China Tracker - Details for Advanced Battery Technology (ABAT)


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 Advanced Battery Technology
Shares Outstanding (MRQ): 82.61 mill
New Shares / Dilution (TTM): 13.95 mill20.32% 
New Shares / Dilution (since Dec 31, 2008): 30.94 mill59.88% 
Cash (MRQ): 74.04 mill0.00%
Account Receivables (MRQ): 19.51 mill0.00%
Account Receivables (Q/Q): + 0.83 mill4.46% 
Long-Term Debt (MRQ): 3.57 mill0.00%
Revenue Growth (Q/Q): 9.46% 
Revenue Growth (Y/Y): 37.29%
Net Income Growth (Q/Q): -3.40% 
Net Income Growth (Y/Y): -2.84%
EPS Growth (Y/Y): -19.25%
Net Margin (Q/Q): 25.8% (29.2%)-3.40% 
Net Margin (Y/Y): 25.8% (36.4%)-10.60% 
EPS | P/E (2 MRQ Projection): $0.400.00 
CFPS | P/CF (2 MRQ Projection): $0.310.00 
Price/Sales (2 MRQ Projection): 0.00
Price/Book (MRQ): 0.00 
Auditor: EFP Rotenberg
 
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2012-01-13): $0.350.00 
 Basic Facts and History (show more)
Reporting Type: U.S. Company (10-K Filings) 
Going Public: Reverse Merger on 2004-05-06 
Uplisting to Senior Exchange: on 2007-10-09 at $5.70 (-100.00% since Uplisting)

 Business Outlook

COVERAGE TERMINATED (Going Dark)
Recent Chain of Events:
2012-02-06 -- Last SEC Filing
2011-11-30 -- Delisting from NASDAQ
2011-11-15 -- Trading halted by NASDAQ
2011-10-25 -- CFO Resignation
2011-08-15 -- Last Quarterly/Annual Report: Q2/FY2011 ended June 30, 2011

(Source: Trading China, 2012-09-30)

Although the growth of operating income lagged the growth of revenue, due to low margins on our small capacity batteries, our current expectation, is that, in time, the advanced technology and facilities that we acquired from Shenzhen ZQ, along with our established customer list, will allow us to achieve worthwhile margins in the small capacity battery sector. For that reason we expect that the focus of operations at the Dongguan industrial park that we currently have under construction will be in large part on small capacity batteries. This, coupled with our steady growth in the large capacity battery sector, should give us a solid platform from which to build a strong position in the international battery market.

(Source: Globe Newswire, 2011-08-17)

The sharp decline in the price of our common stock on the afternoon of March 30 troubles us greatly. We wish to ensure our shareholders that there has been no change in the Company's financial condition or its outlook that would explain the decline. Our balance sheet remains strong, as shown in the Form 10-K filed earlier this month, and our prospects for continued growth remain bright. There has not been any recent significant event that occurred within the Company that would explain the decline in our stock price yesterday. We assume, therefore, that the price decline resulted from market activity unrelated to the inherent value of our company.

(Source: Globe Newswire, 2011-03-31)

    see all Business Outlook notes


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 Analyst Coverage (show less)
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.

ABAT is currently followed by 3 analysts. 2 give the stock a positive rating, 1 rate it neutral and 0 give it a negative rating. The average price target is 6.50.


    see all Analyst Ratings

 Recent Financings
2009-10-02Priced$19.01 mill4.59 mill shares$4.14
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