China Tracker - Details for Advanced Battery Technology (ABAT)


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 Advanced Battery Technology
 Analyst Coverage
2011-05-12Rodman & RenshawReiterationMarket Performn/a
 

We maintain that uncertainties driven by the allegations against the company may cause the stock to continue trading within a narrow range of the current levels and prevent any meaningful appreciation. The At the end of 1Q10, the company had $86.4 MM in cash and had generated $4.6 MM in operating cash flow, the company's balance sheet and potential access to domestic credit should support its expansion and working capital needs. Management has an opportunity to undertake a share buyback depending on their comfort around the cash needs for the next twelve months.

2011-04-18Rodman & RenshawDowngradeMarket Performn/a
 

ABAT's stock has come under pressure from various allegations raised about the company's business model. Though the company has provided a rebuttal to the allegations, we believe, there is now a state of confusion amongst investors about the story. In addition, we are projecting negative to flat EPS growth in 2011 driven by potentially lower margins (impact from higher raw material prices and competition) and higher share count post the capital raise. We are revising our rating on ABAT to Market Perform from Market Outperform. We believe uncertainties driven by the allegations may cause the stock to continue trading within a narrow range of the current levels and prevent any meaningful appreciation. We will revisit our rating on any new developments that may help to clarify the issues raised.

2010-12-06Olympia CapitalReiterationBuy$7.00
2010-11-23Olympia CapitalReiterationBuy$7.00
2010-10-18Rodman & RenshawReiterationOutperform$6.00
 

Currently we maintain our estimates for 3Q10 and 4Q10. For 3Q10 we expect a revenue and net income of $27.0 MM and $8.2 MM, with diluted EPS of $0.12. For full year FY10, we are projecting $103.8 MM in revenue and $38.6 MM in net income, with diluted EPS of $0.56. We expect the battery production and sales from the upgrade of A and B line to start ramping from 4Q10. We expect battery sales to contribute ~$48.6 MM in revenue in FY10, while EV is estimated to account for $55.2 MM.

We are maintaining our 12 month price target of $6.00. At current levels ABAT is trading at a P/E multiple of ~7.0x to our 2010 estimates. At our $6.00 price target ABAT would trade at a P/E multiple of ~10.6x to our estimates for 2010. This falls in the middle of the range of 8x to 20x P/E multiples for comparable battery and Cleantech companies. We maintain our Market Outperform rating.

2010-10-04OlympiaInitiationBuy$6.00
 

Olympia Alternative Energy analyst Paul Resnik initiates coverage (10/4) on Advanced Battery Technologies (ABAT) with a BUY rating, $6.00 price target, and a FY’11 estimate representing a double from FY’09’s $0.23 profit. Paul is the third Wall Street analyst with research coverage. Advanced Battery is an emerging battery and electric vehicle company. They develop, manufacture and distribute rechargeable Polymer Lithium-Ion (PLI) batteries. Their Company's products include rechargeable PLI batteries for electric automobiles, sport-utility vehicles, motorcycles, street lights, mine-use lamps, notebook computers, walkie-talkies and other electronic devices. The Company has a New York office, with its executive offices and manufacturing facilities in China.

2010-08-11Rodman & RenshawReiterationOutperform$6.00
 

We are maintaining our 12 month price target of $6.00. At current levels ABAT is trading at a P/E multiple of ~6.5x to our 2010 estimates. At our $6.00 price target ABAT would trade at a P/E multiple of ~10.6x to our estimates for 2010. This falls in the middle of the range of 8x to 20x P/E multiples for comparable battery and Cleantech companies. We maintain our Market Outperform rating.

2010-05-12Rodman & RenshawReiterationOutperform$6.00
 

For 2Q10, we are now expecting the company to deliver revenue of $22.0MM and net income of $6.7MM, with a fully diluted EPS of $0.10. On a full year basis, we anticipate 62% and 53% Y-o-Y growth in ABAT’s top-line and bottom-line, with an EPS estimate of $0.48.

2010-04-13Rodman & RenshawReiterationOutperform$6.00
 

We are maintain our 12 month price target of $6.00. At current levels ABAT is trading at a P/E multiple of ~10x to our 2010 estimates. At our $6.00 price target ABAT would trade at a P/E multiple of ~16x to our estimates for 2010. This falls in the middle of the range of 8x to 21x P/E multiples for comparable battery and Clean tech companies.

2010-04-05Rodman & RenshawReiterationOutperform$6.00
2009-11-10Rodman & RenshawReiterationOutperform$6.00
ABAT
Batteries
SCORE
-3
UNDER REVIEW
READ: Score Cards Explained
SAFETY/RISK SCORE
EXTREME RISK
DETAILS: Safety/Risk Model for ABAT
Current Price:  n/a
F10k Day (2004-10-04): -100.00%$1.65
2009 Close: -100.00%$4.00
2010 Close: -100.00%$3.85
2011 Close: -100.00%$0.43
High (2012-02-02): -100.00%$0.64
Low (2012-08-09): -100.00%$0.26
Exchange:
Market Capitalization: n/a
Total Shares: 82.61 mill
Float: n/a
Avg Volume: 4.05 mill
Short Interest: 5.92 mill
Short Ratio: 8.80%1.5 d
Last Quarter: 2011-06-30
Revenue (MRQ): 31.35 mill
Net Income (MRQ): 8.08 mill
Op. Cash Flow (MRQ): 8.27 mill
all financial data provided without warranty