Piper Jaffray Reports Solid Q4 Results For SORL Auto Parts
According to Piper Jaffray, SORL Auto Parts (NASDAQ: SORL) saw solid Q4 results.
Piper Jaffray reported that there is a lot to like about SORL's fundamentals. “The company has exposure to international auto parts markets (an under-appreciated but increasingly important space), and the management team is very capable. The SORL brand is ubiquitous in China, and the company's focus on R&D has led to an impressive product portfolio. Thanks to all this, the company easily out-paced Q4 expectations. However, in the current environment we believe investors are unlikely to bid up the price of a Chinese stock with a small cash balance, a non-Big 4 auditor, and a confusing ownership structure. Maintain Neutral, PT moving to $8 (from $10).”
SORL Auto Parts closed yesterday at $6.48.
