Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of fish supplier Pingtan Marine Enterprise Ltd. (NASDAQ: PME ) jumped 15% today after reporting earnings.
So what: Revenue from continuing operations rose 82% last year to $122.7 million, and net income jumped 114% to $45.5 million, or $0.58 per share. That's ahead of the guidance of $40 million to $43 million in net income previously given by management.
Now what: The company's fleet more than doubled to 86 fishing vessels last year, and that's what helped push revenue so much higher. Earnings of $0.58 per share put the stock at just over 11 times earnings, which looks like a great value considering the growth. I'm still uneasy buying Chinese stocks after disasters like China Media Express, Puda Coal, Longtop Financial, and others so that's the big caution investors should look at these results with today.
A great bet in today's market
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