China Tracker - Details for China Ritar Power (CRTP)

 China Ritar Power
Shares Outstanding (MRQ): 21.83 mill
New Shares / Dilution (TTM): 2.45 mill12.64% 
New Shares / Dilution (since Dec 31, 2008): 2.70 mill14.12% 
Cash (MRQ): 10.68 mill0.00%
Account Receivables (MRQ): 33.07 mill0.00%
Account Receivables (Q/Q): + 0.32 mill0.97% 
Long-Term Debt (MRQ): 1.99 mill0.00%
Revenue Growth (Q/Q): -5.98% 
Revenue Growth (Y/Y): -4.76%
Net Income Growth (Q/Q): -25.77% 
Net Income Growth (Y/Y): -48.23%
EPS Growth (Y/Y): -54.04%
Net Margin (Q/Q): 5.4% (6.8%)-1.40% 
Net Margin (Y/Y): 5.4% (9.9%)-4.50% 
EPS | P/E (2 MRQ Projection): $0.360.00 
CFPS | P/CF (2 MRQ Projection): -$0.010.00 
Price/Sales (2 MRQ Projection): 0.00
Price/Book (MRQ): 0.00 
Auditor: Crowe Horwath
 
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2010-10-31): $0.450.00 
 Basic Facts and History (show more)
Reporting Type: U.S. Company (10-K Filings) 
Going Public: Reverse Merger on 2007-02-16 
Uplisting to Senior Exchange: on 2009-08-03 at $5.40 (-100.00% since Uplisting)

 Business Outlook

COVERAGE TERMINATED (Going Dark)
Recent Chain of Events:
2012-02-15 -- Last SEC Filing
2011-06-24 -- Delisting from NASDAQ
2011-04-18 -- Trading halted by NASDAQ
2010-11-15 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010

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

China Ritar Power today announced its intent to voluntarily delist the Company's common stock from the Nasdaq Global Stock Market. The Board determined that maintaining the listing has imposed difficult burdens and high costs on the Company. The Company has immediately proceeded with delisting by providing a written notice to Nasdaq on June 23, 2011 of its intention to delist and will file a Form 25 with the Securities Exchange Commission on or around July 5, 2011. The Company expects the delisting from Nasdaq to become effective July 15, 2011, ten days after filing its Form 25.

(Source: PR Newswire, 2011-06-23)

China Ritar Power received oral notice from The Nasdaq Stock Market advising that the Company is not in compliance with Nasdaq's continued listing requirements set forth in Nasdaq Marketplace Rule 5250(c), which requires timely filing of SEC periodic reports, because it failed to timely file its annual report on Form 10-K for the fiscal year ended December 31, 2010. As a result, Nasdaq is halting trading of the Company's stock indefinitely, effective Monday April 18, 2011. In addition, the Company anticipates receiving a letter from Nasdaq about possible delisting if the Company fails to comply with Nasdaq listing requirements within a certain period of time.

(Source: 8-K Filing, 2011-04-18)

    see all Business Outlook notes

 Analyst Coverage (show less)
2011-06-26Rodman & RenshawDowngradeTerminatedn/a
 

Terminating Coverage: Effective immediately, we are terminating coverage on China Ritar Power Corp. to better allocate resources within our coverage universe. Our last rating for CRTP was Market Outperform / Speculative Risk with a price target of $10.00. Investors should not rely on our previously published financial projections.

2011-04-18Roth CapitalDowngradeSuspendedn/a
 

We are suspending research coverage on shares of China Ritar Power (CRTP), based on the delayed filing of its 2010 Form 10-K and the resulting Nasdaq decision to halt trading of the Company's stock. We will consider re-establishing coverage once the company is current with its filings and trading resumes.

2011-03-21Global HunterDowngradeTerminatedn/a
 

We are discontinuing coverage of these companies due to the departure of our analyst and due to a shift in our resources to other areas in the China space.

2010-11-16Roth CapitalReiterationBuy$4.50
 

We are lowering our estimates to reflect Q3 results and our tempered outlook. We are also lowering our PT to $4.50 (from $6.00), primarily reflecting our decreased estimates.

2010-11-05Roth CapitalReiterationBuy$6.00
 

SYUT posted better-than-expected 2Q results with revenue of $41.2MM and a loss of $0.37 per share. Investors' attention should now shift to the recovery prospect of the company. We expect management will focus on rebuilding consumer confidence/brand, boosting sales of high margin Super series, and managing costs to regain market share and improve profitability. We believe the worst is now behind and initial signs of business improvement bode well. We are encouraged by management's upbeat commentary on sales/profitability for coming quarters though a full recovery may not be seen until early FY12 in our view. Maintain BUY rating and $15.00 price target.

Given the company's 2Q10 cash balance of $9.5mm (excl. $5mm restricted cash) and short acquisition timeframe, we do not anticipate the deal to be of significant size. We expect management to provide additional commentary on the deal when they release Q3 earnings on November 15th. In the past, management has indicated the bike battery market is attractive and we believe the transaction would be a decent pick-up of complimentary IP and incremental customers.

Our $6.00 price target was is on a 10.0x multiple applied to our FY11 EPS estimate of $0.60. We will re-evaluate this target following the Q3 results and adjustment to our estimates. This multiple reflects a slight discount to the peer group, which trades at 10.5x.


    see all Analyst Ratings

 Recent Financings
2009-10-05Priced$12.90 mill2.15 mill shares$6.00
CRTP
Batteries
SCORE
-1
UNDER REVIEW
READ: Score Cards Explained
SAFETY/RISK SCORE
HIGH RISK
DETAILS: Safety/Risk Model for CRTP
Current Price:  n/a
F10k Day (2007-09-27): -100.00%$10.35
2009 Close: -100.00%$4.80
2010 Close: -100.00%$2.60
2011 Close: -100.00%$0.77
High (2012-02-20): -100.00%$0.90
Low (2012-03-23): -100.00%$0.25
Exchange: N/A
Market Capitalization: n/a
Total Shares: 21.83 mill
Float: n/a
Avg Volume: 57.50 k
Short Interest: 32.30 k
Short Ratio: n/a0.6 d
Last Quarter: 2010-09-30
Revenue (MRQ): 31.55 mill
Net Income (MRQ): 1.69 mill
Op. Cash Flow (MRQ): 4.78 mill
all financial data provided without warranty