SNEN.OB coverage initiated (their first coverage I believe) Westminster Securities Initiates Equity Research Coverage of Sinoenergy Corporation
Tuesday August 28, 11:30 am ET
ATLANTA, Aug. 28 /PRNewswire/ -- Westminster Securities Corporation has initiated equity research coverage of Sinoenergy Corporation (OTC Bulletin Board: SNEN - News) with a "Strong Buy" investment rating, a 12-month Target Price of $ 6.75 and a risk rating of "High."
China-based Sinoenergy manufactures pressurized storage containers for chemicals, petroleum and compressed natural gas (CNG). The company also designs and builds automobile CNG filling stations for third parties. By late 2007 SNEN will begin operating the first of its own chain of 70 planned CNG stations for taxi and bus fleets in Wuhan, Pingdingshan and Xuancheng, three of China's most populous cities.
Increased usage of CNG as a motor vehicle fuel in China is likely to be driven by a number of factors, including the national government's desire to reduce demand for energy imports (China has significant domestic reserves of natural gas), China's need to combat the significant air pollution problems that have accompanied the country's strong economic growth (CNG produces significantly fewer pollutants than gasoline or diesel when used as a vehicle fuel) and CNG's lower operating cost-per-mile compared to gasoline or diesel.
SNEN is an investment banking client of Westminster Securities Corporation, which makes a market in the trading of SNEN shares.
For further information please contact:
William D. Lyons, Director of Equity Research
(wlyons@westminstersecurities.com) or
Imran Khan, Equity Analyst (ikhan@westminstersecurities.com)
Westminster Securities Corporation, Six Concourse Parkway, Suite 1460, Atlanta, Georgia 30328; Phone: (678) 578-0470; Fax: (770) 390-8684
Westminster Securities Corporation is a full service New York Stock Exchange member firm operating in six principal areas: Investment Banking, Equity Research, Execution Services, Clearing and Operations and Institutional and Retail Account Management. Combining the responsiveness of a boutique firm with the financial expertise of a long established institution, Westminster provides its services to corporations, institutions, private clients, and investment professionals worldwide. Founded in 1971, Westminster is a member of the New York Stock Exchange, National Association of Securities Dealers (CRD number 6105), and the Securities Investor Protection Corporation. Westminster is headquartered at 100 Wall Street, New York, with branch offices in Atlanta, New York, Miami, St. Louis, Toronto, Limassol (Cyprus) and Shanghai (People's Republic of China).
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