.16
Speculative Rating: 1 (highest level of confidence)
CHBU is an agriculture company that manufactures and sells non-toxic fertilizer, bactericide, and fungicide products used for farming in China.
CHBU's two primary product groups are organic fertilizers and bactericides. CHBU has a total of five brands and produces more than 50 different applications, including products designed to stimulate plant growth, condition soil, and prevent and cure plant diseases and parasites. CHBU has products for a variety of crops, including potatoes, vegetables, cotton, fruit plants, and orchard trees. The products can be used alone or as supplements with other products.
CHBU just announced plans to build a new organic fertilizer manufacturing and logistics facility in Xi'an, China. CHBU plans to build facilities aggregating approximately 107,600 square feet consisting of manufacturing, research and warehouse facilities, which will include the annual capacity to manufacture 11,000 tons of products and a warehouse with a storage capacity of 40,000 tons per annum.
After completion of construction, the Xinsheng Shiji Center will contribute an estimated revenue of approximately $45 million from its manufacturing facilities and approximately $6 million from its warehousing and logistic facilities. The estimated budget for the first stage of construction is approximately $3,940,000. The estimated construction period is approximately four months for the first stage.
CHBU currently has over 500 branded stores located in the Shanxi, Hunan and Sichuan provinces. The construction of the Xinsheng Shiji Center of Manufacturing and Logistics will help CHBU meet the demand for their further developing. The Xinsheng Shiji Center will provide a solid foundation for CHBU's future development.
With only 12.96 million shares outstanding, CHBU's current market cap is only $15.03 million. CHBU ended the last quarter with $11.5 million in cash and only $610,000 in total debts. CHBU has working capital of $11 million and shareholder equity of $12.5 million.
If you subtract CHBU's net cash position (CHBU's cash minus its total debts) from its market cap, CHBU's actual agriculture business is being valued at only $4.14 million! CHBU's revenues last quarter alone were $3.53 million, up 472% from one year ago! CHBU was profitable with net income for the quarter of $895,984!
CHBU's net income last quarter of $895,984 would equal $3,583,936 on an annualized basis! I just went over how the market is valuing CHBU's actual agriculture business (after you subtract its cash position) at only $4.14 million! This means CHBU's actual business has a P/E ratio of only 1 based on their net income last quarter annualized!
CHBU's revenues last quarter on an annualized basis were around $14 million, but with CHBU's new facility that is being constructed, CHBU will be in a position to increase annual revenues to around $51 million (based on CHBU's projections of revenues from its manufacturing, warehousing, and logistics combined)!
Imagine if CHBU's business was valued at just 1 times projected sales of $51 million plus their cash position of $11.5 million for a total market cap of $62.5 million. With 12.96 million shares outstanding, that would value CHBU at $4.82 per share!
We have not been compensated for CHBU and do not hold a position in the stock. I may have written about CHBU before in other media outlets and I may accumulate a position in CHBU in the future.
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