CNOA cleverox, would that be new rule #13 for your list yesterday? I also wondered why the company decided to venture into the California winery business. On the plus side, wine consumption in China is growing by 30% per year and even faster for imported wines which have hefty import taxes. I have read but haven't confirmed that the company will avoid some of those taxes because they now own the winery. This is from the recent PR:
Demand in China for foreign wines, including those produced in California, is growing rapidly. In 2007, the import of wine into China totaled approximately 54 million bottles, representing a 125% growth from 2006, according to the latest report of the International Wine and Spirit Competition. The market share of imported wines in China increased from 6.6% in 2006 to 10% in 2007, while industry analysts project that share will reach 18% in 2008.
CNOA has dropped 80% from its highs in Q4 and sports a trailing PE of 3. Guidance will be provided after they finalize their Dahlia acquisition which will expand their market penetration. Seasonally stronger quarters are coming. I am holding onto my shares.
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