CHINA TRACKER - ANALYST COVERAGE

DateTickerCompanyFirmActionRatingTarget
2011-07-19NOAHNoah HoldingsCICCInitiationBuy$20.00
2011-07-19TAOMTaomee HoldingsPacCrestInitiationSector Performn/a
2011-07-18CVVTChina Valves TechnologydetailsRoth CapitalReiterationBuy$5.00
2011-07-15MCOXMecox LaneMacquarieInitiationNeutral$3.00
2011-07-14AERLAsia Entertainment & ResourcesSterne, Agee & LeachInitiationBuyn/a
2011-07-14CASTChinaCast EducationSignal HillReiterationBuyn/a
2011-07-14CTESYSinoTech EnergyLazardReiterationBuy$11.00
2011-07-14CTRPCtrip.com InternationalRBSReiterationBuy$57.00
2011-07-13CAASChina Automotive SystemsOppenheimerReiterationOutperform$12.00
2011-07-13CTRPCtrip.com InternationalPiper JaffrayReiterationOverweight$49.00
2011-07-13CXDCChina XD PlasticsOppenheimerReiterationOutperform$6.00
2011-07-13SORLSORL Auto PartsOppenheimerDowngradePerformn/a
2011-07-12AMAPAutoNavi HoldingsDeutsche BankReiterationBuy$22.00
2011-07-12CBPOChina Biologic ProductsdetailsRodman & RenshawDowngradeUnder Reviewn/a
2011-07-12SSRX3SBio Inc.HSBCReiterationOverweight$21.20
2011-07-11HSFTHiSoft Technology InternationalStifel NicolausReiterationBuy$28.00
2011-07-11KHChina Kanghui HoldingsBank of AmericaReiterationBuy$26.00
2011-07-11SORLSORL Auto PartsRoth CapitalReiterationBuy$7.00
2011-07-11VNET21Vianet GroupJ.P. MorganInitiationOverweight$19.00
2011-07-08AMAPAutoNavi HoldingsMirae Asset SecuritiesInitiationBuy$26.00
2011-07-08CCSCCountry Style Cooking RestaurantCredit SuisseReiterationNeutral$15.00
2011-07-08DANGChina DangdangPiper JaffrayReiterationOverweight$29.00
2011-07-08DANGChina DangdangMorgan StanleyReiterationEqual Weightn/a
2011-07-08HOGSZhongpinCowen & Co.ReiterationOutperformn/a
2011-07-08LPHLongwei PetroleumdetailsRodman & RenshawReiterationOutperform$6.00

Note Details:

We continue to view Longwei's valuation as compelling and reiterate our Market Outperform rating and a $6 price target based on the shares attaining a relatively conservative P/E level of 8x our FY12 fully diluted EPS estimate of $0.75. The stock is currently trading at 2.5x our FY11 fully diluted EPS estimate of $0.62 and 2.0x our FY12 fully diluted EPS estimate of $0.75 and at 1.2x and 1.0x FY11 and FY12 EV/EBITDA multiples compared to respective oil & gas distributors peer group P/E multiples of 18.2x and 13.7x and EV/EBITDA multiples of 10.2x and 9.1x.