(EJ) E-House China Holdings Ltd. – Beat in the Last 4 of 4 quarters by an average of 46%

October 14th, 2009

E-House China Holdings Ltd. (EJ) has beat in each of the last 4 quarters by an average of 46% and recently projected 100% Q3 sales growth from last year.

Company Description

E-House (China) Holdings Ltd., through its subsidiaries, provides real estate brokerage and consulting services in Shanghai in China. The company was founded in 2000 and has a market cap of $1.77 billion.

China continues to be a hot investment destination, fueled by the country’s explosive GDP growth in a challenging global economic environment. E-House has benefited nicely from this dynamic, posting huge share price gains and excellent revenue and earnings growth, on full display when the company reported better than expected second-quarter results on August 12.

Second-Quarter Results

Revenue was up 48% from last year to $63.5 million. Earnings also came in strong at 24 cents per share, 7 cents ahead of the Zacks Consensus Estimate.

During the earnings release the company noted that it had a strong cash position of $194 million.

Estimates Rising

With the nice quarter in hand, estimates have moved higher, with the current year advancing 30 cents to 92 cents per share. The next-year estimate is up 32 cents to $1.15, a bullish 26% growth projection.

Valuation

Based on the current-year estimate, this stock trades with a P/E multiple of 23X, a premium to the overall market.

The Chart

Shares of EJ are up big over the last 6 months after bottoming out just above $6 in early March. Since then, shares have topped off above $24 and look well positioned to make another run at the all-time high. Take a look at the chart below.

Zacks Investment Research
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Read more on E-House China, Wharf (HLDGS), China Holdings Inc at Wikinvest

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