China Valves Tech (NASDAQ:CVVT)

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	Recent 52-week high
	30% Earnings Per Share (EPS) growth rate
	10% revenue growth year over year
	Strong balance sheet
	15% minimum return on equity (ROE)
	8% minimum pre-tax margins
	Under 50 million shares outstanding
	High insider ownership
	Limited institutional ownership
	P/E at least 1/2 of EPS growth rate

Despite a stellar finish to the 2009 year China Valves shares have flat lined.

Fiscal Yr. Ends Dec.	Full Year 2009	Full Year 2008	Period Change
GAAP Revenue	$95.4 million	$65.6 million	43.3%
GAAP EPS	$0.75	-$0.18	n/a
Company Supplied Non-GAAP EPS ^a	$0.80	$0.46	73.9%
Tax Rate	26.8%	n/a	n/a
Fully Tax-Adjusted GEO Calculated Non-GAAP EPS a	$0.81	$0.51	58.8%
Fully Diluted Shares	30,946,392	22,987,213	34.6%

Source: See 2009 10K

^a Non-GAAP EPS Figures exclude certain non-operating gains and losses as well as certain non-cash items. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information . For a more complete explanation of the company's definition of Non-GAAP please refer to its financial press releases. The GeoTeam® Non-GAAP figures may, from time to time, differ from company supplied figures. The GeoTeam® Non-GAAP figures apply a 25% and 36% tax rate for Chinese and United States companies respectively.

Comments and guidance remain strong. Unless there is an equity offering around the corner, we see no reason for the share weakness. Some investors may view a Chinese stock with a trailing P/E of 16 to be pricey. However, we believe that investors may gradually begin to become comfortable to assign these companies P/E's closer to 25.

Tuesday, April 13, 2010