China Stock Profile – Jinpan International Limited (JST)1

Statistics for JST:

P/E 12.7
Long Term EPS Growth 20%
PEG Ratio 0.64
Net Margin 14%
Average Rating Value 1
Average Rating Buy
Average Target Price 36
Current Price 34.5
Year to Date Performance 138%
Institutional Ownership 14%
Short Interest as % of Float 0.47%

Explanation of Terms

P/E - Price divided by Earnings

Long Term EPS Growth - Long-Term (next 3-5 years) EPS Growth Rate estimated by Wall Street analysts
PEG Ratio – P/E to Growth Ratio. Generally the lower the ratio the more attractive the stock
Net Margin – Net Profit divided by Revenue
Average Rating Value – Based on Ratings given by Wall Street analysts. Generally, the lower the value, the
higher the rating
Average Rating – Based on Ratings given by Wall Street analysts
Average Target Price – Based on Target Price given by Wall Street analysts
Current Price – Current Market Price of stock
Year to Date Performance – Year to Date Performance in Price of stock
Institutional Ownership - % of Shares held by Large Institutions
Short Interest as % of Float – Short Interest in the stock as a % of Equity Float

Chart of JST

JST Company Profile

JST is involved in the design and manufacture of cast resin transformers for voltage distribution equipment
in China and it offers power distribution equipment, including switchgears, which enables operators of a
power distribution network to switch equipment in and out of the network; unit substations, a miniature
1
By H.U.
power generation station that comprises high voltage switchgear, transformer, low voltage switchgear,
power meter, and a power factor compensation device interconnected with cables or buss bars; and line
reactors, which limit currents, filter waveforms, and attenuate electrical noise and harmonics associated with
the inverter and driver output of wind powered turbines.

The company also provides medium voltage cast resin transformers for various end uses and applications,
including industrial, infrastructure, and municipal projects, such as factories, real estate developments,
airports, and subway systems. The company’s cast resin transformers allow high voltage transmissions of
electricity to be distributed to various locations in lower, more usable voltages and are used in a range of
industrial, infrastructure, commercial, and residential applications. Jinpan International Limited was
founded in 1993 and is headquartered in Haikou in China.

Key Executives of JST

Mr. Zhiyuan Li , 54
Chairman, Chief Exec. Officer, Pres, Chairman of the Board of Jinpan Hainan and Chief Exec. Officer of
Jinpan Hainan
Mr. Xiangsheng Ling , 57
Vice Chairman and VP
Mr. Mark Du , 48
Chief Financial Officer, Principal Accounting Officer and Financial Controller
Ms. Yuqing Jing , 46
Sec.

Major Holders of JST

TOP INSTITUTIONAL HOLDERS

Holder Shares % Out Value* Reported

FIRST WILSHIRE SECURITIES
341,086 4.16 $5,747,299 31-Mar-09
MANAGEMENT INC
WELLS FARGO & COMPANY 134,650 1.64 $2,268,852 31-Mar-09
ALBION FINANCIAL GROUP 121,966 1.49 $2,055,127 31-Mar-09
ROYCE & ASSOCIATES, INC. 75,800 .93 $1,277,230 31-Mar-09
ING Investment Management Company 72,500 .89 $1,221,625 31-Mar-09
Wedbush Morgan Securities, Inc. 51,078 .62 $860,664 31-Mar-09
Bank of New York Mellon Corporation 39,430 .48 $664,395 31-Mar-09
GOLDMAN SACHS GROUP INC 36,883 .45 $621,478 31-Mar-09
BRIDGEWAY CAPITAL MANAGEMENT,
36,400 .44 $613,340 31-Mar-09
INC.
MUNDER CAPITAL MANAGEMENT,
32,800 .40 $552,680 31-Mar-09
INC.

TOP MUTUAL FUND HOLDERS

 Holder Shares % Out Value* Reported
DREYFUS OPPORTUNITY FDS-
38,930 .48 $1,113,398 30-Jun-09
ENTERPRISE FUND
BRIDGEWAY FDS INC-ULTRA SMALL
36,400 .44 $613,340 31-Mar-09
COMPANY FD
MUNDER MICRO-CAP EQUITY FUND 32,800 .40 $552,680 31-Mar-09
ROYCE MICRO CAP TRUST 30,500 .37 $513,925 31-Mar-09
ROYCE HERITAGE FUND 28,094 .34 $473,383 31-Mar-09
Powershares Exhg Traded Fd-Powershares
23,523 .29 $462,697 30-Apr-09
Golden Dragon Halter
TAMARACK MICRO CAP VALUE FD 19,000 .23 $320,150 31-Mar-09
ROYCE VALUE TRUST, INC. 15,500 .19 $261,175 31-Mar-09
Royce Select Fund II 1,706 .02 $28,746 31-Mar-09
FIDELITY NASDAQ COMPOSITE INDEX
849 .01 $25,240 31-May-09
FUND

Analysts’ Estimates

Current Qtr Next Qtr Current Year Next Year

Earnings Estimate
Jun-09 Sep-09 Dec-09 Dec-10
Avg. Estimate 0.65 0.78 2.84 3.32
No. of Analysts 2 2 2 2
Low Estimate 0.62 0.76 2.81 3.26
High Estimate 0.67 0.80 2.87 3.38
Year Ago EPS N/A N/A 2.42 2.84

Analysts estimate earnings growth of JST to be 16.9% next year.

Recent News Headlines for JST

[April] Motley Fool rates JST as “five” star stock.

[July 7th] JST announced that it had appointed Dr. Cai Xu to the position of independent director on June
23rd, 2009. Dr. Cai will serve as an independent director until the next shareholder's meeting, when he will
then stand for reelection.

Dr. Cai is a distinguished faculty member of the School of Electronic, Information, and Electrical
Engineering at Shanghai Jiaotong University. His research focuses on the application of high power
electronics in electric systems, generators, and related electrical equipment, on the automation of power
distribution networks, and on wind power grid connection and conversion technology. Since 2008, he has
chaired the University's Wind Energy Research Centre. The Centre combines research in the fields of
electrical, mechanical, control, and oceanic engineering. The Centre provides consultation services for the
Chinese government and both public and private industries. Prior to joining the faculty of Shanghai Jiaotong
University, from 1988 to 2002, Dr. Cai served on the faculty of China University of Mining and
Technology's Department of Electrical Engineering, rising to the position of the vice chairman of the
department. From 1983 to 1985, Dr. Cai served as a researcher at the Wuhan Power Bureau's High Voltage
Power Research Institute.
JST Financial Statements

Income Statement PERIOD ENDING 31-Dec-08 31-Dec-07 31-Dec-06

Total Revenue 153,979 119,895 82,800
Cost of Revenue 105,104 77,988 59,372

Gross Profit 48,875 41,907 23,428

Operating Expenses
Research Development - - -
Selling General and Administrative 26,217 22,037 13,211
Non Recurring - - -
Others - 929 (88)

Total Operating Expenses - - -

Operating Income or Loss 22,658 18,941 10,305

Income from Continuing Operations

Total Other Income/Expenses Net 1,689 142 106
Earnings Before Interest And Taxes 24,347 19,083 10,411
Interest Expense 1,195 465 281
Income Before Tax 23,152 18,618 10,130
Income Tax Expense 3,364 2,226 1,372
Minority Interest - - (1,244)

Net Income From Continuing Ops 19,788 16,392 7,514

Non-recurring Events
Discontinued Operations - - -
Extraordinary Items - - -
Effect Of Accounting Changes - - -
Other Items - - -

Net Income 19,788 16,392 7,514

Preferred Stock And Other Adjustments - - -

Net Income Applicable To Common Shares $19,788 $16,392 $7,514

Balance Sheet PERIOD ENDING 31-Dec-08 31-Dec-07 31-Dec-06

Assets
Current Assets
Cash And Cash Equivalents 16,739 17,122 34,115
Short Term Investments - 193 193
Net Receivables 66,110 45,995 27,144
Inventory 31,868 25,743 18,589
Other Current Assets 4,845 7,943 4,638

Total Current Assets 119,562 96,996 84,679

Long Term Investments - - -
Property Plant and Equipment 24,268 11,920 5,872
Goodwill 12,348 11,549 -
Intangible Assets 5,966 - -
Accumulated Amortization - - -
Other Assets - - -
Deferred Long Term Asset Charges 301 807 101

Total Assets 162,445 121,272 90,652

Liabilities
Current Liabilities
Accounts Payable 40,611 25,462 18,448
Short/Current Long Term Debt 11,726 9,874 6,637
Other Current Liabilities 2,761 1,717 1,211

Total Current Liabilities 55,098 37,053 26,296

Long Term Debt - - 507
Other Liabilities 160 1,476 -
Deferred Long Term Liability Charges - - -
Minority Interest - - 1,069
Negative Goodwill - - -

Total Liabilities 55,258 38,529 27,872

Stockholders' Equity
Misc Stocks Options Warrants - - -
Redeemable Preferred Stock - - -
Preferred Stock - - -
Common Stock 73 73 73
Retained Earnings 60,296 39,659 24,251
Treasury Stock (789) (789) (818)
Capital Surplus 34,035 33,938 34,556
Other Stockholder Equity 13,572 9,862 4,718

Total Stockholder Equity 107,187 82,743 62,780

Net Tangible Assets $88,873 $71,194 $62,780

Cash Flow Statement PERIOD ENDING 31-Dec-08 31-Dec-07 31-Dec-06

Net Income 19,788 16,392 7,514

Operating Activities, Cash Flows Provided By or Used In

Depreciation 1,661 1,273 861
Adjustments To Net Income 438 394 1,148
Changes In Accounts Receivables (16,159) (17,160) (3,225)
Changes In Liabilities 12,464 7,255 5,578
Changes In Inventories (4,198) (5,645) (4,765)
Changes In Other Operating Activities 3,832 (2,911) (2,172)

Total Cash Flow From Operating Activities 17,826 (402) 4,939

Investing Activities, Cash Flows Provided By or Used In

Capital Expenditures (13,952) (6,792) (2,674)
Investments 210 - -
Other Cashflows from Investing Activities (4,752) (12,595) 20

Total Cash Flows From Investing Activities (18,494) (19,387) (2,654)

Financing Activities, Cash Flows Provided By or Used In

Dividends Paid (1,940) (1,931) (2,566)
Sale Purchase of Stock - 409 23,602
Net Borrowings 1,129 2,247 2,372
Other Cash Flows from Financing Activities - - -

Total Cash Flows From Financing Activities (811) 725 23,408

Effect Of Exchange Rate Changes 1,182 1,944 686

Change In Cash and Cash Equivalents ($297) ($17,120) $26,379

Reference

Yahoo Finance and China Analyst