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: Ed Pakstas who wrote (85)	3/9/1999 4:30:00 PM
From: mick	Read Replies (2) of 248

Betting On China I bought a bunch of Sino-Pacific (TRE.a,t) recently based on fundamentals (5x earnings, profitable, etc.). Now I found Noble. Another cheap Chinese company. I seem to recall a few years back that everyone loved this one, then hated it, though I never investigated why (and I still don't understand the particulars now !). Good earnings with only one brewery reporting. Estimate $0.55 for year end. I was really interested by the 11 M$ dividend. Sounded like they might distribute some to the shareholders. Now I predict that they will use it to settle the dispute with the Northern breweries. I just really like the amount of cash they have. $ 9 book, $ 1.5 in cash, 11 M$ dividend. They are worth the $ 2.45 I paid today easily. Market still wary of China, so think 8x 1999 earnings realsitic (est. $ 0.6 x8 = $ 4.8). If the Northern breweries are included, any guess to earnings? Hold till 0.8x book ( $ 7.20). Got rid of 33 % of the stock and are looking at buying another 10 %. Trading at less than 3x sales. Can't go wrong with beer. If economy is good - go out and get drunk to celebrate, economy is bad - go get drunk to ease the pain. Win/win for the shareholder all the way!!! Cheers ps All they need to do is trade beer over the internet and will get the Yanks buying ! Would make it the first profitable internet company.

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