Tuesday, November 16, 2010

Renewable Energy

Renewable Energy: Grp announced that wholly-owned subsidiary, REA China, was informed that they are the successful bidder for Tender and that REA China has till 18Nov10 to accept Tender. Management is presently considering whether to accept the Tender and will release announcement in due course….

We note that grp’s 1H11 Net Profit of Rmb11.7m vs loss-making in 1H10 & revenue +370%
YoY. DMG maintains Buy with $0.385. Note that Net Profit slightly below expectations due to slower initial progress from manufacturing unit and lower than expected gross profit margins for manufacturing and fasterner businesses.

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