|7025 || CBEH||01-Jan-2000 02:06 AM|
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|6044 || CBEH||15-Mar-2011 11:30 PM|
Muscleman, I agree that something smells with China Integrated Energy (OOTC:CBEH). The last equity raise made no sense. I am certainly interested in taking a look at this name. Will keep you updated with what I find. The key to this story is the margins.
|6043 || CBEH||15-Mar-2011 10:09 PM|
I am very interested in biodiesel, and this company's valuation seems great. But here are my following concerns:
1. Their revenue increased by 50% from last year, but account receivable increased by over 100%. This is a red alert, as their business is to produce biodiesel and sell through their gas stations. As we know, you have to pay upfront when you purchase retail gas, so this is very strange.
2. They have 40% of storage capacity compared with LPH, but their revenue for this division is about 80%. Well, we may say they have retail gas stations so this division's inventory turnover rate can be twice as high as LPH, but still looks pretty strange to me.
3. Biodiesel margin is amazingly stable, although diesel price, waste oil price and other raw material prices have changed drastically. Unless they have long term fixed rate contracts from providers, this looks too fake to me.