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Longwei Petroleum Investment Holding Limited Message Board

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  • valuationstation valuationstation Oct 27, 2012 1:51 PM Flag

    Tax reconciliation turning point for sentiment

    July 2, 2012 was the date the tax reconciliation was published. The tax reconciliation covered the period 2009 to 2012 and verified SAIC/SAT tax filings by direct examination of PRC computers in the state tax office, comparing the earnings to SEC filings. The auditor signed off on this reconciliation, which proved agreement in each case within 1 percent, and no material differences between SEC filings and Chinese tax filings.

    This date was the beginning of the uptrend for LPH back from Dante's valuation inferno. The second leg up began with the closing of the promised land of Huajie Petroleum acquisition, 18 months in the making to raise $110 million cash from internal profits with zero shareholder dilution and zero debt on the books.

    Sentiment: Strong Buy

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