Chart update and more

Update on HRBN chart ->

One more push to close to $15 level and the chart will look really pretty.



As you can see from this 1 month chart, MACD is about to turn positive, and the fast line is about to cross above signal line, which is called MACD crossover. This is a very bullish short term indicator. Stochastics still shows oversold, so we are good to go. If market doesn't crash, we should start seeing a nice uptrend developing. First stop would be the 200 dma, of course, around $17.65.



Update on CNEH.OB

In the past few days we witnessed a very strong bounce from the lows that were set in $1.60's. I believe this is in anticipation of earnings that will come out next week. We'll probably see some obvious profit taking. Who wouldn't mind booking 40% profits from just last week and getting out just before earnings?
But, if the earnings as good as most people expect, this stock will continue to appreciate throughout this year and beyond.


Update on JST

Last month I again mentioned this stock - JST (Jinpan). The stock got punished with the market, as it is a very low float stock, which doesn't usually have a strong volume.
Today the company reported incredible earnings, beating all estimates. The Y2007 net income was impressive $2.04. Even better was the business outlook for 2008, where they anticipate to make $2.64, and that is usually conservative, as they always beat their estimates.

Here is the paragraph from the release:

-- 4Q07 Revenue Increases 72% to $41.9 Million Compared to 4Q06 -
-- 4Q07 Net Income Increases 120% to $6.7 Million -
-- Full Year Revenue Increases 45% to $119.6 Million -
-- Full Year Net Income Increases 120% to $16.5 Million -

And on business outlook:

For the full 2008 fiscal year, the Company currently anticipates revenues of approximately $155 million, which is a 30% over 2007 sales of $119.6 million. The Company anticipates net income of approximately $21.4 million, or approximately $2.64 per diluted share, which is a 30% increase compared to 2007 net income of $16.5 million, or $2.04 per diluted share.

One word - Incredible!

Table Pounder

This is something new from me. I don't like doing that, but I must say the following:

Harbin Electric (HRBN) is an absolute table pounder at these low prices, if you are looking at the long term.

Stock has retraced to just below $14 today and turned around to close higher. Yes, the whole market jumped today, and one might argue whether we've seen the bottom for HRBN. Looking at the charts, I would have to say we did.

Take a look at this 2 year chart:



You can see the line of support from the lows developed due to retrace in March of 2007, August 2007, and now.

In the next few days, I'm expecting a detailed update from Dutton Associates, who has been very accurate in the past reports on HRBN. Also, as far as I know, the company is planning to begin making the conference calls starting with their 1Q results, which should come in May.

Once the market returns to normal, where fundamentals do matter, investors will find the great value in this company. $13,$14,$15 will look like a joke in 2-3 years.



Other updates:

Still waiting on Asia Automotive Acquisition (AAAC.OB / AAACW.OB)... Less than a month remains here. Few days ago they filed another amended registration statement, reflecting the change in the Record Date.

Earnings are almost here in China North East Petroleum (CNEH.OB). Should be released on or around April 1st (and it should not be a joke) :)
There were news of investor conference, where CNEH is going to be participating.
Hopefull, we'll here about the status of Nasdaq/AMEX application soon.

Update on Harbin Electric (HRBN)

Here is the beaten down stock. The stock is roughly 40% off its highs reached 2 months ago. Market conditions have been bad. The stock broke out to the downside from its trading range of $21-$24, as explained earlier. That followed breaking 200 dma to the downside as well - bad technical sign. Low float stocks always get punished in market weakness. Coupled with that was an uncertainty over earnings, but the company delivered again!

Yesterday after hours the company released its 10k, and today it released very detailed PR highlighting the financials and providing a business outlook.
One analyst has been right on the money constantly with this company - Dutton Associates. They've given pretty accurate forecast, and they continue to believe in the long term of this company.

No need for me to copy all the highlights from the PR. I'll just mention a few, which caught my attention and will comment on them in red.

• Revenues from the acquired automobile specialty micro-motors business contributed approximately $10.5 million to total revenues, representing 42% of the total revenue growth. Dutton Associates have forecasted the revenues from this business to reach $10.0 million. This is going to be a major revenue driver moving forward, and it has had a very nice growth already.
  
• The remaining 58% of total revenue growth came from increased purchases by existing customers of linear motor, armature and micro-motor products, and the new Tower Type Oil Pump which was launched in early 2007. This is another important revenue driver. The Company delivered only 13 units of the Tower Type Oil Pump in 2007, but is planning to deliver more than 200 units in 2008. That's huge
  
• We are continuing the joint development of the linear motor driven train system for urban mass transportation with the Institute of Electrical Engineering of the Chinese Academy of Sciences (''IEECAS'') and expect that this product could begin to contribute to our business in 2009, assuming a successful test run at the end of 2008. Will be interesting to see how this works out in the long term
  
• Our proprietary technology and product development capability helped gross profit margin increase to 49.6% in 2007, in our view, a remarkable achievement given that gross margin very rarely exceeds 45% in our industry. This truly is a remarkable achievment having consistent growth margins so high.
  
• The Company's products that were sold directly to markets outside China increased to 12.4% of total sales in 2007 from 3.1% in 2006, reflecting the rapid growth of the Company's international business. Another revenue growth driver. This is important, as the company is beginning to sell their products outside of China, particularly in US.
  

Finally, just want to add that they forecast their revenues to reach over $350 million in 2010. The outlook is still very good. If anybody expected bad earnings, they sure were wrong. The company posted the numbers for the most part in line with the analyst expectations. The stock may not take off right away, as it will struggle with resistance points now, plus the market is still not out of the woods, but the long term for this company is very bright. It continues to deliver on
consistent basis, and whenever the fundamentals become crucial in the market again, the stock will find its value much higher from the current levels.

Update on Asia Automotive Acquisition (AAAC.OB)

The stock has been taking a big hit lately. It's understandable - there is just over a month remaining to close the merger, and it has been a while since they filed an amended registration statement with the date of shareholder meeting.

It's not very clear why the the common (AAAC.OB) is taking a hit, as it's now trading below cash available in trust account. That's just irrational trading to me.
Warrants is different story. Since the warrants would expire worthless in case of no-deal, the risk in warrants increases dramatically; therefore, the warrants take a bigger hit. But judging by relatively low volume in both, it seems that there are just a few panic sellers.

Now, to the good news - the S-4 registration has been filed today after market close. And everything looks good for the meeting on April 4th, which gives them plenty of time before the deadline of April 19th.
Here is the link to filing:

http://sec.gov/Archives/edgar/data/1332552/000095012408001164/k22454a6sv4za.txt

One final thing remains - the actual voting, which should not be an issue (but keep in mind, there is always a risk in any investment). After voting takes place (on April 4th, assuming no additional changes), the merger should be complete within 2-3 days after that.

Another update on favorite stocks

First update is on China North East Petroleum (CNEH.OB) ->

As mentioned earlier, financing was expected to be announced shortly. And finally, today, the long awaited financing deal has been announced. This has been a major uncertainty for this stock for a few months. Many have expected this to be a toxic financing or a financing with major dillution to the shareholders. It actually turned to be very attractive deal both for the lender and the company.
You can read the PR here -> http://biz.yahoo.com/prnews/080303/cnm030.html?.v=12. Few highlights from the PR that made it look even more attractive:

• Majority of Proceeds to be Used to Drill 100 New Wells in 2008


• The average price of the three tranches of warrants is US$2.51 and represents a 17% premium to the closing price on February 27, 2008


• Of the 4.8 million warrants, 1.5 million are callable at the option of the Company if after one year the stock price is trading at or above US$4.80 which is 150% of the strike price of $3.20, assuming certain liquidity criteria are also met.


• And one of the most important: In connection with this financing, the Company is required to obtain a listing on a U.S. exchange within one year.

Once again, this was a major uncertainty with the company, that kept the price very low, while oil has been reaching new highs. Now, the company is in position to execute its plans, and I believe the stock could appreciate over 100% within a year or less. Long term projections are even higher.


Second update is on Asia Automotive Acquisition Inc. (AAAC.OB) ->

As expected, the company extended the Equity Acquisition Agreement all the way to April 30th, but in reality April 19th is the deadline to complete the acquisition. Jeff Feinberg just disclosed having 24%+ of O/S, which is 4% higher than he had disclosed previously. As mentioned earlier, he continues to buy the stock.

Third update is on Harbin Electric (HRBN) ->

Rough times in the market usually mean rough times for low float, low volume stocks, as they can be easily manipulated. Notice my last note on HRBN: "Stocks with low float like this can react violent in both directions :), especially if market conditions match; therefore, if you are in for the short term - proceed with caution". Well, HRBN always suffers a lot during rough times like DOW -300 last Friday. We broke through $21-$24 range to the downside, and it may take some time to recover. With earnings coming up within a few days or a week, most will be careful and would not risk entering a position here. Long term, it is still a very good investment, and nothing has changed in its long term outlook.

Good luck out there.

Stocks to watch

I've only briefly mentioned Jinpan (JST) here a few times, although I really like the company and has been trading in and out of this stock for over 2 years. I decided to mention it here, as it's reaching important resistance levels. The volume has increased lately and the stock is approaching all time highs. Unfortunately, $30-$31 has been a road block for JST on numerous occasions, and the stock also likes to move in direction of the market. I would suggest to watch this level closely, as break above $31 would indicate a major breakout on the way. At the same time, monitor market conditions closely - It can go down $2 on very few shares in the down day on the market.

Another one to watch is China North East Petroleum (CNEH.OB) - expected to report record quarter in a few weeks with very nice revenues and profits. Production levels have already been preannounced. The stock has been trading in pretty tight range for some time now. I believe the stock has a good potential to appreciate significantly in 2008 and beyond, especially with oil trading at $100+. Financing is also expected shortly, which should assure that the company has enough money going forward for operations.

Next one on my list is China Grentech (GRRF). In the past few months it reported number of big contract wins in the Chinese wireless sector. Now look at the earnings reported by China Techfaith Wireless Communication Technology (CNTF) today. GRRF is expected to report earnings in couple of weeks (around March 12th). The stock has been trading sideways lately and has a great potential to appreciate from the current levels.

Finally, I have to mention AAAC.OB one more time, as the big blocks continue, and as reported in SEC filings today, Jeff Feinberg and his funds now have roughly 195k more shares than was reported 2 months ago in December. Buying continues, as we wait for the merger to finalize. I think we should see extention of Equity Agreement within a few days, as it seems like the deal will not be made by February 29th. Patience is needed here.


Good luck to all.

Few updates on stocks

First of all- my favorite stock of 2008 - Asia Automotive Acquisition (AAAC.OB)

Asia Automotive Acquisition, Inc. had an excellent presentation at Roth Capital OC Growth Conference 2 days ago. Listen to it and watch the presentation from here: http://www.wsw.com/webcast/roth16/aaac/

Today, we had biggest volume in the past 4 months - over 400k. Most volume was created by very large blocks. It'll be interesting to see if another investor took a position. Hopefully we'll see filing on this soon.

Also, 2 days ago, they announced guidance for Tongxin International in 2008, and it is impressive. Here is the highlight of the PR: "Earnings guidance is expected to reach $15M. TXI anticipates the Chinese light and commercial vehicle market will continue to grow between 25% and 30% and it will complete an add on acquisition by the end of 2008". In 2007 they will have earnings around $9.5 mil, so this means earnings growth from 2007 to 2008 is 57% (excluding one-time costs associated with acquisition). This is based on 15.3 mil dilluted shares, which puts the earnings close to $1 per share -> roughly PE of 8 at the current price based on 2008 earnings, very impressive growth and additional profitable acquisitions? Can you say - undervalued?


Now on to another undervalued stock -> Harbin Electric (HRBN).

I had to come back to talking about it, as lately the volume on it has been pretty low again, but it has stabilized nicely above $21 and trading in range $21-$24 for some time. Again, just like AAAC.OB, Harbin Electric had a very nice presentation at Roth Capital conference. Here is the link to it: http://www.wsw.com/webcast/roth16/hrbn/

Reiterating revenue forecast of 350 mil in 2010 from just 60's in 2007. Yes, it already tripled from last year, but the next HRBN is HRBN itself. I would not be surprised if we see another triple in 2-3 years. Projected net income of over $3.20 in 2009 is very impressive.

Earnings are expected in 2 weeks. Stocks with low float like this can react violent in both directions :), especially if market conditions match; therefore, if you are in for the short term - proceed with caution. For long term - I don't think there is much to worry about (at this point). Company has been delivering on the promises for some time now.

More updates coming....

Update on Asia Automotive Acquisition (AAAC.OB)

Asia Automotive Acquisition Inc. is presenting tomorrow at Roth Capital 20th annual OC Growth Stock Conference. Live web cast and powerpoint presentation will be available here:

http://www.wsw.com/webcast/roth16/aaac at 5:30 pm EST.

There is also going to be a Special Panel session on Blank Check Companies (SPAC's) that have announced an agreement to acquire an entity, but not closed as well as selected Blank Check company presentations.

Judging by the volume and activity today, there is an interest in the company now.

Update on Asia Automotive Acquisition (AAAC.OB)

There was a new filing with SEC yesterday extending Equity Acquisition Agreement expration from Feb.6th to Feb 29th. That makes me believe even more that the merger will be complete this month.

New undiscovered company - China Wind Systems (CWSI.OB)

Here is another interesting company and completely unknown (in my opinion):

China Wind Systems (CWSI.OB)

Wind Energy sector in China is hot. Here is the unknown company that makes components for wind systems...

It just made a reverse merger, and here is what it is now:

China Wind Systems, through its affiliates, Huayang Dye Machine and Huayang Electrical Power Equipment, manufactures and sells industrial equipment for use in the textile and energy related industries in China. Since August 2007, the Company has shifted its strategy to focus on the growing wind energy industry in China, and has begun to supply high precision rolled rings to companies in the wind power energy industry.

Check out this presentation on their web site:

http://www.chinawindsystems.cn/en/ChinaWind-%20web%5B1%5D.ppt

Read more on this company here:

http://sec.gov/Archives/edgar/data/819926/000114420408005833/v101418_8ka.htm

Few highlights:

• 9 months of 2006 revenues of the new company: 12.3 mil
  
• 9 months of 2007 revenues: 16.5 mil
  
• 2006 net income: 1.8 mil (operating income 2.7 mil)
  
• 2007 net income: 9.4 mil (operating income 3.9 mil)
  
• Total O/S - 36 mil (earnings are already .26 cents for 9 months of 2007)
  float should be tiny...no more than 2 mil, if I got my numbers correct....
  
• Trading at the CURRENT PE of less than 7.
  

Check out the latest PR from few weeks ago:


http://biz.yahoo.com/prnews/080116/cnw025.html?.v=10


WUXI, China, Jan. 16 /Xinhua-PRNewswire-FirstCall/ -- China Wind Systems, Inc. (OTC Bulletin Board: CWSI - News; ''China Wind Systems'' or the ''Company''), which through its wholly owned subsidiaries manufactures and sells industrial machines for use in the textile and energy related industries in the People's Republic of China, today announced that it has purchased new equipment to expand its forged rolled rings manufacturing capabilities. The $4.13 million purchase was in line with the Company's strategy to focus on the growing wind power industry in China, and was largely funded with the proceeds from its recent private placement financing.

The purchase marks the first step in execution of the Company's expansion plan. In the initial phase, China Wind Systems will focus on producing rolled rings that measure up to 6 meters in diameter as well as other windmill components such as shafts. China Wind Systems plans to purchase additional equipment during phases two and three of its expansion. In phase two, the Company intends to manufacture yaw bearings and gear boxes. In phase three, the Company will manufacture other windmill components such as rotor blades. At the conclusion of its expansion, China Wind Systems will be capable of producing forged rolled-rings, measuring up to 8 meters in diameter and weighing up to 150 tons to suit different applications and processes in the wind power industry.

Recently, China Wind Systems purchased a 4,500-ton hydraulic press for use in its metal forging process to produce shafts that weigh up to 18 tons, used in 2 MW wind turbine units. The Company also acquired a ring rolling mill capable of producing rolled rings measuring up to 6 meters in diameter and weighing up to 12 tons. The equipment will be installed at its new 107,639 square foot facility in Wuxi, Jiangsu Province and the Company expects to start production at the new facility by September 2008. China Wind Systems will utilize the axial closed-die rolling technology in its forging process. The new technology will reduce material waste during the forging process by approximately 35%, ensure high precision and surface flatness, and produce rolled rings with excellent mechanical strength and high flexibility.

''Demand for rolled rings is strong, particularly for larger rolled rings used in the wind power industry. With the addition of our new equipment, we will expand our production capabilities to produce precision rolled rings that measure approximately 6 meters in diameter and shafts that weigh approximately 18 tons,'' said Mr. Jianhua Wu, Chairman and CEO of China Wind Systems. ''We expect the rolled rings segment of our business to increase significantly in 2008, growing from only 8% of revenue in 2007. Once the utilization rate for the equipment reaches 100 percent, we expect to see significant improvement in our overall profitability,'' added Mr. Jianhua Wu.

They are also presenting in this conference:

http://cleanenergynews.blogspot.com/2008/02/third-annual-piper-jaffray-clean.html

Piper Jaffray Conference - Feb 28

as well as Roth Capital conference later this month

Few updates on Asia Automotive Acquisition (AAAC.OB)

Again, sorry for the lack of updates.

Merger on Asia Automotive Acquisition (AAAC.OB) is getting closer. The proxy was out few days ago, showing February as a month to hold the shareholder meeting to approve the merger. I expect the stock to trade on Nasdaq almost immediately after the final voting. After that, we might see a PR machine similar to another Chardan blank check company that completed its merger (CSCA.OB, which is now APWR). Keep in mind there are at least 4 aquisitions coming, which bring a big portion to net income.

I kept mentioning CSCA.OB (Chardan South) throughout the year, putting it on the same page in terms of potential as YTEC (Yucheng Technologies). If you recall, Yucheng Technologies (CUAQ.OB -> YTEC) went from 7$'s to $15+... We now have CSCA.OB -> APWR to go from $7's to $15+. I expect AAAC.OB to do the same once the merger is complete and it begins trading on Nasdaq. Even though the strike on the warrants is $5, they (AAACW.OB) usually tend to trade lower than that, because of the risks involved in the merger. Once the merger goes through, they will maintain $5 difference between the common, because after the merger, they can be exercised at any time.

Besides great management, strong growth and acquisitions, Asia Automotive Acquisition (AAAC.OB) also has same investors that were on successful companies, such
as Yucheng Technologies (YTEC) and A-POWER (APWR, former CSCA.OB): Jeff Feinberg, who owns 20% of AAAC.OB (he owned over 40% of CSCA.OB).

Once the merger is complete, we will have a company with only 12 mil O/S, roughly 2 mil in float, 66 mil income in 9 months of 2007 alone, and net income of 8.8 mil in 9 months of 2007. It's not hard to figure how undervalued this company is.

Comparing it to the competition, the board currently values the stock at $20's

Good Luck.

Update on Asia Automotive Acquisition Corp (AAAC.OB)

Sorry for the lack of updates. I've been on long vacation and was taking a little time off the market.

Looks like our wait on AAAC.OB might be over soon.

Great news - New filing yesterday:

http://www.sec.gov/Archives/edgar/data/1332552/000095012408000065/k22454a3sv4za.txt

Highlights:

• The board of directors of Asia Automotive Acquisition Corporation ("AAAC")
  and its wholly-owned subsidiary, Tongxin International Ltd. ("TXI") have
  unanimously approved the acquisition of the shares of Hunan Tongxin Enterprise
  Co, Ltd. ("Hunan Tongxin") in the People's Republic of China, pursuant to a
  Equity Acquisition Agreement whereby AAAC will purchase all of the outstanding
  shares of common stock of Hunan Tongxin held by the stockholders (the "Hunan
  Tongxin Stockholders"). The board of directors of AAAC also has unanimously
  approved the simultaneous reincorporation of AAAC from the State of Delaware to
  the British Virgin Islands, through a redomestication merger with TXI.
  
  
• The date for the special meeting of shareholders related to proposed merger has been set for January 24th, 2008. Proxy is being mailed to all shareholders now.
  
  
• AAAC's common stock, warrants and units are currently listed on the
  Over-the-Counter Bulletin Board under the symbols AAAC, AAACW and AAACU,
  respectively. TXI has applied to have its securities listed on the Nasdaq Global
  Market effective at the time of the redomestication merger. The proposed
  symbols are TXIC, TXICW and TXICU.
  
  

Make sure to weigh your risks associated with the merger. Good luck to All!

P.S. Note on Harbin Electric (HRBN) - The stock reached $28.00 few days before a big pullback, making it an official 250% gainer in 12 months since the original recommendation at $8 in January. I'm now considering dropping it from the list of undiscovered stocks, as it is "on the charts" now. I will probably provide one last update on it shortly.

Few updates

It has been over a month without any updates. I have not had any new good long term picks, that I consider undiscovered and worth mentioning here. But, I would like to provide an update on a few stocks, that have been mentioned on this blog before.

First of all, an update on my favorite stock of 2007 - Harbin Electric Inc. (HRBN):

Harbin Electric Inc. presented at Roth China Conference on November 29th, 2007. You can listen to the presentation, which also contains slides, from here -> http://www.wsw.com/webcast/roth14/hrbn/. There is really nothing new to report on this company. It just continues to be a great performer in 2007.

This is the my original post on HRBN from January of 2007: http://undiscoveredstocks.blogspot.com/2007/01/hrbn-harbin-electric.html. Back then, the stock was trading on OTC:BB at $8, practically without any volume. What do we have today (less than a year later)? It closed at all time high of $22.54 on pretty good volume for this low float stock. (nearly 250k traded). The volume has been on a rise in the past week, as the stock began its move towards new highs. So far, the total gain on this stock is roughly 181% so far this year, and I still believe it has a great potential in 2008 and beyond.

Quick update on what I believe might become the stock of 2008 - Asia Automotive Acquisition Corp (AAAC.OB, AAACW.OB):

There is a big investor (Jeff Feinberg), that's been buying the shares of AAAC.OB almost on daily basis for the past month and more, and has now accumulated 20% of all O/S. All filings are here: http://www.sec.gov/cgi-bin/browse-edgar?company=asia+automotive&CIK=&filenum=&State=&SIC=&owner=include&action=getcompany.

You can also check that he has 20% of O/S from here:

http://www.sec.gov/Archives/edgar/data/1088219/000091957407005742/d835788_13-d.txt

Just to give you an idea of what his last investment did - take a look at the CSCA.OB -> he has been accumulating this one as well, and, according to the latest filings now has over 38% of O/S. The stock (CSCA.OB) has moved from $7's to over $13's in a short peroid of time and has been steady at that level.

For more info on AAAC.OB, please go back to my archives for October and November of 2007, and read a summary of my DD from October that was published on SeekingAlpha -> http://www.seekingalpha.com/article/51672-eye-on-asia-automotive-acquisition-corp.


Finally, there is another stock that is worth mentioning here, as I believe this one could be a great long term hold. It does have a decent volume, so I can't say it's undiscovered, but at the same time I believe it has not reached "Discovered" level either. The company is China North East Petroleum (CNEH.OB). I will provide a small summary on this a little later tonight or tomorrow.

Good luck and remember - always do your own DD.

Update on Asia Automotive Acquisition (AAAC.OB)

The company announces financial results of merger partner:


Asia Automotive Acquisition Corporation Announces Unaudited Financial Results of Merger Partner for the Three and Nine Months Ended September 30, 2007
Monday November 5, 8:00 am ET
Q3 Revenue Increases 43% to $21.8 Million from $15.2 Million
Q3 Net Income Increases 39% to $2.5 Million from $1.8 Million at 9/30/2007

http://biz.yahoo.com/prnews/071105/clm059.html?.v=101

NEW YORK, Nov. 5 /PRNewswire-FirstCall/ -- Asia Automotive Acquisition Corporation (OTC Bulletin Board: AAAC - News, AAACU - News, AAACW - News; "AAAC"), announced today the unaudited financial results for the three and nine months ended September 30, 2007 for its merger partner, Hunan Tongxin Enterprise Co., Ltd. ("Tongxin") (see attached table). As previously announced on July 25, 2007, AAAC signed an Equity Acquisition Agreement with Tongxin pursuant to which Tongxin and AAAC will merge into a newly created British Virgin Islands company, Tongxin International, Ltd.

For the three months ended September 30, 2007 Tongxin had:

* Revenue of approximately $21.8 million, an increase of 43% from $15.2
million for the same period in the prior year;

* Operating income of approximately $4.1 million, an increase of 41%
from $2.9 million for the same period in the prior year;

* Net income totaled approximately $2.5 million, an increase of 39% from
$1.8 million for the same period the prior year.

For the nine months ended September 30, 2007 Tongxin had:

* Net Income of $7.75 million, an increase of 102 % from $3.83 million
for the same period in the prior year. Net income for the current
period excludes one time costs of $230,000 for legal, accounting and
audit fees associated with the proposed transaction with AAAC.

* EBITDA of $14.6 million, or 23.2% of net revenues


p

Update on Harbin Electric (HRBN)

Here are the News that are not available on the wires yet - only for subscribers to AutomotiveWorld:

http://www.automotiveworld.com/ACM/content.asp?contentid=64520

China: Harbin Electric secures supply order from Intier Automotive
By Automotive World staff writer (SS)
31 October, 2007
Source: Automotive World
Harbin Electric has secured a five-year contract to supply micro motors to North American automotive component manufacturer Intier Automotive, reports Automotive News China. Intier will in turn supply the micro motors to Chrysler LLC.


-------------
This is very big. Let's see a PR on this with more details shorly....