SA Transcripts • Sun, Nov. 16
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- Pingtan Marine Enterprise is a US-listed Chinese fishing company with $245 million market cap.
- 46 fishing vessels bought from company controlled by the CEO's wife for $410 million cost 8-10 times more than vessels purchased from unrelated parties.
- Numerous transactions involving the CEO, his father, siblings, niece, daughter, cousins, and brothers-in-law. Multiple interest-free, uncollateralized related party transactions that "do not have specific repayment terms.".
- Problematic audits, toxic VIE structure, unresolved legal issues in China, and many other red flags.
- US-listed shares have little or no real claim on Pingtan's economic activity.
- PME reported 82% increase in revenue. This was driven by a non-dilutive and accretive acquisition of additional fishing vessels.
- PME has guided to $80-$85 million in net income for 2014. This represents $1.01-$1.08 of EPS.
- The comparable industry mean P/E ratio is 17. PME closed yesterday with a forward P/E ratio of 4 based on the forward guidance.
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Jul. 10, 2013, 12:45 PMMidday top 10 gainers: NEON +25%. INO +22%. NUS +15%. SKBI +14%. PCYC +13%. VRML +13%. BMJ +13%. MCP +13%. ADHD +11%. SPEX +11%.
Midday top 10 Losers: ADVS -25%. NEO -17%. PME -14%. XNY -11%. CREG -11%. ALJ -9%. TRR -8%. RAX -8%. BRLI -8%. LCNB -8%. | Comment!
Jul. 8, 2013, 12:45 PM
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PME vs. ETF Alternatives
Pingtan Marine Enterprise Ltd through its subsidiaries is engaged in ocean fishing. It harvests a variety of fish species with its owned and licensed vessels operating within the Indian Exclusive Economic Zone and the Arafura Sea of Indonesia.
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