China Tracker - Details for Tongxin International (TXIC)

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 Tongxin International
 Analyst Coverage
2010-10-06Rodman & RenshawDowngradeDroppedn/a

Effective immediately, we are terminating coverage on Tongxin International due to the restructuring of our coverage universe. We currently have the company under review from a ratings stand point.

2010-07-16Rodman & RenshawDowngradeUnder Reviewn/a

We are putting our rating on TXIC under review from a Market Outperform rating previously. This rating change is mainly due to the unavailability of financial statements from the company for over six months due to auditing related delays. We are also removing our financial projections for 2010. We will revisit our financial projections and rating once management finishes the auditing process and files its 10-K/10-Q forms with SEC.

2010-03-24Rodman & RenshawReiterationOutperform$17.00

In February 2010, the company announced a preliminary unaudited FY09 revenue for $121MM to $124MM, with 4Q09 revenue ranging from $29.5MM ~ $32.5MM. This compares to the company’s previous FY09 guidance of $120MM. We are updating our model for TXIC accordingly. We are now expecting TXIC to report 4Q09 and FY2009 revenues of $30.6MM and $122.1MM, respectively, while we maintain our assumptions for gross margin, operating expense, tax rate, and share count. As a result, we are projecting $4.8 MM and $17.1 MM in net income for 4Q09 and full year 2009, slightly higher than our previous projections of $4.5MM and $16.8MM, respectively. We are increasing our FY09 EPS estimate by two cents to $1.29. TXIC also updated its FY2010 revenue guidance to the range of $150MM ~ $160MM, an approximately 25% growth from FY2009. We increased our FY2010 revenue estimates to $153MM, representing a 25.3% increase from FY2009. EPS for FY2010 is forecasted to be $1.36 compared to $1.29 in our previous projection.

2009-12-21Rodman & RenshawReiterationOutperform$17.00

We are comfortable maintaining our $17 price target, which translates into P/E multiple of ~15x to our estimates for 2010. This compares to an average forward P/E multiple of ~22x for similar companies listed in Shanghai and ~17.5x for those listed in the US. We believe 15x forward P/E is a reasonable multiple for a company that should grow at a healthy pace, has exposure to both the Chinese and international commercial vehicle market and a healthy balance sheet.

READ: Score Cards Explained
Current Price:  n/a
F10k Day (2008-06-20): -100.00%$8.40
2009 Close: -100.00%$9.00
2010 Close: -100.00%$1.22
2011 Close: -100.00%$0.78
High (2012-04-12): -100.00%$0.90
Low (2012-10-18): -100.00%$0.28
Market Capitalization: n/a
Total Shares: 13.07 mill
Float: n/a
Avg Volume: n/a
Last Quarter: 2009-09-30
Revenue (MRQ): 27.15 mill
Net Income (MRQ): 3.82 mill
Op. Cash Flow (MRQ): 1.80 mill
all financial data provided without warranty