China Integrated Energy, Inc. (CBEH) Estimates Raised
February 03, 2010 2:12 PM
Analysts Andy Yeung and Paul Keung at Oppenheimer (NYSE: OPY) have released an update on China Integrated Energy, Inc. (NASDAQ: CBEH).
The company has recently signed a new contract with an existing wholesale distribution customer in Sichuan province. According to the new contract, the company will deliver 160,000 tons of petroleum products in 2010, a 63% year-over-year increase. The construction of the 50,000 ton manufacturing facility is also on track.
The company expects to commence operations at the site in the third quarter of 2010. According to analysts, the company should generate positive cash flow from operations in 2010. Analysts have raised the estimates for sales and EPS by $33.5 million and $0.10 in 2010, as the new contract in Sichuan province is expected to generate $52 million in incremental sales. The price target has also been raised from $10 to $11. Analysts at Oppenheimer have maintained their Outperform rating for China Integrated Energy, Inc.
