stlplace(Update 2) Some employee reviews at jobvent.
(Update) Market cap calculation: the company issued 5.7 m * $14 = $79.8 m. According to 424B4: (principle and selling shareholders), 1,714,710 shares is about 8.0 % (last row). 5.7 /1.715 * 8% = 3.3241 * 8% = 26.59%. So the market cap is about:
$79.8 m / 26.59% = $300 m
Company has revenue of $203 m in 2008.
(Update 2) It appears EDMC IPO had warm reception. After all, it’s backed by Goldman (both as investor and IPO underwriter). Also from Reuters.
(Update) BTW, I found Echo Global Logistics IPO to be much more interesting, will write it up soon.
(Original) Priced at $18 a piece (Reuters), quote:
EDMC (web site), a provider of post-secondary education, said on Thursday that shares in its initial public offering priced for $18 each, at the bottom of the range.
The private equity backed company sold 20 million shares and said it expects net proceeds of $334.8 million. (My comment: 20 m shares is about 17% of the company, this priced EDMC roughly at $2 b).
(Update Oct-01-2009) Sold all CBAK shares today. I don’t want to hold it in this market. Took a small profit (about 3.5%).
(Original) Some background
As of Sept 28, the big brother BYD market cap HKD 140.9 b = USD 18.18 b; annual revenue RMB 26.788 b (Google finance HK: 1211)
the little brother China BAK Battery (Nasdaq:CBAK) has market cap of USD 242.3 m; annual revenue USD 245.35. More information on CBAK can also be seen at Yahoo Finance.
Note: BYD makes car and fabricate cell phones in addition to its battery busniess. So this is not compare apple to apple exactly. I believe BYD is better positioned and has first mover advantage. But stock-wise CBAK could be a better value.
Today Xerox announced a $6.4 billion deal to buy BPO (short for busines process outsourcing, basically IT service) company Affiliate Computer Services (NYSE:ACS), refer to this MarketWatch article for more details.
Both companies are not new to me, because I know Xerox (Palo Alto Research Center, Wiki entry, PARC own web site) invented the computer mouse and graphical user interface (GUI) before Microsoft/PC makers, and Apple populized it. But Xerox did not make any money from those two products. They continue to make Xerox machines, and adding some features to those machines.
Disclosure: I am not a gamer, my favorite computer game was played on Windows 3.1 in 1994/5. Don’t know the English name, we called it Pirates Ship, basically three guys (one has a shield, one has a knife, and another one can jump) have to work together to overcome the adversaries and achieve the final goal (get out of the prison something). With baby on the way, and the popularity of online games, I envision I may play online games with my kid some day (if you can not beat them, join them 🙂
Disclosure 2: previously I traded Chinese game stocks in 2006, I lost money in all cases (Shanda SNDA, the9 NCTY, Netease NETS). Currently I have some THQI shares. Keep that in mind when reading the following.
(source: bestgamewallpapers)
Barrons has an article on solar plays, specifically it mentioned First Solar recent China project may not hold water. Interesting observation. I don’t know all the facts, but being curious, I listed some stuff here.
That’s exactly how I did with Shanda Games (Nasdaq:GAME) IPO today. Shanda is not new to me. I lost money on this one three years ago (see my old stock lesson here). I am not bitter about losing money either. Because after about 5 (6) years in US stock market, especially the roller coaster ride in the past year, I started trying to get emotion of making/losing money out of the stock game, I am not perfect yet but making progress.
One lesson I should learn is trust my own gut. The spin off of Shanda Games seems odd to me, because from business point of view, typically companies spin off non-core business, like Sohu/Changyou (Nasdaq:CYOU), EMC/VMWare (NYSE:VMW). The Shanda spin off looks like a secondary offering of Shanda Entertainment itself, because Online Game is its core business. Although Shanda (Nasdaq:SNDA) had committed itself to other ventures, including at one point use a sloan like “become China’s own Disney”. It has not make real inroad in other online business yet. Except made some money buying and selling Sina stocks couple years ago.
“Be Greedy When Others Are Fearful”: Why Buffett Didn’t Buy More at the Bottom (Yahoo Tech-ticker)
More importantly, I think controlling one’s emotion is key in this market (like yesterday and today :-(. Obviously easily said than done. Yesterday I read the WSJ top page story on people trading AIG stock, most of them lost money eventually (I believe so, at least most people gave back the gains). Trading AIG stock is an extreme example, because of its volatility in last month (August).
Other lessons from Mr. Buffett:
(Google finance NYSE:BPO) company web site
Wikipedia: link
Brookfield Properties Corporation (TSX: BPO, NYSE: BPO) is a Toronto-based North American commercial real estate company. Brookfield Asset Management owns 50% of its outstanding common shares.
Brookfield owns, manages and develops premier office properties in the downtown core of New York City, Washington, D.C., Boston, Denver, Minneapolis, Toronto, Calgary, Ottawa, and Vancouver. Brookfield’s properties include One Liberty Plaza and the World Financial Center in New York City; Brookfield Place (formerly BCE Place), First Canadian Place, and Queen’s Quay Terminal in Toronto; Canadian Western Bank Place and Enbridge Tower in Edmonton; Suncor Energy Centre, Fifth Avenue Place, Altius Centre, Herald Building, and Bankers Hall in Calgary; and Royal Centre in Vancouver. It also operates real estate service businesses and has a land-development business primarily based in Canada.
Secondary offering August 12
(From Reuters) Brookfield Properties Corp. Prices $900 Million Common Share Offering
Wednesday, 12 Aug 2009 10:23am EDT (F-10 here)