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November 23, 2005 Stock Pick: New Dragon Asia Corporation (NWD)

Stock Price: $1.80

New Dragon Asia Corporation is a flour and instant noodle producer in Northern China. The company produces and markets a range of wheat flour for use in bread, dumplings, noodles and confectionary products.

New Dragon Asia just announced strong fiscal third quarter results including $11.6 million in sales and net income of $1.6 million. Net income rose 36.5% from the same period last year. Net income for the first three quarters of this year increased overall by 73.3%, momentum appears to be gaining.

NWD has a market cap of only $87.37 million with a P/E of 15.68. NWD had a nice spike in price back in mid-August and has since been volatile all the while trending in a down pattern. Volume has been low on the moves downward. There have been significant spikes to the upside, most recently on November 7th and 8th, a few days after earnings.

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