Buying more Xin on this dip....free cash flow at very high levels Q2 & Q3 per CFO on call. Amazing that Xin paid approximately 190 million for land in Q3 yet added 4 million to excess cash balance.
Also pretty amazing that pps is down to $3.14 at 11:30am with cash level above 608 million & per share cash at $5.60 or so.
CFO said on call that Xin can't resume share BB program for 3 days following today's call. So, expect to see pps back up to pre gap levels by end of next week.
With all that cash on the books expect Xin to increase the dividend in 2013 & announce a new bb program, perhaps 40 million, if shares stay significantly below FMV & cash per share.
Urge holders to listed to todays call....Xin's CFO is the best I've ever heard in many years.....straight forward & extraordinary amount of color during Q & A.
If they were a U.S. homebuilder, the share price would be $20+ a share.
Sentiment: Strong Buy