Shares of NewMarket China Inc. (OTCBB: NMCH) were trading flat today at 19 cents per share on volume of just over 85,000. The company announced today that it was rated by Beacon Equity Research as a “Speculative Buy” with a target price per share of $1.10.
In the fourth quarter of 2006, NewMarket Technology Inc. (OTCBB: NMKT) reorganized its previously existing Chinese business operation into the publicly listed NewMarket China. Recently, the company filed its first annual report following the reorganization, reporting $29.5 million in revenue with a profit for fiscal year 2006. NewMarket China has also set 2007 revenue goals of $40 million.
Investor Relations representative Rick Lutz reinforced this forecast by telling Market News First, “The company did $29.5 million last year, [and] forecasts $40 million this year. China is a very challenging business environment to negotiate through, so it’s very important to have a steady relationship to guide you through these years.”
NewMarket China is a leader in the rapidly developing Chinese software engineering market providing high quality software development and digital multimedia outsourcing services to global customers. In addition, the firm is a systems integrator and value added reseller of major global hardware brands in the Chinese domestic market.
