ETFs & Funds
Orient Paper EPS of $0.14
May 15 2014, 08:41 ET |
Orient Paper Inc. (ONP)
, SA News Editor
Orient Paper (
): Q1 EPS of $0.14.
Revenue of $25.8M (+30.4% Y/Y).
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Thought ONP is a fraudulent Company according to Muddy Waters:
Muddy Waters Initiating Coverage on ONP – Strong Sell
Published On June 28, 2010
We are confident that ONP is a fraud. Its purpose is to raise and misappropriate tens of millions of dollars.
Approximately $30 million has been misappropriated since October 2009.
ONP overstated 2008 revenue by 27x.
ONP overstated 2009 revenue by 40x.
ONP’s claims about its top 10 customers support our fraud conclusion.
ONP overvalues its assets by at least 10x.
The value of ONP’s Production Lines is greatly overstated.
ONP’s inventory is overstated by millions of dollars.
ONP’s claim of inventory turnover of 32.5x and 16.8x in 2008 and 2009 (respectively) are without credibility when compared to those of China’s industry leaders, which range from 4.3x to 7.7x.
ONP overstates its gross profit margin by hundreds of basis points
15 May 2014, 08:45 AM
Me too. But I think (
) has not said it is, and it has not been proven.
16 May 2014, 08:28 PM
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