Noble China (NMO) on TSE. Chinese Brewery Stock Message Board

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Gold/Mining/Energy : Noble China (NMO) on TSE. Chinese Brewery Stock

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To: Ciao who wrote (34)	12/30/1998 8:02:00 AM
From: Mario Gallant	Read Replies (1) of 248

I don't understand why this stock is still trading at these prices. I think your right that it's doubtful that the company will ever get to collect the 90 million on the arbitration award. I think the stock will continue to be undervalued for some time, since the prospect of growth in EPS is, in my opinion, questionable. Yes, their EPS has grown a lot in the last year, but it was mostly due to the cancellation of some 5+ million shares. The revenues are what concern me the most, which have been flat in the last couple of years. In the short term I am concerned with EPS for 1999 when I think their earnings will be fully taxed for the first time.( I think NMO was operating in a province that gave tax incentives for the first 3 or 5 years I can't remember which, but if I remember correctly 1998 was the last year for this tax break). On the positive side if the company can regain control of the two northern breweries, then look out, the price will go through the roof. I'm still willing to hold and wait for the outcome. I just wish the company would keep their shareholders updated on the progress of these negotiations. Mario

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