NEW YORK, July 1 /PRNewswire-Asia/ -- Harbinger Research, LLC, initiated coverage on NF Energy Saving Corporation (OTC Bulletin Board: NFES) today, with 'Strong Buy'.
Brian R. Connell, CFA, one of Harbinger Research's Senior Analysts, stated in the report that, "The Company's products and services are designed to make the largest industrial concerns and municipalities more energy efficient. The Company's customers include some of the largest electricity producers, petrochemical companies, water supply companies, and municipalities in China, and we see nothing to indicate its track record of steady margins and 40%+ annual revenue growth will abate within the foreseeable future. Furthermore, the Company recently released an extremely strong backlog of 2009 revenues, giving us comfort in both our 2009 and 2010 revenue and earnings estimates. We believe a multiple of at least 15x our 2009 EPS estimate is warranted. Therefore, we set our 12-month price target at $2.00 per share, and rate the shares of NF Energy Saving a Strong Buy."
The research report provides a summary of the Company as an investment opportunity, an overview of its businesses, industry background, and description of its products and services. To read the report please visit: http://www.harbingerresearch.com
Disclosure
This report was prepared for informational purposes only. Harbinger Research, LLC ("Harbinger") was paid US$10,000 for the preparation of this report. All information contained in this report was provided by NF Energy Savings Corp or its agents ("The Company"). To ensure complete independence and editorial control over its research, Harbinger has developed various compliance procedures and business practices including but not limited to the following: (1) Fees from covered companies are due and payable prior to the commencement of research; (2) Harbinger, as a contractual right, retains complete editorial control over the research; (3) Analysts are compensated on a per company basis and not on the basis of his/her recommendations; (4) Analysts are not permitted to accept fees or other consideration from the companies they cover for Harbinger except for the payments they receive from Harbinger; (5) Harbinger will not conduct investment banking or other financial advisory, consulting or merchant banking services for the covered companies.
About Harbinger Research
Harbinger Research is a New York based independent equity research company. Harbinger Research provides equity research coverage to smaller U.S. traded companies and the individuals and institutions who invest in them. For more information on Harbinger Research, please visit http://www.harbingerresearch.com
About NF Energy Saving Corporation
NF Energy Saving Corporation of America (OTC Bulletin Board: NFES) is a China-based provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving services to clients. Headquartered in Shenyang city of China, the Company currently has 220 employees and several proprietary energy saving technologies and patents. The management team of the Company has completed over 300 successful energy-saving projects.
Forward-Looking Statements
This press release contains certain statements that may include 'forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes, expects, anticipate, optimistic, intend, will" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.