Harbinger Research Updates Coverage of China Shuangji Cement, Ltd. With Buy Rating and Price Target of $1.00 per Share
ZHAOYUAN CITY, CHINA, Sep 14, 2010 (MARKETWIRE via COMTEX) — China Shuangji Cement, Ltd. (OTCBB: CSGJ) (“China Shuangji” or the “Company”), a leading producer of high-quality Portland cement in Shandong and Hainan Provinces in the People’s Republic of China (PRC), announced today that Harbinger Research, LLC, an independent equity research firm, has updated its research coverage of the Company with a ‘Buy’ rating.Brian R. Connell, CFA, a Harbinger Research Senior Analyst, stated, “We are excited to update our research coverage of China Shuangji Cement, which we believe is undervalued on both a relative and absolute basis. We are maintaining our ‘Buy’ rating and believe the shares could appreciate up to 150% from the current share price of $0.41 over the next 12 months. We expect demand for the Company’s product to remain strong for the foreseeable future as China continues to develop its physical infrastructure.”
Mr. Wenji Song, Chairman and President of China Shuangji Cement, Ltd., stated, “Our Company has been steadily expanding and is starting a new growth phase with increased cement production from our new Zhaoyuan City cement expected to begin in October. We feel that Harbinger’s coverage of China Shuangji Cement comes at an excellent time for us and our investors. With our anticipated new capacity, we forecast that our production capacity will increase approximately 66% over our current level once we are at full capacity with our net plant, which will result in a commensurate increase in revenues and net income. We are already seeing strong demand from local contractions and believe that our industry will continue to experience robust growth for years to come with many new construction and infrastructure projects supported by the government.”
About China Shuangji Cement, Ltd.
China Shuangji Cement, Ltd. (OTCBB: CSGJ), through its affiliates and controlled entities, is a leading producer of high-quality Portland cement in Shandong and Hainan Provinces. Its processed cement products are primarily purchased by contractors for the construction of buildings, roads, and other infrastructure projects. The Company currently produces approximately 1,500,000 tons of Portland cement annually from two facilities in Hainan and one facility in Shandong and it expects its output will increase by 1,000,000 tons to a total of 2,500,000 tons once the new Zhaoyuan (Shandong Province) plant and upgrades are completed. For more information about China Shuangji, please visit its corporate website at http://www.shuangjicement.com.
About Harbinger Research, LLC
Harbinger Research is an independent equity research firm that employs a research team consisting entirely of CFA charter holders and follows a number of companies across a wide variety of industries. Harbinger Research makes all of its reports available through its website at http://www.harbingerresearch.com, and also distributes content through a variety of partners, including InvestorsInsight Publishing, and through most major financial portals.
Safe Harbor Statement
The information contained herein includes forward-looking statements. These statements relate to future events or to our future anticipated financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “project,” “plan,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development and market conditions. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People’s Republic of China. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We do not intend to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act. In addition, please refer to the Risk Factor section of our 2009 Form 10-K filed with the Securities and Exchange Commission on April 15, 2010 and detailed in other reports filed with the Securities and Exchange Commission from time to time.
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