Si Mei Te Food (OTC BB:CADQ)

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Monday, June 29, 2009

Blank Check Activity

China Discovery Acquisition Shares falling sharply. The GeoTeam was unable to locate any news on the company, but is speculating that there may be a problem consummating its proposed share exchange agreement with HeNan Smart Food Company.

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Wednesday, April 15, 2009

Blank Check Activity

China Discovery Acquisition entered into a an agreement to acquire HeNan Smart Food Company, a leading instant noodle producer in China. The transaction is still subject to shareholder approval.

Details:

China Discovery Acquisition Corp. will issue 14.7 million shares and cash consideration of $3.0 million in exchange for 100.0% of HeNan Smart Food Company

Si Mei Te is a leading instant noodle producer in China, the largest instant noodle market in the world. Si Mei Te produces and sells its products under several well-known brands and is ranked among the top 5 instant noodle producers in China based on market share.

After the closing, China Discovery will have approximately 21.8 million basic shares outstanding and 24.4 million fully diluted shares outstanding.

Financial Table ( Fiscal Year Ends in December)

2008 2007 Period Change
Revenue $175.8 million $136. million 29%

Unaudited Net Income $22.7 million $11.88 million 91%

*EPS $0.93 $0.49 90%

2009 Growth Potential Based on Net Income Incentive Targets

2009 Targets 2008 Actual Period Change
Net Income $30.0 million $22.7 million 32%

*EPS $1.23 $0.93 32%

Valuation Ratios

Trailing P/E Ratio 6.17

P/E on 2009 EPS Target 4.67

PEG Ratio on 2009 EPS Growth .19

* The company did not provide EPS Data. The GeoTeam® used the post merger fully diluted shares outstanding of 24.4 million to calculate EPS data. Tax rates for the company were not disclosed. At first glance the valuation metrics appears attractive. The GeoTeam® will follow this story closely and provide an update if warranted. Specifically, additional information is needed on tax rates and 2009 capital raising goals. Both of which can effect GeoTeam® EPS assumptions.

Source: PR Newswire (April 14, 2009)

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	2008	2007	Period Change
Revenue	$175.8 million	$136. million	29%
Unaudited Net Income	$22.7 million	$11.88 million	91%
*EPS	$0.93	$0.49	90%

	2009 Targets	2008 Actual	Period Change
Net Income	$30.0 million	$22.7 million	32%
*EPS	$1.23	$0.93	32%

Trailing P/E Ratio	6.17
P/E on 2009 EPS Target	4.67
PEG Ratio on 2009 EPS Growth	.19