Roadman & Renshaw is out with a research report this afternoon, where it reiterates its Market Perform rating on China Green Agriculture CGA.
The Roadman & Renshaw analysts cited the company's recent earnings results, which were mostly above expectations. Net revenue increased 272.0% YoY and reached $60.3 million, easily beating R&R's estimate of $43.0 million. The Gufeng subsidiary was the biggest revenue contributor, providing $40.3 million of sales, increasing 54.2% QoQ and accounting for 66.8% of total revenue.
As for valuation, the analysts remarked, “We now project revenue in F1Q12 and FY2012 will reach $47.4 million and $210.4 million, respectively. We expect gross profit will reach $16.0 million in F1Q12 and $77.9 million in FY2012, implying respective gross margins of 33.8% and 37.0%. We estimate net income in F1Q12 and FY2012 will reach $7.3 million and $38.3 million, or $0.27 and $1.43 per diluted share, respectively.”
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