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Strategies & Market Trends : Greater China Junior Stocks

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From: FHM	4/1/2010 4:04:39 PM
	of 1992

CHGS - Rodman & Renshaw - $5 tgt 01-Apr-10 12:20 ET CHGS China Gengsheng Minerals initiated with a Mkt Outperform at Rodman & Renshaw; tgt $5 (2.73 -0.03) Rodman & Renshaw initiates CHGS with an Mkt Outperform and establishes a tgt of $5. The firm believes that Gengsheng's new proppant and precision abrasives products, with their higher margins and less crowded competitive landscapes, represent the most promising growth opportunities for the company. Gengsheng's fracture proppant sales have increased 18 times from 2007 to 2009, and the firm expects continued strong growth in this segment. Meanwhile, on the fine precision abrasives front, the firm notes that with the new 22,000-ton capacity line starting commercial production in 4Q09, Gengsheng has already become one of the three largest domestic fine-precision abrasives manufacturers. Aided by its patented technologies, the firm expects the company will establish a strong presence in this market both domestically and internationally. Combined, the firm estimates that Gengsheng's proppant and precision abrasives businesses will generate approximately 44% of the company's total revenue in 2011, up from 14% in 2009.

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