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Strategies & Market Trends : Value Investing

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From: gcrispin	5/19/2008 10:07:56 AM
	Read Replies (2) of 78751

Here are updates on a couple of Chinese stocks I've mentioned here. Chipmos is still predicting 100 million in free cash flow this year. They currently have 160 million in cash. They have a convert that can be put back to them in Sept by the bond holders, which will cost them roughly 100 million dollars. The company was able to receive preliminary approval to decrease their investment in Chipmos Shanghai which was due at the end of this year. The reduction was from 127.5 million to 7.5 million. biz.yahoo.com This is great news as it means that the company can now payoff the converts using cash flow. In the CC the company stated that their goal is to continue to pay down debt. Trading at three time free cash flow, I still think this company is cheap. China Natural Gas was up big this morning on their earnings release. biz.yahoo.com Here is a Reuters article that fills in some of the gaps in the earnings release. reuters.com The Milwaukee-based Heartland Value Fund filed a 13-D on the company earlier this year.

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