While trading in shares of Rino International (RINO) remains halted during an accounting investigation, some facts are beginning to trickle out confirming that there is indeed fraudulent activity going on at Rino International (RINO).
The independent auditors have said that CEO Zou Dejun told them two of the six contracts in question by Muddy Waters are invalid, but that the others are legitimate and can be verified. The firm says that the financial impact can … Read the rest
Rino Intl (RINO) began to really fall off a cliff late in the day yesterday and gapped down this morning to a new 52 week low on heavy volume. The sell off comes as a result of a scathing 30 page research report from a small firm called Muddy Waters Research. Usually, research from small firms go relatively unnoticed, but in this case the firm calls Rino Intl (RINO) a scam, spooking investors and sending … Read the rest
RINO International (RINO) beat analyst estimates after the bell today and reaffirmed guidance. The company posted a Q2 non-GAAP EPS of $0.54, 12 cents better than the analyst estimate of $0.42 on revenue of $65.4 million, which was better than the estimate of $50.93 million. That represents quarter over quarter growth of 35% on the EPS side and 61% on the revenue side.
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Here are … Read the rest
A few analyst ratings/notes to highlight this morning.
The biggest was the two notch upgrade of LDK Solar (LDK) by Bank of America from Underperform to Buy due to lower risks of oversupply. Following the LDK Solar earnings report, I mentioned that I thought the stock offered a very compelling entry down at these levels and has the potential to double or triple if you’re patient. I still believe that. Shares of LDK gapped … Read the rest
Rino Intl (RINO) was a high flyer last year as revenues and earnings soared, but the stock began to sell off in January and continued to slide even as growth remained very impressive. Now we know why. As I’ve mentioned before, technicals always lead fundamentals. That is, the stock will sell off long before the fundamentals turn sour. Conversely, a stock will run well before the growth begins to appear.
According to Street Insider, analyst Adele Mao at OLP Global said the RINO International (RINO) Q4 earnings call presented a few conflicting points that don’t make sense. Here are the comments:
“We came away with more questions than answers: 1) how much BOT contract from Shougang Jingtang was included in the reported backlog of $89.4 million, and how should revenue be recognized? 2) Why was SG&A expense unusually low at $2.8 million in 4Q09 … Read the rest
Rino International (RINO), one of the top China water and remediation plays, reported earnings after the bell today. Growth was excellent, but it didn’t quite meet Wall St estimates. The company reported an adjusted EPS of .53/share which was a big jump from the year ago quarter (.28/share), but missed by a penny and was significantly less than last quarter’s record quarter of .68/share. Revenues came in at $53 million which was a 32% … Read the rest
Rino Intl (RINO) has been hit hard over the past two weeks after a torrid run this year, but is seeing a nice recovery this morning on news the company has landed a $34 million desulphurization construction and $84 million operations contract with Shougang Jingtan Iron & Steel. The contract includes the design, construction and installation of two Semi-Dry Flue Gas Desulphurization Units which are expected to filter out more than 90% of the sulphur … Read the rest
Yesterday before the bell, Canaccord Adams initiated coverage on Rino Intl (RINO) with a Buy rating and price target of $34
Hat tip to StreetInsider.com for the following analyst comment:
“RINO is a China-based environmental protection company. Its core businesses are flue gas desulphurization (FGD), wastewater treatment, and anti-oxidation equipment for the Chinese steel industry. It has also won its first contract to provide sludge-treatment technology for municipal wastewater treatment plants. The Chinese government has … Read the rest
RINO International (RINO) reported outstanding results again this morning, smashing analyst estimates. The company reported a non GAAP EPS of .78/share which nearly doubled the analyst estimate of .47 (again, remind me what these analysts are being paid for?) That’s just about a doubling of profits over the year ago quarter. The company smashed analyst estimates on the revenue side as well posting $63 million vs the estimate of $44 million.
CEO Zou Dejun … Read the rest