China Tracker - Details for Deer Consumer Products (DEER)


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 Deer Consumer Products
Shares Outstanding (MRQ): 33.59 mill 
New Shares / Dilution (TTM): -0.17 mill-0.52%
New Shares / Dilution (since Dec 31, 2008): 16.61 mill97.77% 
Cash (MRQ): 28.19 mill0.00%
Account Receivables (MRQ): 46.07 mill0.00%
Account Receivables (Q/Q): -6.61 mill  
Long-Term Debt (MRQ): NO DEBT
Revenue Growth (Q/Q): -44.28% 
Revenue Growth (Y/Y): 45.07%
Net Income Growth (Q/Q): -47.45% 
Net Income Growth (Y/Y): 43.52%
EPS Growth (Y/Y): 44.27%
Net Margin (Q/Q): 16.7% (17.7%)-1.00% 
Net Margin (Y/Y): 16.7% (16.9%)-0.20% 
EPS | P/E (2 MRQ Projection): $1.000.00 
CFPS | P/CF (2 MRQ Projection): -$0.070.00 
Price/Sales (2 MRQ Projection): 0.00
Price/Book (MRQ): 0.00 
Auditor: Goldman Parks Kurland Mohidin
 
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2011-03-10): $1.100.00 
 Basic Facts and History (show more)
Reporting Type: U.S. Company (10-K Filings) 
Going Public: Reverse Merger on 2008-09-03 
Uplisting to Senior Exchange: on 2009-07-17 at $4.90 (-100.00% since Uplisting)

 Business Outlook

Recent Chain of Events:
2012-08-13 -- Trading halted by NASDAQ
2012-08-09 -- Last SEC Filing
2011-08-09 -- Last Quarterly/Annual Report: Q3/FY2012 ended June 30, 2012

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

In 2011, Deer anticipates revenues from the high margin China domestic sales to surpass export sales. Deer provides 2011 revenue guidance of between $200 and $220 million, net income guidance of between $35 million and $37 million, and targets EPS between $1.08 and $1.12.

(Source: PR Newswire, 2011-05-10)

The Company believes that "Alfred Little" is a fictitious character - a disguise used by one or more illegal short sellers in the short sale scheme against DEER and other public companies. According to our investigation, "Alfred Little" is not a real person. His "professional biography" published on his website and on SeekingAlpha.com was fabricated, with the purpose to mislead and defraud the investing public. "Alfred Little's" published biography includes claims that he had years of experience as an auditor at Deloitte, worked for large global companies and had years of investment experience in China, published a book on China, etc. cannot be verified. Further, in the attack on DEER, "Alfred Little" published a 3 month old prepaid phone card that was never used as his purported contact number for concerned investors. In addition, "Alfred Little" quoted statements from several Chinese government officials as witnesses to support his various false allegations against DEER. These Chinese officials in fact do not exist. "Alfred Little" further made false allegations on his "channel checks" of Chinese retail stores while he failed to disclose his naked short positions in DEER and ignored DEER's repeated public disclosure about the Company's product distribution process as well as its corporate structure. "Alfred Little's" various articles, timely published in collusion with short sellers who immediately sold large blocks of DEER's stock in market orders that intentionally created fear in the general public to drive down DEER's share price. Short sellers have profited handsomely at the expense of DEER's thousands of shareholders. DEER will continue its vigorous investigation and discovery of the network of illegal short sellers that have damaged the reputation and destroyed value in U.S. listed public companies.

(Source: PR Newswire, 2011-05-02)

    see all Business Outlook notes


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 Analyst Coverage (show less)
2011-05-24BMO CapitalDowngradeMarket Perform$10.00
2011-04-27Global HunterReiterationBuy$12.00
2011-04-14Global HunterReiterationBuy$12.00
 

Deer has been under significant pressure in recent weeks as numerous accusations have been made against the company from several sources. The company has since responded with blanket lawsuits and an investigation into those responsible for the allegations. We note that we have not underwritten the company nor do we have a vested interest in the outcome of the company. The sole purpose of this note is to share the findings from our recent diligence trip. While the allegations are broad ranging, our intention is to address what we feel are the most significant accusations -- the potential misappropriation of funds relating to the Wuhu land rights acquisition. Though these accusations have evolved and softened over time as additional information has emerged, we still felt it necessary to address this issue first. The purpose of this note is simply to present our findings after having spent two days in Wuhu in an effort to gather factual information related to this transaction.

2011-03-31Rodman & RenshawDowngradeTerminatedn/a
 

Effective immediately, we are terminating coverage of Deer Consumer Products to allocate resources more efficiently within our coverage universe. We are restructuring our coverage along key consumer/retail verticals in which U.S.-listed Chinese companies have a more significant presence. Effective upon the termination of coverage, any of our prior financial projections on this stock should not be relied upon.

Our last rating on DEER shares was 'Market Outperform.' Our previous 12-month price target of $13 was based on ~12x our prior 2011 EPS estimate of $1.05, compared to the blended 2011 P/E average of 13.5x for U.S.-listed U.S. and emerging markets consumer electronics manufacturers and distributors. The key opportunity, challenge, and point of controversy for Deer are its penetration into the domestic China markets, both for its private label and Deer-branded products.

2011-01-27Global HunterReiterationBuy$18.00
 

Recent earnings reports from Jarden (JAH – not rated) and Haier Group (the parent of Qingdao Haier 600690.SH and Haier Electronics 1169.HK – not rated) indicate that demand across the consumer appliance segment remains strong, both internationally and in domestic China. Additionally, the National Bureau of Statistics (NBS) reported that retail sales in China grew 18.4% in 2010, a clear indication that the burgeoning domestic Chinese consumer story remains quite healthy. The global consumer space has rebounded significantly over the past 18-24 months, during which time DEER has grown its business from a low-cost private-label manufacturer into an international supplier with a strong brand in domestic China. Revenue and earnings have increased by 97.2% and 109.4%, respectively. We expect trends to have continued through Q4 and we look forward to the conference call for an update on the Gome and Sunning store roll outs as well as any developments in the private-label business and an update on 2011 guidance.

DEER is currently followed by 5 analysts. 4 give the stock a positive rating, 1 rate it neutral and 0 give it a negative rating. The average price target is 13.25.


    see all Analyst Ratings

 Recent Financings
2009-11-24Priced$88.72 mill5.50 mill shares$16.13

 Investor Presentations
2010-04-01 (PDF)   DOWNLOAD (right click, save as)
DEER
Retail/Consumer
SCORE
4
UNDER REVIEW
READ: Score Cards Explained
SAFETY/RISK SCORE
EXTREME RISK
DETAILS: Safety/Risk Model for DEER
Current Price:  n/a
F10k Day (2009-07-21): -100.00%$5.55
2009 Close: -100.00%$11.31
2010 Close: -100.00%$10.99
2011 Close: -100.00%$4.27
High (2012-02-02): -100.00%$5.10
Low (2012-08-07): -100.00%$2.11
Exchange:
Market Capitalization: n/a
Total Shares: 33.59 mill
Float: n/a
Avg Volume: 474.10 k
Short Interest: 2.74 mill
Short Ratio: 15.52%5.8 d
Last Quarter: 2011-03-31
Revenue (MRQ): 34.68 mill
Net Income (MRQ): 5.79 mill
Op. Cash Flow (MRQ): -10.87 mill
all financial data provided without warranty