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April 17, 2007 Stock Pick: China Precision Steel, Inc. (CPSL)

Stock Price: $4.73 (short-term)

China Precision Steel, Inc. is a niche precision steel processing company engaged in the production and sale of high precision cold-rolled steel products. China Precision Steel produces high precision ultra-thin cold-rolled steel products primarily for automotive components, food packaging materials, saw blades and textile needle manufacturing companies in the People's Republic of China.

Steel stocks are hot right now and CPSL is in one of the hottest markets for steel in China. Revenue came in at $15.0 million with net income of $2.90 million, up 52% and 7.5% respectively over the same period last year.

CPSL is gaining strength after reversing from a bottom below $4.00. CPSL looks ready to fill a recent gap down from the $6.00 level. Opinion: $7.00 within 1 - 2 months.

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