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Executives

Wanyee Ho - Director, IR

Jeffrey Kang - CEO

Analysts

J.D. Abouchar - GRT Capital

Brian Alger - Wedbush Equity Management

Nick Caputo - Kingdom Ridge Capital

Cogo Group Inc. (COGO) Q1 2013 Earnings Call May 15, 2013 8:00 AM ET

Operator

Good day ladies and gentlemen, thank you for standing by. Welcome to the Cogo Group Inc. First Quarter 2013 Earnings Conference Call. During today’s presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. (Operator Instructions). This conference is being recorded today Wednesday, May 15, 2013.

And I would now like to turn the conference over to Wanyee Ho, Investor Relations Director. Please go ahead.

Wanyee Ho

Thank you Britney and good afternoon to everyone. I am Wanyee Ho, Cogo’s Investor Relations Director. And I would like to thank all of you for joining us today to participate in Cogo's 2013 first quarter earnings conference call.

After the market closed today, Cogo issued a press release reporting unaudited financial results for the quarter ended March 31, 2013. This release can be accessed in the Investor Relations section of Cogo's website at www.cogo.com.cn and on most other financial websites.

Today the discussion will be hosted by Jeffrey Kang, Chairman and CEO, who will discuss the Company’s business operations. Before we begin, I'd like to remind everyone that the call today may contain forward-looking statements regarding future events and financial performance of the company.

We wish to caution you that such statements are at present just predictions, and actual results may differ materially as a result of the risks and uncertainties inherent in the Company's business. We refer you to documents that the company files periodically with the SEC, specifically the most recently filed Forms 20-F and 6-K, as well as the Safe Harbor statement made in today’s Press Release.

These documents contain important risk factors that could cause actual results to differ materially from those contained in the Company's current predictions. Cogo assumes no obligation to revise the forward-looking information contained in today's call.

At this time, I'd like to turn the call over to Jeffrey. Jeffrey, the floor is yours.

Jeffrey Kang

Thank you, Wanyee, thanks to everyone for joining this call. I will keep my prepared comments brief to allow time for Q&A. Most of the key financial data is in the press release.

We continue to demonstrate solid top line growth across all the business segments and reported the highest first quarter revenue of approximately $182 million. The results excluded revenue generated from the subsidiary sold in November 2012.

Considering the revenues generated by those subsidiaries contributed approximately 30% of the revenue in the first quarter of 2012, the top line growth of the quarter would have been almost 54% year-over-year and. I am proud of our ability to produce the sustainable profit and then continue revenue growth in these uncertain economic times. As we have indicated many times, the credit situation for our SME customers in China has been tight and as it continue to negatively affect our gross margins. It’s impossible to predict when the situation will materially improve.

Gross margins in the first of quarter was in the range of 6.2% to 6.7% and the market such as smartphone are still growing strongly in China. While we can continue to increase our business scale, we also foresee that gross margin pressure is rising and the company may begin to keep increasing working capital to assist in growth.

In the face of this difficult macro conditions, we continue to drive authorizing profit and grow our tangible book value each and every quarter. The company had cash and pledge the bank's deposits totaling approximately $143.3 million at the end of the first quarter increased from $141.5 million at the end of 2012.

The company had a bank borrowing of $81.2 million as March 31, 2013 decreased from the $98.6 million at the end of 2012 and we reported net cash of $62 million at the end of the first quarter. The proceeds of that $78 million in cash received from the deal, not the year but many used and reserved for repaying banks borrowing and repurchasing stocks.

Safe authorization of the 10 million shares repurchase program in September 2012, today, we have repurchased more than 5.1 million shares. From the close to sales on November 15, 2012 to today, we fought back almost a 4.9 million shares. With the firm injected by the sales of the subsidiaries, we will continue to sweep execution of the buyback program.

While management is pleased with the Company's continuous business growth and a sustainable profitability, we are disappointed with our current stock performance which is trading far below our net asset value, despite continuous business growth and had been profitable every quarter.

Although end market is still growing, competition has intensified. We have to face the end market reality and make a decision on our long term strategy, while this market is huge and growing and Cogo has what it takes to continue growing our business scale. We are also facing growing gross profit pressure and arising working capital demand.

Although I believe it's good for Cogo to continue to expand our business scale and the market share, I also recognize that this strategy has not have been the most opportune among the capital market at this moment. In a matter of that, management has been contemplating on a long term balancing strategy. Among other negatives, our current focus is to develop video service business not to attain higher margin. It remains management's top priority to recover the recognition of the assets value and improve the shareholder value.

This concludes my remarks, thank you everyone for joining this call. And now let's turn the call to the operator to open up the floor for questions. We will look to end the call around nine. Operator?

Question-and-Answer Session

Operator

(Operator Instructions). Our first question comes from the line of J.D. Abouchar with GRT Capital. Please go ahead.

J.D. Abouchar - GRT Capital

First a couple of questions, can you give us an idea - you said the company was profitable in the quarter. What were the operating profits or margins for the company?

Jeffrey Kang

We have quite a consistent operating margin. So, the reason why we don’t have released in this press release because our KPMG (inaudible) yet because we just has finished primary records two weeks ago. So the KPMG (inaudible). So that’s why we actually preset at this call. But in general the operating margin, because of our cost is (inaudible) distance and so we have the operating gross margin around the 6.2% to 6.5%.

So, I think that’s our operating margin that means it would be way a lot profitable and we have that pro forma EPS available there. So, in terms that the detailed number, I think you maybe we might take a few days longer and to file our quarterly result in the detailed financial data included.

J.D. Abouchar - GRT Capital

You mentioned (inaudible) that the stock is turning in that asset value. And it looks like you did a very good job on the working capital front getting debt down and looks like it’s what guess you collected on some receivables. Can you give us any more details on what working capital is or net asset value at this point?

Jeffrey Kang

We actually talked about this in our public press release. We have intangible, even tangible book value that's kind of over $5 and now we trade only around $2. So, technically and people didn’t give any evaluation to our business operation, even give minus valuation, saw the business operations.

So, I think as management manners we’ve fully recognized it’s very important for us to maximize the shareholder value. So, I think our first step of strategy is to show the people, how we have the various (inaudible) our financial assets available and so that’s which is at least $5 or plus and it think the near term of management teams for our team to show investors we had the real financial asset which is over $5.

J.D. Abouchar - GRT Capital

You don’t have working capital number for us for the end of the quarter.

Jeffrey Kang

Do you mean to working capital number, you mean how much working capital we used in the operating end of the July?

J.D. Abouchar - GRT Capital

I’m looking for balance sheet information. What were current assets and what were current liabilities at the end of March 31st?

Jeffrey Kang

Okay. I got your point. Again, just a few up another day until our final financial number comes out. But also the number we are having have later (ph) cash which is over $60 million.

J.D. Abouchar - GRT Capital

Just one final comment, it would certainly help the valuation of your company and the perception by Wall Street if you communicated with shareholders. I tried to communicate with you for six months all through last year and through the Q1 of this year, I sent multiple emails and phone calls and didn’t any get responses. So, if you want shareholders to care you do have to communicate with them. Thank you.

Jeffrey Kang

Thanks J.D. actually the company, we always communicate with investors. So it’s just been because of another couple of month, we have a lot of transactions there. So that’s why the Board get set in the rule to me, don’t allow me to take any private call on this or I’m speaking front of the public.

So that’s why and I count take any private call or dilute even in the past. But we have the IR channels available there so if any investor have any specific questions, the management is waiting and we’re happy to answer all kinds of question as we have more potential selected disclosure.

So that’s why we are encourage our investor if you have any questions, just connect with our IR so we can prepare our answer and all this answer will be reviewed by our council people, we released to any investors.

So, I really hope our investors can understand and why we’re doing this because we actually and we don’t want to cause any trouble from SEC perspective to have any selective disclosure because that’s the reason why the board don’t allow me to take any private call and in last couple of months because we have deals there. Thanks.

Operator

Our next question is from the line of Brian Alger with Wedbush Equity Management. Please go ahead.

Brian Alger - Wedbush Equity Management

I would like to echo J.D.s commentary in that communicating with us is vitally important than and thank you for hosting this conference call, especially in light of not even having the full numbers put together yet. So, thank you. I think as much information as you can communicate to us is certainly welcome with the assets for exceeding the stock price right now.

One quick question with regards to your commentary that’s in the press release and was in your prepared remarks. You talked about potentially needing to increase working capital and what I infer from that is that you may need to increase your inventories and potentially need to increase your bank borrowings in order to support your customers because they can't get financing. Number one, is that the correct inference and number two, how is that going to help Cogo in the long run and/or in the short run?

Jeffrey Kang

What I'm trying to express is as you say we achieved $184 million revenue in the first quarter which we use, this business is already excluded and the business we sold end of the last year. So, if we use apple to apple comparisons of this business along grow over 50% year-over-year. So, what I’m trying to express is we have place to think about how we run this business. One way is we never grow any new business, we just focus on investing business.

So in doing this way as an investor we can say the result could be the same situation, no working capital increasing and if we want to continue to grow the business from $180 million to $200 million, $250 million or max $300 million, so, if we want to keep growing the business we’ll definitely need more working capital support. That’s what I’m trying to say.

So, in the long run what I believe is bigger is better because you have the scale, you have been aware running a profitable business but I also recognize the Wall Street capital market it may not have the same, what I have.

So that's why I'm trying to express my strategies that management team will consider, will the balance strategy consider the both the business demand as well as the investor perception to decide on what the long term balance sheet which is the best for the business as well as our stock price. So that’s what I am trying to say.

Brian Alger - Wedbush Equity Management

I think I understand the sentiment of the investors here in the United States being one for as long as I have been in that there is a lot of skepticism as it pertains to company’s operating in China. Whether it’s deserved or not, there is a significant discount being assigned to reasonably good companies in China much like Cogo and because of that I wonder what is the value to Cogo’s operations from a business standpoint to being publically traded in the United States given that deep discounts to the asset value that’s on the balance sheet, what does being listed in the United States do to help your business in China.

Jeffrey Kang

You actually raised a question, I even myself, I don’t have a clear answer at this moment. So if we look back in the past in 10 years history and we list on NASDAQ since 2005. So from 2005 to 2007, 2008 so we actually, I think it has been a public company, it really helps to this company expand our business significantly year over year and that’s where it’s really helped the business. But you are right. Now particularly after ’08 financial crises, particularly in this past two or three years, so it's kind of operating as well for the management team.

So, we are saying that we are growing our business, we think we are doing well at the moment in good situation or bad situation but it seems like from the capital market perspectives, we have been calibrating into, another special group and which we have a significant discount with the Company’s value. So why I am saying we have to be realistic to face this reality we have.

So what we can do, on the one hand we keep our compliance which I think all investor should recognize Cogo being a popular company. We have a very good compliance and to follow SEC rules. We have a very good auditor, we have a very clean book and everything we traded property in the past, probably many-many years.

So we cannot change too many things for the capital market. What we can do is that, the first thing we have to be transparent, accounting and the stuff and we can show to the investor what are we used to do and the second we just to think about how to continue to run this business. I hope it takes time may, be this week of the (inaudible) is over and as investor will eventually realize the true value of this business so that’s my hope and so that’s why, if we have to do this we are going to step by step.

So I think the management team also expressed our priority. So, I think the priority at this moment, so our job is to show the investor at least we have over five (inaudible) real asset in our hand. So that’s our priority to make the people to think about it. This company, making money, the real asset on our book so if the company traded for $1 to $2. So that’s our image and the perception we want to communicate to the investors.

Brian Alger - Wedbush Equity Management

And I appreciate that and I think the communication is critical and this call certainly helps in that endeavor. I guess I would plead to the Board of the Directors who I presume they are listing to the call that they don’t need to be a strict as they appear to be with communications to the street.

Certainly, there are number of other publically-traded companies that have executives communicating with institutional investors throughout their quite period and those executives are trusted to know where the lines are in terms of communicating appropriately.

I would encourage you to communicate as best as you can because I do believe that this lack of communication over the past several months, whether it’s due to a lack of period or restrictions has hurt the stock considerably. Just simply knowing for instance right now what was the ending share count at the end of March 31st, do we have that number? That doesn’t seem like it should be something that would require an auditor to sign off on?

Jeffrey Kang

I think we have over 30 million or something share count but again the reason why we don’t have direct numbers there is because we have that number in the December, (inaudible) finding in end of another year. So I think right now from end of December from now we already repurchased over like one point something million something shares, in fact over 1 million shares. That’s with the share account as of today.

So, again I apologize we don’t have the full scale number available usually but we have that one because this Q1 we just finished this year’s auditing and I thought that the KMPG don’t know, they want to (inaudible) to have the Q1 number review. So I (inaudible) on today, I don’t want just to take longer time for my communication with investors so that’s why I don’t have the full scale number available. I think wait for another a few days or a week. We will have done, full filing and the investor for the detailed numbers full scale.

Brian Alger - Wedbush Equity Management

I look forward to seeing the full filing and reviewing it. I mean from what we have received today that it looks like the company is doing relatively well in the China market so say at least. I guess the last thing I would like to ask is how far is the management and the board willing to go in order to realize shareholder value and I guess I will be a bit more specific in that. When I pencil out what I think the balance sheet look like, you have described that has been over $5 a share in terms of net assets.

I think it’s actually quite a bit higher than that, even discounting for the inventory levels. It seems like it would be pretty difficult to realize a return on investment equal to the asset value, unless we are able to change the multiple that the street is assigning and I guess do we get to a point where we consider a different capitalization structure and may be taking the company private?

Jeffrey Kang

Again I don't have this, I'm not the person who can just give you any comment on this kind of questions because again for this kind of questions we have to go through like an independent director or (inaudible). So that’s another point where I'm not allowed to comment if our company go private or not. Technically it's not my decision yet, but definitely I will pass the investors this voice to our board meeting. I think generally it's the board's decision what's the best for the shareholders' value.

So I am pretty much sure it's every one of our board members, their obligation to maximize the shareholder value, they will think about why is that the best for the long term shareholder value. So I'm pretty much sure of that, but in terms of the way to capitalize the asset values, we might consider the different way. If we have any solid ideas, we will communicate with investors in the public front.

Brian Alger - Wedbush Equity Management

Jeffery again I want to thank you for having the conference call tonight. It's immensely helpful and I think it's important to communicate with the street as best you've allowed to, and if I may I would encourage you to after the numbers are released and we get the information public, perhaps getting out on the street with any analysts that are still covering the stock. I believe Cannacord is still putting out research. Perhaps they can assist in getting, getting you out on the street to maybe evangelize and help people be aware of the hidden asset value. Thanks again.

Operator

Thank you, our next question comes from the line of Nick Caputo with Kingdom Ridge Capital.

Nick Caputo - Kingdom Ridge Capital

I would echo a lot of the comments that some of my hopefully fellow shareholders have said prior in terms of increased exposure on communication. There's always a good positive step. Certainly we would like to see more of that, I think over the last year we have had frustration in reaching out and getting in touch with you, I think you're a great champion for this company and to see more of you and to hear more from you can only help restore you in the long run.

Just a couple of quick questions about business, first is in regards to the commentary around the margin pressure and some of the incremental investments for some of these service opportunities that you see for growth, do you still expect through the remainder of this year as we go through that period to still remain profitable?

Jeffery Kang

I think yes. I think our operating business is always profitable as a whole company, the whole period. So I'm pretty much sure and the way our growth, we wouldn’t take no step in expanding the scale. Even though we're pursuing a new business we're using relatively conservative and balanced strategy to expand our business. So that's why I'm quite confident we are going to run a profitable growing business.

Nick Caputo - Kingdom Ridge Capital

Great, and if I think about the mix of the business today, I know you haven't published the full numbers but can you just give us the sense post the transaction what the mix of the revenues looks like, you used to give that a few years ago and we haven't seen an update for a long time. What is the mix of the revenues these days, how much from, whether it's infrastructure or industrial et cetera?

Jeffery Kang

I don't have the detailed numbers here but I just can give you strong foot growth in the market in trend, in the market, (inaudible) Q1 or Q2 something. I think the Smartphone is one of the very strong growth driver in this market. So we continue to see Smartphone be growth driver and the end market grow dramatically so that is one of the growth driver for end market.

Industrial not promising as we expected because of the infrastructure investment in China is slowing down. And telecom actually is relatively stable and little bit slowing down and people are waiting for the 4G infrastructure investment, probably happening end of the second half of this year. In the first half we are - where I'm seeing a strong demand from the infrastructure side. So I think that's pretty much the corner of this each end of market segment, but right now I don't have a detailed number breakdown number and we will have that number in our company filing.

Nick Caputo - Kingdom Ridge Capital

That's very helpful. And Jeffery there is a lot of excitement around the 4G investments that could happen later this year. If and when that does happen should Cogo participate and benefit from that investment cycle?

Jeffery Kang

Of course, that business will help our infrastructure segment, (inaudible) our major customers like (inaudible), all of them will benefit from the 4G investment in China. But it's just technically, it hasn’t happened yet, people are talking about it will happen. I'm pretty much sure it will happen, just a matter of time, in Q2, Q3, or Q4. We are still waiting for this signal.

Nick Caputo - Kingdom Ridge Capital

Can you just maybe give one or two example of what you mean by increased working capital needs in order to sustain growth? Is that just investments in inventory and receivables or you didn’t say profitable then that's not necessarily a bad thing either right.

Jeffery Kang

You're right. For example right now you're paying $200 million a quarter, you want to do $300 million a quarter. So you get an increase on either 50%. So what you're going to need is, even you keep that same average in AR day, in the inventory day but more in capital to support your growth. That's what I mean. The only thing is I’ll have to balance, what this perception, so in this environment. So because of (inaudible) another people don’t value Cogo, the business is minus evaluation. So that's why and no matter - so that's why I have to sense that if the investor or half the market is waiting to see our revenue growth or not, because from some investor's perspectives they think while the another, you whole business is being valued as minus, so why bother to grow business. But my job I already expressed, what ideally is, we should continue to expand our scale but at the same time I have to consider street perception and at this moment and have a balanced plan to strike our new strategy.

Nick Caputo - Kingdom Ridge Capital

Can you give a sense from the gross margins, what type of pressure? In 2011 it seemed liked when we had the step down in margins and profitability, that seemed to be more of a surprise as you pursued a lot of - you had change and mix from the SME to the tier 1 customers. But is the margin pressure now, I assume it's still coming from the tier 1 customers and can you give a sense of the magnitude of how much you think the gross margin will need to come down to be with the rest of the share?

Jeffrey Kang

We have in this Press Release, we're talking about 6.2% to 6.7% of the GP in the first quarter. So I think the rest of the year, and again I don’t think I can get the very accurate number at this moment but I think in this year if we don’t grow the business dramatically our gross margin should stay around this level. So that’s one comment I could give at this moment, based on our existing visibility.

Nick Caputo - Kingdom Ridge Capital

So on the existing book of business you can maintain this gross margin. It’s your ability to go pursue new business where you would need to sacrifice, or see some more incremental pressure on margin.

Jeffrey Kang

Yes you are right because once you get it, you want to try to cash other more business and we might have to take some of the new margin business in the very beginning in order to catch the customer, taking shares and, that’s the kind of business strategy. But it’s just a matter of we should do it or we don’t need to do it. So that’s still internally we are debating what is best for the company.

Nick Caputo - Kingdom Ridge Capital

So the main point is you expect to stay profitable at an operating net income level?

Jeffrey Kang

You are right. So we are, we definitely have to make sure of the business we are conducting will be profitable in the end. So that’s why we do not have that too much of the negative impact to our profitability from the existing business.

Nick Caputo - Kingdom Ridge Capital

And Jeffrey, I just had a question on the buyback program; 1.6 million shares since the beginning of the year. I congratulate you on that. Obviously I am sure you would love to buy more but the trading volume is not exactly too strong. Is there an opportunity to do accelerated share repurchases or are you kind of restricted by some percent of volume each day. Can you just give us a sense of how the buyback program is organized?

Jeffrey Kang

Okay yes, you are right, we have them. If we buy from the open market, yes we have that restriction of how much we could buy as on a day based on the trading volume. But at the same time if any investor want to buy a block, so they can contact us and we are using a broker in New York; on behalf of us to do all of our buyback. So you can connect with our IR. So I think we can do the block trade which is, I cannot tell you the exact rules because everything goes through this third party.

So we have our legal counsel in place to evaluate the orders for that process. So we are pretty much sure we can buy more through the block trades with some of the bigger, like instituting investors. So if any investor is willing to sell a block, so they can connect with our IR, the one who will introduce the broker, and our buyback program. So maybe they can strike, negotiate a block trade deal to buy the block.

Nick Caputo - Kingdom Ridge Capital

Of the 1.6 million so far, have there been any accelerated share repurchases or block trades that it is all been done as the percent of the volume?

Jeffrey Kang

I think we have one or two block trades there. But I don’t have the detailed information yet. Because right now we are using the one - it can be five something, so orders broker in charge of our buyback, and so we have this quarterly filing. So that’s why it’s their decision how to buy and what is the strategy to buy based on our instruction, pre-setup instruction.

So again if you want to just, any investor want to sell some decent volume or something, they can connect with our buyback agent and we will pretty much as what we promised to the investors so we will do our best to pursue and do more buyback to fulfill our 10 million shares, the buyback program. After this $10 million buyback program I think our board will have a new buyback program, until we think our stock price reflect our true value.

Nick Caputo - Kingdom Ridge Capital

And Jeffrey this is sort of a delicate question, but can you give us a sense of which have been your direct ownership and the subsidiaries that you control, what your ownership (inaudible).

Jeffrey Kang

You mean in Cogo, probably right now, it's like 30% of the Cogo.

Nick Caputo - Kingdom Ridge Capital

So approximately, you will have to get approximately 10 million shares.

Jeffrey Kang

I think, yes.

Nick Caputo - Kingdom Ridge Capital

So when the share buyback from the down you buy another $5 million, you will then have about 40% ownership.

Jeffrey Kang

Yes could be, yes. I am not affirming because I am in the management, to me we have a lot of restriction to say also. I don’t want to participate in this buyback program so other company investor freely are participating in this buyback program.

Nick Caputo - Kingdom Ridge Capital

Okay, great. Jeffrey, thanks so much. Really I appreciate the time and like I said earlier -- I think marketing and not only doing these calls which are helpful, I thinks it’s been very clear from the other participants as well. I mean everyone misses you. We've love to see you here in New York again, in the U.S. and meeting with the people and working to get sales side coverage of the company, I think will help a lot, and you know currently that helps the profile of the company and can do a lot for the investment. But then you've done a lot of good things in the past year, the transaction certainly was a value created effort. And it has been difficult to maintain interest in the company. So anything you can do and keep working, we appreciate all your efforts. Thank you so much.

Operator

(Operator Instructions) And I am showing no further questions in the queue at this time. I would like to turn the call back over for closing remarks.

Jeffrey Kang

Thank you for your continuous commitment to Cogo. The final closing my acquisition, and the company has received a $78 million in proceed, not only, but they lead Cogo's $8 per share but also few of the company’s repurchase program and allow Cogo to develop the new business strategy.

I have every confidence in our management team to steer the company in the right direction and hopefully we will soon be able to announce our new strategy to recover recognition of the asset value. Thank you again and we look forward to talking to you next time. Thanks.

Operator

Thank you. Ladies and gentlemen this concludes the Cogo Group Inc. first quarter 2013 earnings conference call. We thank you for your participation. You may now disconnect.

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