Going one up on Jeff Matthews with Chaoda Modern Agriculture
Jeff Matthews (he of the fabulous blog and excellent book on Warren Buffett) tweets every day his least helpful broker call. His twitter stream is here.
His latest tweet:
JeffreyMatthews Jeffrey Matthews Least Helpful Call, So Far: JPM cuts price target for TRMB (gps for construction) from $51.50 to...wait for it...$47.50. Last trade, $37.49.
Jeff however does not follow Hong Kong listed frauds.
Today I received a copy of Felix Fok's latest piece on Chaoda Modern Agriculture. This is from JiAsia - in other words from Societe Generale. To quote:
Ji Asia is terminating coverage of Chaoda Modern Agriculture (Holdings) (682 HK, HK$1.10, Ji BUY, Target HK$10.50).
The price on my screen is 55c but it is not trading any more.
The reason stated by Felix Fok is "following a realignment of resources within the team".
Chaoda is suspended for a reason: it is almost certainly a grotesque fraud.
The buy was a bad call. The dropping coverage: that was clearly the most useless call of the day.
John
Disclosure: Proudly short Chaoda Modern Agriculture.