Dutton Associates Announces Investment Opinion: China Solar & Clean Energy Solutions Strong Speculative Buy Rating In Update Cov
12 January 2008 - 1:38AM
Business Wire
Dutton Associates updates its coverage of China Solar & Clean
Energy Solutions (OTCBB:CSOL) with a Strong Speculative Buy rating
and a $5.46 price target. The 11-page report by Dutton senior
analyst Paul J. Resnik, CFA is available at www.jmdutton.com as
well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and
other leading financial portals. China Solar & Clean Energy
Solutions is the new name of Deli Solar USA, an established and
significant seller of solar water heaters and space-heating devices
in the People�s Republic of China (�PRC�). The name change reflects
the Company�s decision to expand into other areas of energy
conservation. The well-documented need for China to turn to
environmentally friendly energy sources to support its dramatic
economic growth forms the basis for substantial opportunities in
the alternative energy sector. China Solar�s solar water heating
business is achieving solid gains as it expands its geographic
footprint and market share in China. That market is benefiting not
only from the need for alternative energy sources but also from the
rapid growth of the middle class and a strong housing market in
China. We project 44% earnings-per-share growth in 2007, and a gain
of 53% in 2008, aided by internal growth and a recently completed
major acquisition; yet the shares trade at less than 8x estimated
2008 EPS. Longer term, we believe that the Company�s interest in
other alternative energy sectors further enhances China Solar�s
growth potential. Based on �street� estimates for S&P�s 500
earnings in 2008, the S&P 500 P/E is currently about 14.
Assigning this multiple to China Solar�s estimated 2008 EPS,
despite the Company�s prospects for above-average growth, generates
a 12-month price target of $5.46, over 55% above the current share
price. About Dutton Associates Dutton Associates is one of the
largest independent investment research firms in the U.S. Its 30
senior analysts are primarily CFAs and have expertise in many
industries. Dutton & Associates provides continuing analyst
coverage of over 140 enrolled companies, and its research,
estimates, and ratings are carried in all the major databases
serving institutions and online investors. The cost of enrollment
in our one-year continuing research program is US $35,000 prepaid
for 4 Research Reports, typically published quarterly, and
requisite Research Notes. Dutton Associates received $33,000 from
the Company for 4 Research Reports with coverage commencing on
8/29/2005. We do not accept payment of our fees in company stock.
Our principals and analysts are prohibited from owning or trading
in securities of covered companies. The views expressed in this
research report accurately reflect the analyst's personal views
about the subject securities or issuer. Neither the analyst's
compensation nor the compensation received by us is in any way
related to the specific ratings or views contained in this research
report or note. Please read full disclosures and analyst background
at www.jmdutton.com before investing.
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