China Tracker - Details for China Automotive Systems (CAAS)

 China Automotive Systems
Shares Outstanding (MRQ): 31.57 mill 
New Shares / Dilution (TTM): 4.57 mill16.95% 
New Shares / Dilution (since Dec 31, 2008): 1.90 mill6.39% 
Cash (MRQ): 49.42 mill29.60% 
Account Receivables (MRQ): 195.86 mill117.29%
Account Receivables (Q/Q): + 14.01 mill7.71% 
Long-Term Debt (MRQ): 0.60 mill0.36%
Revenue Growth (Q/Q): 32.07% 
Revenue Growth (Y/Y): 19.99% 
Net Income Growth (Q/Q): -31.69% 
Net Income Growth (Y/Y): 1,474.87%
EPS Growth (Y/Y): 1,246.62%
Net Margin (Q/Q): 5.2% (10.1%)-4.90% 
Net Margin (Y/Y): 5.2% (0.4%)4.80% 
EPS | P/E (2 MRQ Projection): $0.826.46
CFPS | P/CF (2 MRQ Projection): $1.573.38
Price/Sales (2 MRQ Projection): 0.47
Price/Book (MRQ): 1.49 
Auditor: PricewaterhouseCoopers
 
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2011-06-29): $0.955.57
 Basic Facts and History (show more)
Reporting Type: U.S. Company (10-K Filings) 
Going Public: Reverse Merger on 2003-03-05 
Uplisting to Senior Exchange: on 2004-08-31 at $5.32 (-0.57% since Uplisting)

 Business Outlook

Management provides revenue guidance of 15% year-over-year growth for the 2011 year.

(Source: PR Newswire, 2011-06-28)

CAAS believes that it will be able to file its amended annual report on Form 10-K for the year ended December 31, 2009 (which will include restated comparative financial statements for 2008) and amended quarterly reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2010 (which will include restated comparative financial statements for the respective periods of 2009) as well as the 2010 Form 10-K and the 2011 Form 10-Q before the end of June 2011.

(Source: PR Newswire, 2011-05-19)

The Company expects that it will not file its annual report on Form 10-K for the year ended December 31, 2010 on time. The current estimated adjustment for the change in the fair value of the derivatives for the year ended December 31, 2009 is a loss of $43 million, and a gain for the year ended December 31, 2010 of $19 million. The estimated adjustments are subject to changes, pending the completion of the necessary assessment and procedures that the Company is currently undertaking. The Company has not reached a final conclusion on the effect of these accounting errors on its assessment of internal control over financial reporting and disclosure controls and procedures. Given the complexity of the analysis, the Company expects that the review will be completed during the second quarter of 2011, including the filing of amended quarterly reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2010 (which will also include restated comparative financial statements for the respective quarterly periods of 2009) and an amended annual report on Form 10-K for the year ended December 31, 2009 to restate the financial statements for those periods.

"As the restatement relates to non-cash items below our operating income line and is mainly associated with convertible notes that we issued to investors in early 2008, these adjustments have not negatively impacted our operations, and will not affect our ability to successfully run the business, expand our market share, generate free cash flow and achieve our long-term strategic goals. We continue to focus on product quality and cost efficiency and our solid financial condition leaves us well positioned to capitalize on market opportunities both in China and abroad."

(Source: PR Newswire, 2011-03-17)

    see all Business Outlook notes

 Analyst Coverage (show more)
2011-08-15Brean MurrayDowngradeHoldn/a
2011-08-09OppenheimerReiterationOutperform$9.00
2011-07-13OppenheimerReiterationOutperform$12.00
2011-06-10Rodman & RenshawDowngradeTerminatedn/a
2011-04-08Piper JaffrayReiterationOverweight$16.00

CAAS is currently followed by 7 analysts. 5 give the stock a positive rating, 1 rate it neutral and 1 give it a negative rating. The average price target is 18.50, which implies 249.71% upside from current price.


    see all Analyst Ratings

 Investor Presentations
2010-04-01 (PDF)   DOWNLOAD (right click, save as)
CAAS
Automobiles
SCORE
14
READ: Score Cards Explained
SAFETY/RISK SCORE
HIGH RISK
DETAILS: Safety/Risk Model for CAAS
Current Price:  $5.29
F10k Day (2003-09-08): 23.02%$4.30
2009 Close: -71.73%$18.71
2010 Close: -61.17%$13.62
2011 Close: 60.30%$3.30
High (2012-03-22): -30.31%$7.59
Low (2012-08-06): 50.71%$3.51
Exchange: NCM
Market Capitalization: 166.98 mill
Total Shares: 31.57 mill
Float: 12,019,000.00 mill
Avg Volume: 284.60 k
Short Interest: 1.01 mill
Short Ratio: 12.36%3.5 d
Last Quarter: 2010-12-31
Revenue (MRQ): 100.51 mill
Net Income (MRQ): 5.25 mill
Op. Cash Flow (MRQ): 8.95 mill
all financial data provided without warranty