China Tracker - Details for China XD Plastics (CXDC)

 China XD Plastics
Shares Outstanding (MRQ): 47.63 mill 
New Shares / Dilution (TTM): 4.12 mill9.48%
New Shares / Dilution (since Dec 31, 2008): 9.02 mill23.36% 
Cash (MRQ): 46.86 mill20.08% 
Account Receivables (MRQ): 30.72 mill13.16% 
Account Receivables (Q/Q): + 3.25 mill11.85% 
Long-Term Debt (MRQ): 24.78 mill10.62% 
Revenue Growth (Q/Q): 15.83% 
Revenue Growth (Y/Y): 42.22%
Net Income Growth (Q/Q): 6.13% 
Net Income Growth (Y/Y): 9.99% 
EPS Growth (Y/Y): 0.47% 
Net Margin (Q/Q): 13.9% (15.1%)-1.30% 
Net Margin (Y/Y): 13.9% (17.9%)-4.10% 
EPS | P/E (2 MRQ Projection): $1.004.92
CFPS | P/CF (2 MRQ Projection): $1.343.66
Price/Sales (2 MRQ Projection): 0.71
Price/Book (MRQ): 1.75 
Auditor: KPMG
 
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2011-04-01): $1.054.67
 Basic Facts and History (show more)
Reporting Type: U.S. Company (10-K Filings) 
Going Public: Reverse Merger on 2008-12-24 
Uplisting to Senior Exchange: on 2009-11-27 at $10.26 (-52.25% since Uplisting)

 Business Outlook

Given the Company's strong performance during the first half of 2011 and a positive outlook on customer demand for its products for the remainder of the year, the Company is raising its guidance for the fiscal year 2011. The Company expects revenue for fiscal 2011 to range between $320 million and $350 million, and non-GAAP adjusted net income to range between $53 million and $56 million, excluding any non-cash charges related to stock based compensation and change in fair value of existing derivative liabilities.

(Source: PR Newswire, 2011-08-15)

China XD Plastics today announced that Morgan Stanley Private Equity Asia, one of the leading private equity investors in Asia, has agreed to make a US$100 million equity investment for a significant minority ownership stake in the Company, subject to certain customary closing conditions. The investment by MSPEA will help China XD Plastics to expand and further upgrade its production capabilities.

Under the terms of the transaction, MSPEA will purchase redeemable convertible preferred shares of the Company at an aggregate purchase price of US$100 million. The redeemable convertible preferred shares are convertible into common stock of the Company at an initial conversion price of US$6.25 per share, subject to customary anti-dilution adjustments. Holders of the redeemable convertible preferred shares will participate in common stock dividends on an as-converted basis. In connection with the transaction, MSPEA will designate two members to be elected to the board of directors of the Company, and the number of directors constituting the Board will be increased from seven to nine. Six of the nine directors will be considered independent for the Board under the rules of the Securities and Exchange Commission and the Nasdaq Stock Market.

"We are delighted to announce our partnership with MSPEA and believe that this investment reflects their confidence in the quality of our business and the significant growth prospects of our market. This investment will enable us to accelerate our domestic capacity expansion and production line upgrade plans and invest in developing new products to better satisfy the demand for our products in the market. MSPEA brings international best practices and financial and capital markets expertise as well as a track record of over 18 years of success in guiding and supporting companies to achieve their strategic and financial goals. Our management team looks forward to working closely with MSPEA to further strengthen our position as an industry leader."

(Source: PR Newswire, 2011-08-15)

Harbin Xinda intends to commission Harbin Shengtong to build the 5 plants and new R&D Center based on the recent land purchase of nearly 50 acres at the South Harbin Industrial Park and the construction that is already in place at the site. The total construction area is 104,180 square meters, and the total budget for this project is expected to amount to approximately $67 million, which includes approximately $15 million as a part of the land purchase and a construction project which already was commenced by Harbin Shengtong. Harbin Xinda intends to finance the project with its existing cash on hand and through additional bank loans if needed. The entire project is expected to be completed by December 30, 2011.

"We believe the new facilities construction project provides the sustainability for increasing an extra 30% capacity annually, and is a momentous step in our continued long-term strategic expansion plan. We believe that cooperating with Harbin Shengtong is the best way to carry out this process in the most efficient manner possible. We will submit the purchasing plan and the budget of the production lines and R&D equipment to our Board of Directors next week, endeavoring to put the new manufacturing facility into use as soon as possible, which we believe will help us to fully tap the strong demand for our modified plastics in the growing Chinese automotive industry."

(Source: PR Newswire, 2011-06-02)

    see all Business Outlook notes

 Analyst Coverage (show more)
2011-08-18Rodman & RenshawReiterationOutperform$10.00
2011-07-13OppenheimerReiterationOutperform$6.00
2011-05-16OppenheimerUpgradeOutperformn/a
2011-05-13Rodman & RenshawReiterationOutperform$10.00
2011-04-04Rodman & RenshawReiterationOutperform$10.00

CXDC is currently followed by 6 analysts. All 6 give the stock a positive rating. The average price target is 8.63, which implies 76.02% upside from current price.


    see all Analyst Ratings

 Recent Financings
2010-10-04Private$20.00 mill3.33 mill shares$6.00
2010-06-09Filing$100.00 mill--

 Investor Presentations
2010-03-07 (HTML)   VIEW
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Current Price:  $4.90
F10k Day (2009-06-05): 63.33%$3.00
2009 Close: -38.83%$8.01
2010 Close: -9.77%$5.43
2011 Close: -8.24%$5.34
High (2012-03-26): -15.52%$5.80
Low (2012-09-21): 39.20%$3.52
Exchange: NGM
Market Capitalization: 233.38 mill
Total Shares: 47.63 mill
Float: 14,137,000.00 mill
Avg Volume: 111.20 k
Short Interest: 1.01 mill
Short Ratio: n/a9.1 d
Last Quarter: 2011-06-30
Revenue (MRQ): 88.19 mill
Net Income (MRQ): 12.22 mill
Op. Cash Flow (MRQ): 30.42 mill
all financial data provided without warranty