THE CURRENT SITUATION SURROUNDING CNOA
CNOA is surrounded by a unique set of circumstances right now:
1) They attempted an R/S (for uplisting purposes, evidently) which scared people, new investors are worried to buy in as the R/S possibility still lingers. But R/S is not a bad thing, unless it was induced by dilution, which is absent here.
By the way, the PE ratios of these stocks tend to double or triple immediately when they move to a major exchange. CNOA still plans to uplist!
2) They had a so-so quarter. They still made money, but not as much as expected. Keep in mind that they have been profitable for years.
3) Their auditor was let go. Couldn't handle the filings on time, according to new IR Jennifer Yang. Late filings was always a problem here.
4) Top management changed to stock-oriented, English-speaking people, according to Jennifer Yang. But management change means it will take some adjustment time before the results will become evident.
5) No IR whatsoever for a long time, but new IR personnel assigned a week ago. Things are looking up!
All these things have a perfectly good explanation, but all of them united within a short period of time scared the investors, and thus is the miserable price. Buy when there is blood in the streets, they say...
Their assets minus liabilities = $95M, that's $1.30 a share in book value only. For the past two years they made $0.15 a share in the fourth quarter alone, I expect them to post the same with the next 10-K coming out early april... That will bring CNOA up to the annual EPS of $0.25 per share in 2010.... THE PRICE IT TRADES AT RIGHT NOW!
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