发布于: 雪球转发:1回复:11喜欢:0
$海湾资源(GURE)$ 适合长期投资者,当前股价严重低估,公司持有现金超过公司市值。倘若公司没有财务造假,管理层管理得当,长期股价会回到合理位置。一股实际价值大概在15美元左右。建议大家可以分配10%左右的股票资产到这种股票。有限的下行风险,但是上行回报丰厚。长期看到 $17.46/share.

全部讨论

菜菜牛2016-09-21 01:28

大概是这个意思。现今要么拿来发展,要是不成就考虑分红。

理想反向指标2016-09-20 21:59

她意思说要拿到和大英县独家合作的资格。拿到了就牛皮大了,拿不到就分红算了。是这意思吧?

推翻美霸权主意2016-09-18 13:07

看了Helen Xu的回复,真是奇葩啊。油气井进展好就追加投资不分红,进展不好就拿剩余现金很红。不过换句话说,等到开井了无论进展好坏都成利好了?

推翻美霸权主意2016-09-18 12:13

那个Helen Xu真是逗比啊。Many investors continually ask us why we’re not paying dividend or buying back stock. The answer is quite simple. We want to show the government of Daying County that we are well capitalized enough to be their partners. 不知道不派息怎么就证明了自己capitalized?还说什么we can have stock that would set at $30 a share or even more.你怎么不上天呢?

菜菜牛2016-09-17 06:22

今天表现不错 [能力圈]

一扫地僧2016-09-17 03:25

先买了2千股,反正也还没涨,还在底部。 若没财务造假, 这是15元左右的股票。 至于财务造假,都上市这么多年了,若有,早被揪出来了

事理圆融2016-09-13 05:35

同床异梦的比喻极不恰当

事理圆融2016-09-13 05:33

那次会议没有提到将来会分红。只说了些空话。

那些年-2016-09-12 22:47

这公司报表我看了,也没大问题……

菜菜牛2016-09-09 06:19

上个季度的earning call大概说公司当前需要现金投资在四川的天然气项目。所以暂时不发股息,但管理层有考虑过股息的可能性,当时机合适的时候会还利投资者:
Now, I’d like to turn the call over to our CEO, Mr. Xiaobin Liu, for a few comments. Xiaobin?
Xiaobin Liu
[Foreign Language] We know our investors are disturbed by the weak performance of our shares, but no one is more disturbed than the members of the management. We have worked for many years trying to accelerate that are lower than what people receive in the United States. We have invested our careers in Gulf Resources and we need the price of stock to go up substantially to justify our many years of service with Gulf Resources.
[Foreign Language] We have one expression in Chinese, [Foreign Language]. It means two people sleeping in the same bed, dreaming the same dream. We want the investors to dream the same dream we are dreaming. We are determined to work with our shareholders to create meaningful value. We would like to take a few minutes in this call, so you may better understand the rationale behind our strategy. Helen will now describe our thinking about creating shareholder value.
Helen Xu
So now, I’ll follow Mr. Liu’s instruction and the comment from company management to describe about the company management’s thinking about creating shareholders value. The company has hired consultants and we also studied the market for small capitalization China companies listed in the United States. Virtually, all of these companies are selling at very low market costs. We have even [indiscernible] substantial percentage of their earnings, these companies are also selling at very -- at low multiple.
In many years, we think the market for small capitalization Chinese stock in the United States is broken. Institutional investors will not look at the company is $25 million master tax and $45 million float and that effect will not cover our company. Fewer investment banks will not invite us to appear at their comprehensive. We have considered as an alternative at the present time, our market capitalization is full of Hong Kong and as well as China.
Our core business has started, despite a slowdown in the Chinese economy. Further, the government may continue to match environmental regulation with some of our smaller and less financed competitors to close some of their facility. If this occurs, which should benefit, we believe our core business can grow substantially in the next several years, as the Chinese economy improves and competition lessens.
This brings us to the consideration of our natural gas project. If you read the Wall Street Journal, you may recently have seen several articles about the alternative for natural gas in Sichuan province. According to the Wall Street Journal China, which has seamlessly solution problems is working to encourage the development and consumption of clean burning natural gas. China has substantial reserves of natural gas that’s actually in the Sichuan province, but the complicated geology has made tracking this gas difficult. There are two major Chinese state energy companies led by Sinopec and are spending billions of dollars to develop these resources. However, the Chinese government has also indicated its intention to open the development to private companies. Gulf Resources is in a unique position, we have the support with Daying County’s local government. This creates great opportunity for Gulf, resulting with our agreement with Government of Daying County. We may be able to develop what we believe will be substantial natural gas results.
As an example, the company [indiscernible] just for natural gas segment. Many investors continually ask us why we’re not paying dividend or buying back stock. The answer is quite simple. We want to show the government of Daying County that we are well capitalized enough to be their partners. We know that once we started to produce natural gas, other companies including the major state-owned oil companies will come through into Daying County, trying to get a permission or licenses. We do not want to give the Daying government any excuse to find a second partner. Small private companies really find themselves in a position to develop potential large natural gas fields. We do not want to do anything that could risk this great opportunity.
It’s a natural gas business and if successful as we currently hope, we believe this business alone could be worth many times of the current share price. In such instance, our company would become large enough to be of interest to institutional investors and analysts. It would also be of interest of investment banks in China as well as to the major Chinese energy companies. This will give the company opportunity to release our different exchange. Natural gas business, [indiscernible] in China are sold to one of the state owners, energy companies of 2018 would be huge wins for our shareholders.
If the natural gas business is now successful as we currently hope, we will still have strong free cash for our traditional business. In this instance, we would consider to pay dividend, all buying back stock to give our long term investors or buy back some assets or to acquisition. The question is what is the timing and goals. We do manage that, a dividend of stock payback
could push the current price to $2.50 or $3, however, as we have stated before, we believe we can create much higher levels of value.
We know many of you believe we can do both, but we do not want to take the chance and still we have a better deal of the opportunities in Daying County. We are not going to ask investors to wait patiently. Within the next several years, we should have a much better idea of the potential in Sichuan. Our dream is to see if we can have stock that would set at $30 a share or even more. If our dream does not come to work, we will take other actions to make sure that shares of Gulf Resources become significantly less undervalued.
Xiaobin Liu
[Foreign Language]
Helen Xu
So at last this is a conclusion from Mr. Liu. I would translate for him. He says that, we want you to understand the company management have the same interest as you do. Last year, Mr. Liu as company CEO earned salary of $48,000. Our CFO and COO earned $32,000 respectively. We all have the substantial amount of option. Our financial futures are related to the price of our stock. No one is more interested than seeing the price of per share than we are. We know that you have been patient, we know our shareholders have been disappointed with the price of stock, but we give you a word that we are even more focused on the price of the stock than you do.
So, operator, can we open up for the Q&A session?
Question-and-Answer Session
Operator
[Operator Instructions] Your first question comes from the line of [indiscernible]
Unidentified Analyst
[indiscernible] in Chicago, Illinois, USA. Thank you for taking my questions. I want to congratulate you on the continued strong operating performance of the company, given the continuing macroeconomic challenges in China overall in a number of your end markets, it continue to, I think you’re doing an excellent job operating the company on behalf of shareholders. I do continue to think however that you’re not doing the best job you could in translating a strong operating performance into valuation for the shares and we’ve talked about this a few times on past conference call.
I appreciate what you’ve shared in terms of your strategic thinking and how the development of the natural gas project could greatly increase the earnings power of the company. But you’ve also said that you think the US listing market for Chinese shares is growing and based on that, I failed to understand how you think a continued US listing will translate into the kind of share price expectations you have as the natural gas project develops over the next couple of years?
So I have a couple of questions. First, about a year or a year-and-a-half ago, you explored options to relist in ChiNext. And you’ve said on this call that Hong Kong is out, because the requirements are too high and I understand that, but ChiNext market is a viable option as I understand it. So I’d like to hear management’s comments on plans to relist the company on ChiNext or another smaller exchange in the domestic PRC market in Shenzhen or elsewhere.
Secondly, I’d like to ask about efforts management could take over the next couple of years to share their dream of a company that can earn $3 to $5 per share and have $30 more share price with investors, whether in the US, China or elsewhere. It seems to me that while investment banks may not be inviting you to investment conferences because of your small market CapEx and float you could absolutely get out aggressively and tell your story in company managed roadshows to see institutional investors in Hong Kong and Singapore, in the mainland CRC and in the US. I’ll stop there and look forward to your comments? Thank you.
Helen Xu
Okay. Thank you. [Foreign Language]
Xiaobin Liu
[Foreign Language]
Helen Xu
[Foreign Language]
Xiaobin Liu
[Foreign Language]
Helen Xu
Hi Adam, here is the translation for the response from Mr. Liu for the first question; Mr. Liu said that because it’s no matter we wanted to list on China or Hong Kong and [indiscernible] we have to do the delisting from US market first. And to know it will be a long process. And about considering a second listing like natural gas, several listing as of [indiscernible] looks like it is not clear yet now, I'm sure the natural gas is strong enough maybe you can separate but until now this opportunity is not clear yet. Then the second question’s response it that the company is doing road shows and attending some conferences but looks like there are few opportunities now current available for the company and we are always looking for any opportunities to attend conference or the road show, maybe it did not have a good result as we expect but we will do more, put our more effort in the future to do this. Hello?
Operator
Are you ready for the next question?
Helen Xu
Yes.
Operator
Your next question comes from the line of [indiscernible].
Unidentified Analyst
I have a two part question for you, the first part is where do you think your shares are currently trading, where would they be currently valued, fairly valued at today. And my second part is, have you considered taking the company private at say $8 to $10 a share since the market hasn’t fairly valued your stock for month if not years, and so many other small Chinese companies have gone ahead and just taken their shares private. Thank you.
Helen Xu
Okay, thank you. [Foreign Language]
Xiaobin Liu
[Foreign Language]
Helen Xu
Hi Lewis, here is the response from Mr. Liu for the first question; he personally thinks that the company's current price should be $10 above. And the second response - second question’s answer is that because private - if you go to private, there are many issues involved and shareholders and the boss should be involved in this process, he personally thinks that now is not a good time and yes.
Operator
You have a follow-up question from the line of Adam Waldo.
Adam Waldo
I just want to follow up on my earlier question about a dual listing. It seems to me that there is a possibility that dual listing here, [indiscernible] one of the other smaller company exchanges in China that you could affect the crystallized value in the share as well you pursue a delisting from the US. And the related question I have is you make reference in your press release to there being some point in the future which valuing province would have enough confidence in your financial strength to allow you to fully exploit the resources that you have for natural gas in the province. Can you give us a better more specific timeframe for a point in time in the future at which you would reach that point with valuing province such that you might then subsequently be able to start to turn company's substantial excess capital to shareholders? Thank you.
Helen Xu
[Foreign Language]
Xiaobin Liu
[Foreign Language]
Helen Xu
So for the first question about regarding dual listing, company has observed and reviewed some other Chinese capital listed companies during this case, and we did not see any clear results or cases which have been successful, very successful in dual listing, so the company should think about this risk when we you to do a dual listing first. Second, regarding the timing question, the company already issued in the press release and we did mention in the press release as well we have signed the agreement to buy the equipments and we have build the grow and the infrastructure needed for the production, the production will start on November - October or November in this year on the first well.
Adam Waldo
I’m aware of all that, thank you. I think perhaps my question got lost in the translation. What I'm trying to figure out at what future point in time approximately will you have reached the point of development of the natural gas project working with valuing province, that they have been satisfied about your financial strength, you’ll following off the line that you won't need to carry such a huge amount of excess cash on your balance sheet and can start to return that cash to shareholders through buy back and dividends?
Helen Xu
Sorry, maybe I missed the.
Adam Waldo
So I apologize if I asked the question poorly.
Helen Xu
[Foreign Language]
Xiaobin Liu
[Foreign Language]
Helen Xu
Hi Adam, here is the clear question answer, Mr. Liu said within next year while the - if we are going to our platform more wells permission exploration permission we can see the results if the cash needed there or not.
Adam Waldo
I think understand that possibly you're saying in about another year or so meaning by mid to late 2017 you would reach that point regarding province on the project and you could start to release excess capital for shareholder share buybacks and dividends did I understand properly there?
Helen Xu
Something like that, it is like – wait I just have to confirm this. [Foreign Language]
Xiaobin Liu
[Foreign Language]
Helen Xu
It is like this because we also discussed this for you in the press release, this November or October we started production and after some time period of time we can see the results from this well improve if it is good we will continue to apply more well exploration from them and if that come down and support us, this cash would be used for those wells divestment. And we will see how much test left, if everything goes fine, we will have more wells commissioned and treating more, where we need more investment, if it not goes as we expected as good then we will have much more cash left and we will consider about paying dividend and buyback or other acquisitions as well.
Adam Waldo
Again I understand all that I'm just trying to figure out is there an approximate date in the future when the development of project…
Helen Xu
Like next year, we think…
Adam Waldo
About one year from now. So let's say mid-to-late 2017, you should reach that point?
Helen Xu
Yes, within in 2017.
Adam Waldo
That's very helpful clarification can I just quickly call upon the other gentleman's question about going private. It seems to me that you all see a great value opportunity here, you have a great opportunity before you that’s going to take a number of years, there is a huge disconnect between how the US listing market for your stock is valuing all of this and the way your management valuing this. And so, you know you have a couple of ways that you can capture that value other than relisting which we talk about, one is going private and second is selling the whole company to a strategic buyer. Could you just give a little more commentary around why you have chosen to this point it would seem not to pursue either one of those options aggressively to realize value for management and your fellow shareholders?
Helen Xu
[Foreign Language]
Xiaobin Liu
[Foreign Language]
Helen Xu
So first of all if you go private there are many issues involved, it is not only decision from the company management, it is the whole shareholders and the boss also involved, especially those big shareholders, majority shareholders if they agree to go private, so we cannot make the decision. Certainly the US market did not recognize the value of the Chinese company including our company as well. We believe maybe it’s a temporary situation right now, that's why company wants to address as we can to try to get the company's value slowly recover and if we really cannot see a good opportunity or good future that our company can get - would recognize in US market go like private or list on other stock exchange is also our may be company's alternative but until now this decision has not been made yet.
Adam Waldo
Thank you very much Mr. Liu and Helen for the very helpful answers in terms of understanding your thinking current. And I hope you will continue to make good progress and start to really get some realization of the value of the company and the trading price of the stock. Thank you.
Operator
Your next question comes from the line of [indiscernible].
Unidentified Analyst
The question you mentioned that the possibility of new regulation in China, the new environmental regulations could cause some of your competitors in the bromine derivative to close. Can you give more clarification on that, what timeline you would think that occur and what percentage let's say of production in the country could be affected? Thank you.
Helen Xu
[Foreign Language]
Xiaobin Liu
[Foreign Language]
Helen Xu
So, as you all know that Chinese economy is not strong as before and the Chinese pollution is also very bad in China, now so government is trying to put more stricter environment policy or regulation to protect the environment. So, for those companies which could not do good environment protection such as those more companies or they have very bad cash flow, they do not have enough cash to upgrade the environment protection equipment or upgrade their equipment for the environmental protection so they may close when they have bad cash flow. This make it the company's opportunities if they cause, of they are suffering from cash flow than this may give the company's opportunities to increase our market share and we will have more power to increase our product line and maybe also creating opportunities for company's acquisition of those smaller competitors and this is based on the company's expectation it is not a prediction.
Operator
At this time there are no further questions in queue.
Helen Xu
Hi operator if there are no questions, I think we can close the call today, thank you very much. Have a good day.
Operator
This concludes today’s conference call, you may now disconnect.