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Gold/Mining/Energy : KAISER' PICKS AND FAX ALERTS, ***(JOHN KAISER)
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To: stock boy who wrote (1)5/28/1997 9:23:00 AM
From: ziggy   of 311
 
CFS INTERNATIONAL(v.cfy) is a clothing manufacturer and retailer which has 62 stores in china and expects to increase this to more than double by 1997.see kaiser's bottom fishing report for nov-dec/96 where it is given as his top pick(ie a no-brainer).recetly, they released their earnings for 1996 which were quite impressive (net profit of 1.4mill on sales of 43mill) and yeaterday they released their earnings for the first quarter of 1997---they are even more impressive as they report
net earnings of 0.9 mill on sales of 14.1 mill.prorated over the enire year translates to net earnings of nearly 4.0 mill on sales of nearly 60 mill.however, this does not take into account the fact that the numbr of cfs retail outlets in china has been increasing by 4 per month and will likely reach 130 by years end. based on sales per
outlet of 0.75 mill (for 1996) this translates to sales of 100 mill
for 1997 and net earnings of about 10 mill or 0.25 per share.according to kaiser there will be a lag in share price (now about 0.60) until
the market begins to appreciate the true earnings potential of this
undervalued.with a public float of only 7 mill shares, such a market
response will see a very rapid rise in share price to match its net
earnings ratio----at current rates it should be around 3.00.
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