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Grand Power Logistics

Grand Power Logistics Group is a Canada-based logistics company that provides freight forwarding, customs brokerage, and warehousing services. It has established operations throughout Asia and North America to capitalize on growing demand from China's expanding economy. The company aims to drive growth through expanding service offerings, developing a logistics park, and increasing direct sales and negotiated carrier discounts to boost margins.

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investorSCOREcard Standard Stock Report as of Sep 27, 2010 Grand Power Logistics Group (GPW-V) Calgary, AB, Canada (403) 237-8211 www.Grandpowerexpress.com Share Price $0.14 Market Cap (Mil) $7.39 52 Week High $0.50 Cash (Mil) $6.79 52 Week Low $0.09 Total Debt (Mil) $11.00 Avg Vol Last 3 mos. (000's) 52.52 Enterprise Value (Mil) $18.39 Basic Shares Outstanding (Mil) 52.79 Dividend Yield 0.0% Diluted Shares Outstanding (Mil) 52.79 P/E (TTM) NA Stock Price and Volume Business Description Source: Morningstar Grand Power Logistics Group Inc. is a Canada-based 1,400,000 $0.50 company. The Company operates through its wholly owned $0.45 Hong Kong-based subsidiary, Grand Power Express 1,200,000 International Ltd. (GP Express), and provides air-freight $0.40 forwarding and sea-freight services, customs brokerage, 1,000,000 $0.35 logistics, warehousing and distribution, as well as other Stock Price value added services. GP Express has established $0.30 operations in various regions, particularly in the Greater 800,000 Volume $0.25 Pearl River Delta (GPRD), China’s economic region. GP 600,000 Express’ subsidiaries or branch offices are located in Macau, $0.20 Shenzhen, Guangzhou, Shanghai, Xiamen, Tianjin and $0.15 Beijing in China and in Los Angeles, California in the United 400,000 States. On January 1, 2009, the Company acquired the $0.10 remaining 40% interest of its subsidiary, Redcap Logistics 200,000 Ltd. $0.05 - $- S O N D J F M A M J J A S O N D J F M A M J J A S 2008 2009 2010 Comparables Scorecard Highlights CJT.UN-T Ratings Out of Possible 5 Stars TFI-T MTL-T Quarter Ending Jun 10 Quarter Ending Mar 10 Stock Market Performance 0.9 2.2 2.0 Insider Ownership 4.1 Not Provided Not Provided Revenue, EBITDA and EPS 0.9 1.2 1.5 Balance Sheet Analysis 4.3 3.8 3.3 Return on Capital 1.5 1.3 2.5 Valuation 4.2 3.7 3.9 © 2010 The Equicom Group Inc.  All rights reserved. The Investor Scorecard is exclusively distributed by TMX Equicom. To learn more visit www.tmxmoney.com/scorecard For a full description of the methodology used, refer to www.fsavaluation.com/scorecardinformation.aspx Please see the final page(s) of this Investor Scorecard for important disclosure and disclaimer information.
investorSCOREcard Grand Power Logistics (GPW-V) Company Overview and Market Opportunity Headquartered in Hong Kong, Grand Power is a leading logistic services provider of airfreight and ocean freight services, rail and land transportation, customs brokerage, warehouse and distribution, and global freight management services. Grand Power has established operations in various regions throughout Asia and North America, particularly in the Greater Pearl River Delta, China’s largest economic zone. Grand Power maintains offices in Macau, Shenzhen, Guangzhou, Shanghai, Xianen, Tianjin, Beijing and Los Angeles. The Company’s growth is due a number of factors, driven primarily by the expansion of China’s economy. In particular, China’s burgeoning economy is driving the need for logistics services necessary to handle the export of manufactured goods as well as the import of luxury goods for the country’s growing middle class. Recent Operational and Financial Highlights • Signed a memorandum of understanding to develop Yangshan International Container Transit Logistics Park. The MOU was signed with the Shengsi County People's Government in Zhejiang Province, China. • Entered into agreements with two major airline carriers to handle the Company’s dangerous cargo shipments in Northern China. • Signed an agency agreement with a leading, international ocean carrier to act as a broker for the carrier, selling directly to China-based exporters of manufactured goods. • Formed a special Project Team that will oversee the development of Yangshan International Container Transit Logistics Park. • Increased revenue for Q2 FY2010 by 4.7% to $21.3 million and generated a net profit of $308,000, representing a positive turnaround of $855,000. • Adopted the US dollar as the Company’s reporting currency since the majority of the Company’s transactions are conducted in Hong Kong currency, which is pegged to the US dollar. The change will reduce the effect of Canadian/US exchange rate fluctuations on financial results going forward. • Increased gross profit per ton shipped by 195% to $208 per ton, up from $70 as a result of direct sales strategy and increased concentration of higher margin sales opportunities. Growth Strategy Grand Power’s strategy for growth is focused on: • capitalizing on the increasing demand for logistics services due to China’s burgeoning economy • driving higher margins through increased direct sales activities with customers and negotiating volume discounts on the cost of cargo space with carriers • expanding into higher margin services, such as dangerous cargo handling • leveraging its joint ventures with Air China and ECS for increased sales • developing a logistics handling park affiliated with Shanghai’s new deep-sea port.
investorSCOREcard Grand Power Logistics (GPW-V) Competitive Advantages Grand Power has a number of competitive advantages. The Company • is a full service provider of logistics services • has partners in Europe, China and North America that strengthen its service offerings to exporters and importers alike. • has local knowledge and presence in China, unlike major international competitors • Maintains long-standing relations with logistics service providers and agents around the world. Directors and Management Mr. Ricky Chiu President, Chief Executive Officer and Director As a key founder and visionary for GPW, Mr. Chiu brings a Western business perspective to the Company. He received his education in England , Oxford College and Beijing University and began his career in Australia and Canada . He has a diversified background in a wide range of industries with roles in finance, audit, property/real estate, merchandise trading and travel, as well as logistics. Mr. Chiu founded Grand Power Express International Ltd in Hong Kong in 2002. Mr. Alan Chan Chief Financial Officer, Secretary-Treasurer, and Director Mr. Chan holds an Engineering Degree from the University of Saskatchewan. He has many years of experience in Chinese projects, including taking a number of companies public in Western Markets and assisting in financing. This experience is extremely important to understand the business cultures of North America and the Asia Pacific Region. Mr. Jones Chu Independent Director Mr. Chu is an Equity Derivatives Director with a leading Hong Kong-based securities firm and a Director and shareholder of Grand Power Logistics Development Limited (“GPLD”) – the business unit of Yangshan Logistics Park . Mr. Chu has more than 15 years of capital markets experience. Mr. Chu is responsible debt and equity raises of GPLD . Mr. Mike Lam Director Mr. Lam has over 10 years of experience in air cargo and logistics services. With his extensive knowledge on sales and pricing, he has developed solid relationships with local and overseas clients. Since May 2002, Mr. Lam served as General Manager of Grand Power Express; since May 1997, General Manager of Grand Power Express Forwarders Co. Ltd., & Grand Power Express Tourism Co. Ltd. (Macau).
investorSCOREcard Grand Power Logistics (GPW-V) Mr. Kim Oishi Director Mr. Oishi has 15 years experience in financing and advising growth companies, and has served in senior management and board positions on a number of public and private companies. His experience in Asia dates back to the early 1990s and he has a keen interest in the growth potential of China based companies as they develop links with the North American capital markets. He has an MBA from the University of British Columbia. Mr. Gerry Peacock Independent Director Mr. Peacock is a Calgary-based lawyer with many years of experience and operates as a sole practitioner providing legal/advisory services to clients in a wide range of sectors. Mr. Peacock also serves as a Member of the Corporation's Audit Committee. Ms Candace Wong Director Ms. Wong has over 10 years of experience as a Credit Controller in Human Resources, Advertising, and Real Estate Firms. Currently she is the regional credit head of Underwriters Laboratories (UL) in Asia Pacific, Middle East and Africa. Before that she was the Group Credit Controller/Compliance, Asia with Hudson Global Resources (HK) Ltd., a recruitment agency listed on nasdaq; from August 1999 to June 2000, Credit Controller with JC Decaux Pearl & Dean Limited; from March 1997 to August 1999, Credit Controller with Colliers Jardine (Hong Kong) Limited. Comparables Cargojet Income Fund – CJT.UN-T TransForce Inc. – TFI-T Mullen Group Ltd. – MTL-T
investorSCOREcard Grand Power Logistics Group (GPW-V) Stock Market Performance Rating 0.9 Stock Market Returns 200,000 $1.00 180,000 $0.90 Return Percentile Rating Three Months 22% 72% 3.6 160,000 $0.80 Six Months (31.7%) 11% 0.6 140,000 $0.70 Stock Price 1 Year (30.0%) 2% 0.1 Volume 3 Years (CAGR) (36.6%) 1% 0.0 120,000 $0.60 5 Years (CAGR) (23.7%) 3% 0.1 100,000 $0.50 80,000 $0.40 Market Data 60,000 $0.30 Price $0.14 Mkt Cap (Mil) $7.39 40,000 $0.20 Shs Outstanding (Mil) 52.79 20,000 $0.10 Dividend Yield % 0.0% Avg Vol Last 3mos. (000's) 52.52 - $- 2004 2005 2006 2007 2008 2009 2010 P/E (TTM) NA Insider Ownership Rating 4.1 Value of Shares and Options Percent of Ownership Shares Options Total Value Rating Percent Rating 37.8% Insiders * Adjusted 0.0% > 10% Holders # of # of $ Value if Adjusted $ $ Value $ Value if Rating Percent of Rating 62.2% Other Shares Options Exercised Value Exercised (Add all) Mkt. Value (Add all) Tong (Ricky) Chiu 15,247,922 $2,134,709 1,500,000 $210,000 $105,000 $2,239,709 0.9 30.3% 5.0 President and CEO Alan Chan 305,000 $42,700 235,000 $32,900 $16,450 $59,150 0.0 0.8% 0.2 Jan-10 CFO Other Officers Dec-09 200,000 $28,000 200,000 $28,000 $14,000 $42,000 0.0 0.6% 0.1 Board of Dir. (excl. CEO & Nov-09 CFO) 2,582,837 $361,597 1,270,000 $177,800 $88,900 $450,497 0.2 6.1% 1.2 Oct-09 > 10% Holders - $0 - $0 $0 $0 0.0% Sep-09 For info only Total (excl. >10% Holders) $2,567,006 $448,700 $224,350 $2,791,356 1.1 37.8% 4.0 0% 20% 40% 60% 80% 100% (Max of 4) (Max of 4) CEO CFO Other Officers Directors > 10% Holders Public Float * Adjusted $ Value of Options is 50% of their full value if exercised to account for volatility. Furthermore, our view is that shareholders would rather management owned shares vs. options. Add: Compensation Type Category Rating Addition Percent of Compensation Share and Total Perform- Share and 16.8% Salary Perform- Unit Option All Other Comp. ance Unit Option ance Bonus Awards Awards Comp. Bonus Awards Awards Tong (Ricky) Chiu Salary $223,207 $223,207 President and CEO 0.0% Bonus Alan Chan Shares & Units $45,000 $45,000 CFO Options All Other 83.2% Total $223,207 $0 $0 $0 $45,000 $268,207 0.00 0.00 0.00 (Max Score) Bonus: Net Buying/Selling Last Six Months Insider Holdings Beginning and Ending Value Transactions Adjusted Share and $3,000,000 Rating $2,500,000 Option Value Buying Selling Net Bonus $2,000,000 $1,500,000 Tong (Ricky) Chiu, President and CEO $0 $0 $0 0.00 Alan Chan, CFO $0 $0 $0 0.00 $1,000,000 Other Officers $312,189 -$9,189 $321,378 0.12 $500,000 Board of Dir. (excl. CEO & CFO) $0 $0 $0 0.00 $- > 10% Holders (info only) $0 $0 $0 Total (excl. >10% Holders) $312,189 -$9,189 $321,378 0.12 (Total Score) Beg Trans- Ending Value actions Value
investorSCOREcard Grand Power Logistics Group (GPW-V) Balance Sheet Analysis Rating 4.3 Short-Term Liquidity Quadrant 3: Quadrant 1: "RECOVERING" "OPTIMAL" $ 2.0 + VE This Company's cash flow is considered NOT SEASONAL, therefore this report uses the last quarter's cash flow multiplied by 4 as a proxy for annual cash flow. Jun-10 $ 1.0 Sep-09 Quadrant Rating Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 $- Working Capital $ 9.3 $ 11.4 $ 10.4 $ 10.6 $ 8.6 Cash Flow Ops (Q in mil) ($0.3) $ 0.2 ($0.6) ($0.4) $ 0.3 ($1.0) Cash Flow Cash Flow Ops (Ann Q's in mil) ($1.4) $ 0.7 ($2.6) ($1.7) $ 1.3 Jun-09 Mar-10 Quadrant Rating 3.0 4.0 3.0 3.0 4.0 ($2.0) Dec-09 Addition to Quadrant Rating ($3.0) Our methodology accounts for the 'nearness' to improving or worsening a Company's quadrant ranking based on current cash generation/burn rate and working capital position. The ($4.0) - VE Company's short term liquidity situation is OPTIMAL. At the current cash generation rate the ($7) ($2) $3 $8 $ 13 Company's working capital will double in 77 month(s). Quadrant 2: Quadrant 4: "URGENT" "DRAWING DOWN" Add: 0.0 - VE Working Capital + VE Short-Term Liquidity Rating 4.0 Debt to Equity Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Utilities Telecom Equity Number of Companies Materials Common Stock Equity $ 10.6 $ 11.4 $ 9.9 $ 10.3 $ 11.3 Info Tech Industrials Total Equity $ 10.6 $ 11.4 $ 9.9 $ 10.3 $ 11.3 Health Care Energy Cons Staples Debt and Equivalents Cons Disc Pref. Securities of Sub Trust - - - - - Pref. Equity Outside Stock Equity - - - - - Preferred Stock Equity - - - - - Minority Interest (Bal. Sheet) $ 0.2 $ 0.3 $ 0.6 $ 0.2 $ 0.3 Short-Term Debt $ 9.6 $ 10.6 $ 10.2 $ 5.6 $ 8.2 Long-Term Debt $ 0.8 $ 1.9 $ 3.3 $ 3.0 $ 2.3 Capital Lease Obligations - - - - - Total Debt and Equivalents $ 10.6 $ 12.9 $ 14.0 $ 8.8 $ 10.8 0.00 1.00 2.00 3.00 4.00 Debt to Equity 1.01 1.13 1.42 0.85 0.95 Debt to Equity Rating 4.6 Low Risk Debt to Equity High Risk Debt to Equity Rating 4.6 Interest Coverage Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 3.5 x EBIT 3.0 x Interest Coverage Quarterly ($0.5) $ 0.4 ($0.9) ($0.6) $ 0.6 TTM ($3.9) ($2.8) ($0.9) ($1.6) ($0.5) 2.5 x N/A 2.0 x Interest Expense Quarterly $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 1.5 x TTM $ 0.7 $ 0.7 $ 0.8 $ 0.8 $ 0.9 1.0 x Interest Coverage 0.5 x Quarterly #N/A 1.7 x #N/A #N/A 2.9 x TTM #N/A #N/A #N/A #N/A #N/A 0.0 x Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Interest Coverage Rating Qtrly Interest Coverage Rating 0.5 Quarterly TTM Interest Coverage Rating TTM Interest Coverage Rating N/A
investorSCOREcard Grand Power Logistics Group (GPW-V) Revenue, EBITDA and EPS Rating 0.9 Revenue (in millions) Revenue (in milions) on Rolling TTM $160.00 $140.00 Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 $120.00 Revenue $ 40.2 $ 59.2 $ 99.6 $ 142.0 $ 112.6 $100.00 Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Basis Quarter Ending $ 22.2 $ 17.0 $ 47.9 $ 15.5 $ 22.7 $80.00 TTM $ 130.9 $ 107.9 $ 112.6 $ 102.6 $ 103.1 $60.00 Growth Percent Rating Stability R² Rating $40.00 Rev. Growth % TTM -21.3% 0.0 $20.00 Rev. Growth % LFY -20.7% 0.0 Revenue Stability Last 2 Yrs 23.3% 0.6 Rev. Growth % 3 Year CAGR 11.1% 2.7 Revenue Stability Last 3 Yrs 24.8% 1.2 $- Rev. Growth % 5 Year CAGR Revenue Stability Last 5 Yrs Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Revenue Growth Rating 0.9 Overall Revenue Stability Rating 0.9 01 02 03 04 05 06 07 08 09 10 Revenue Growth and Stability Rating 0.9 EBITDA (in millions) EBITDA (in milions) on Rolling TTM $ 2.00 $ 1.00 Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 EBITDA $ 1.1 $ 1.4 $ 0.6 ($4.7) ($0.6) $- Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 ($1.00) Basis Quarter Ending ($0.4) $ 0.5 ($0.8) ($0.5) $ 0.7 TTM ($3.5) ($2.4) ($0.6) ($1.3) ($0.2) ($2.00) ($3.00) Growth Percent Rating Stability R² Rating EBITDA Growth % TTM 94.7% 2.5 ($4.00) EBITDA Growth % LFY 87.9% 2.5 EBITDA Stability Last 2 Yrs 5.0% 0.2 EBITDA Grwth % 3 Yr CAGR -149.4% 0.0 EBITDA Stability Last 3 Yrs 26.0% 0.6 ($5.00) EBITDA Grwth % 5 Yr CAGR EBITDA Stability Last 5 Yrs Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun EBITDA Growth Rating 1.7 Overall EBITDA Stablitity Rating 0.4 01 02 03 04 05 06 07 08 09 10 EBITDA Growth and Stability Rating 1.1 Basic Earnings Per Share (EPS*) $0.15 * (excluding acquired in process R&D, restructuring and M&A, special income & charges and discontinued ops) $0.10 Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 EPS on Rolling TTM $0.05 EPS $ 0.05 $ 0.03 ($0.01) ($0.19) ($0.03) $- Quarterly (TTM) Basis Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Quarter Ending ($0.02) NC ($0.01) ($0.02) $ 0.01 ($0.05) TTM ($0.16) ($0.14) ($0.03) ($0.05) ($0.02) ($0.10) Growth Percent Rating Stability R² Rating ($0.15) EPS Growth % TTM 87.5% 2.5 ($0.20) EPS Growth % LFY 84.2% 2.5 EPS Stability Last 2 Yrs 0.6% 0.0 EPS Grwth % 3 Year CAGR -158.5% 0.0 EPS Stability Last 3 Yrs 32.6% 0.8 ($0.25) EPS Grwth % 5 Year CAGR -200.0% 0.0 EPS Stability Last 5 Yrs Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun EPS Growth Rating 1.2 Overall EPS Stablitity Rating 0.4 01 02 03 04 05 06 07 08 09 10 EPS Growth and Stability Rating 0.8
investorSCOREcard Grand Power Logistics Group (GPW-V) Return On Capital Rating 1.5 Return On Invested Capital (ROIC) 20% Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 15% Invested Capital Period Ending $ 7.6 $ 16.5 $ 25.0 $ 23.6 $ 23.7 Average Invested Capital $ 6.6 $ 12.0 $ 20.8 $ 24.3 $ 23.6 10% ROIC on Rolling TTM * Net Income $ 0.7 $ 0.7 ($0.1) ($7.2) ($1.2) 5% Add Back: After Tax Interest Expense $ 0.1 $ 0.4 $ 0.4 $ 0.4 $ 0.5 Annual ROIC 12.2% 8.8% 1.1% -28.0% -2.9% 0% Basis Level Rating 3.3 2.9 2.0 0.1 1.6 Consistency Rating 2.0 (5%) (10%) Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Invested Capital Period Ending $ 20.9 $ 23.9 $ 23.7 $ 19.2 $ 22.0 (15%) Average Invested Capital $ 24.2 $ 23.9 $ 23.0 $ 22.1 $ 22.0 (20%) * Net Income ($6.1) ($5.2) ($1.2) ($1.9) ($0.9) Add Back: After Tax Interest Expense $ 0.4 $ 0.5 $ 0.5 $ 0.5 $ 0.6 (25%) Quarterly ROIC -23.3% -19.8% -3.0% -6.0% -1.5% Level Rating 0.2 0.4 1.6 1.3 1.8 (30%) Consistency Rating 1.0 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Return on Invested Capital (ROIC) Rating 1.6 Return On Assets (ROA) 10% Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Total Assets Period Ending $ 14.1 $ 24.0 $ 35.4 $ 38.2 $ 38.9 5% Average Total Assets $ 12.6 $ 19.0 $ 29.7 $ 36.8 $ 38.6 ROA on Rolling TTM * Net Income $ 0.7 $ 0.7 ($0.1) ($7.2) ($1.2) Add Back: After Tax Interest Expense $ 0.1 $ 0.4 $ 0.4 $ 0.4 $ 0.5 0% Annual ROA 6.3% 5.6% 0.7% -18.5% -1.8% Basis Level Rating 2.7 2.7 2.2 0.6 1.9 Consistency Rating 2.0 (5%) Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 (10%) Total Assets Period Ending $ 29.5 $ 34.0 $ 38.9 $ 26.9 $ 31.3 Average Total Assets $ 38.6 $ 36.8 $ 34.8 $ 32.5 $ 32.1 * Net Income ($6.1) ($5.2) ($1.2) ($1.9) ($0.9) (15%) Add Back: After Tax Interest Expense $ 0.4 $ 0.5 $ 0.5 $ 0.5 $ 0.6 Quarterly ROA -23.3% -19.8% -3.0% -6.0% -1.5% Level Rating 0.4 0.5 1.8 1.5 1.9 (20%) Consistency Rating 1.2 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Return on Assets (ROA) Rating 1.8 Return On Common Equity (ROE) 30% Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 20% Total Equity Period Ending $ 4.6 $ 8.4 $ 12.9 $ 11.2 $ 9.9 Average Common Equity $ 3.3 $ 6.5 $ 10.7 $ 12.1 $ 10.6 10% ROE on Rolling TTM * Net Income $ 0.7 $ 0.7 ($0.1) ($7.2) ($1.2) Add Back: NA $ - $ - $ - $ - $ - 0% Annual ROE 21.2% 10.3% -1.3% -59.8% -11.3% Basis Level Rating 3.6 2.7 1.8 0.0 1.1 (10%) Consistency Rating 1.8 (20%) Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 (30%) Total Equity Period Ending $ 10.6 $ 11.4 $ 9.9 $ 10.3 $ 11.3 Average Common Equity $ 12.3 $ 11.8 $ 11.0 $ 10.8 $ 10.7 (40%) * Net Income ($6.1) ($5.2) ($1.2) ($1.9) ($0.9) Add Back: NA $ - $ - $ - $ - $ - (50%) Quarterly ROE -49.3% -44.1% -10.8% -17.2% -8.3% Level Rating 0.0 0.1 1.1 0.7 1.3 (60%) Consistency Rating 0.6 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Return on Common Equity (ROE) Rating 1.2 * Net Income - Excludes Net Income from Discontinued Operations, Income Acquired in Process R&D, Income Restructuring And M&A, and Other Special Income/(Charges)
investorSCOREcard Grand Power Logistics Group (GPW-V) Valuation Rating 4.2 Price to Earnings (P/E) 90.0 x (Lower numbers receive higher rankings) 80.0 x Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 * Price $ 0.60 $ 0.80 $ 0.82 $ 0.12 $ 0.30 70.0 x P/E on Rolling TTM Earnings Per Share (EPS) $ 0.05 $ 0.03 ($0.01) ($0.19) ($0.03) 60.0 x Annual P/E 12.0 x 26.7 x Basis 50.0 x Annual P/E Rating 3.5 1.6 40.0 x Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 30.0 x * Price $ 0.22 $ 0.22 $ 0.30 $ 0.17 $ 0.14 Earnings Per Share (EPS) ($0.16) ($0.14) ($0.03) ($0.05) ($0.02) 20.0 x 10.0 x Quarterly (TTM) P/E Quarterly (TTM) P/E Rating 0.0 x Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Price to Earnings (P/E) N/A Price to Book (P/Book) 3.0 x (Lower numbers receive higher rankings) Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 2.5 x P/Book on Quarterly * Price $ 0.60 $ 0.80 $ 0.82 $ 0.12 $ 0.30 Book Equity Per Share $ 0.26 $ 0.35 $ 0.37 $ 0.25 $ 0.21 2.0 x Annual P/Book 2.3 x 2.3 x 2.2 x 0.5 x 1.4 x Basis Annual P/Book Rating 3.1 3.2 3.2 4.6 4.0 1.5 x Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 1.0 x * Price $ 0.22 $ 0.22 $ 0.30 $ 0.17 $ 0.14 Book Equity Per Share $ 0.23 $ 0.25 $ 0.21 $ 0.19 $ 0.21 0.5 x Quarterly P/Book 1.0 x 0.9 x 1.4 x 0.9 x 0.6 x Quarterly P/Book Rating 4.3 4.4 4.0 4.4 4.5 0.0 x Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Price to Book (P/Book) 4.2 Enterprise Value to EBITDA (EV/EBITDA) 160.0 x (Lower numbers receive higher rankings) 140.0 x EV/EBITDA on Rolling TTM Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 * Enterprise Value $ 13.5 $ 27.1 $ 40.7 $ 17.9 $ 27.8 120.0 x EBITDA $ 1.13 $ 1.40 $ 0.64 ($4.67) ($0.57) 100.0 x Annual EV/EBITDA 11.9 x 19.4 x 63.4 x Basis Annual EV/EBITDA Rating 2.5 0.4 80.0 x Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 60.0 x * Enterprise Value $ 20.4 $ 22.7 $ 27.8 $ 18.0 $ 18.1 40.0 x EBITDA ($3.47) ($2.39) ($0.57) ($1.28) ($0.18) 20.0 x Quarterly (TTM) EV/EBITDA Quarterly (TTM) EV/EBITDA Rating 0.0 x Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Enterprise Value to EBITDA (EV/EBITDA) N/A * Price - Delayed 60 days to reflect the fact that financial statements are public approximately 60 days after the last day of the reporting period. For the last period the most recent price is used.
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To the fullest extent permitted by law, FSA, Equicom, Morningstar Inc., its content providers, any other person that has provided information or data for this Investor Scorecard nor any authorized person that distributes this Investor Scorecard accepts any liability whatsoever for any direct, indirect, special, economic or consequential loss (whether in contract or tort even if FSA, Equicom or the other party has been advised of the possibility of such loss) arising from any use of, or reliance on the estimates, opinions or other information contained in this Investor Scorecard. Without limiting the generality of the foregoing, you are prohibited from using or disclosing any personal information contained in the Investor Scorecard for purposes unrelated to the purposes for which the information is made available to you and/or the public under Canadian securities laws, including, without limitation, for secondary marketing purposes, unless you have obtained any and all consents as required under applicable Canadian privacy laws. The information contained in this Investor Scorecard is copyrighted, and it may not be sold or licensed for commercial value or altered, in whole or in part, without prior express written consent of Equicom. Furthermore, Investor Scorecard can only be distributed in its entirety. 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Grand Power Logistics

  • 1.
    investorSCOREcard Standard Stock Report as of Sep 27, 2010 Grand Power Logistics Group (GPW-V) Calgary, AB, Canada (403) 237-8211 www.Grandpowerexpress.com Share Price $0.14 Market Cap (Mil) $7.39 52 Week High $0.50 Cash (Mil) $6.79 52 Week Low $0.09 Total Debt (Mil) $11.00 Avg Vol Last 3 mos. (000's) 52.52 Enterprise Value (Mil) $18.39 Basic Shares Outstanding (Mil) 52.79 Dividend Yield 0.0% Diluted Shares Outstanding (Mil) 52.79 P/E (TTM) NA Stock Price and Volume Business Description Source: Morningstar Grand Power Logistics Group Inc. is a Canada-based 1,400,000 $0.50 company. The Company operates through its wholly owned $0.45 Hong Kong-based subsidiary, Grand Power Express 1,200,000 International Ltd. (GP Express), and provides air-freight $0.40 forwarding and sea-freight services, customs brokerage, 1,000,000 $0.35 logistics, warehousing and distribution, as well as other Stock Price value added services. GP Express has established $0.30 operations in various regions, particularly in the Greater 800,000 Volume $0.25 Pearl River Delta (GPRD), China’s economic region. GP 600,000 Express’ subsidiaries or branch offices are located in Macau, $0.20 Shenzhen, Guangzhou, Shanghai, Xiamen, Tianjin and $0.15 Beijing in China and in Los Angeles, California in the United 400,000 States. On January 1, 2009, the Company acquired the $0.10 remaining 40% interest of its subsidiary, Redcap Logistics 200,000 Ltd. $0.05 - $- S O N D J F M A M J J A S O N D J F M A M J J A S 2008 2009 2010 Comparables Scorecard Highlights CJT.UN-T Ratings Out of Possible 5 Stars TFI-T MTL-T Quarter Ending Jun 10 Quarter Ending Mar 10 Stock Market Performance 0.9 2.2 2.0 Insider Ownership 4.1 Not Provided Not Provided Revenue, EBITDA and EPS 0.9 1.2 1.5 Balance Sheet Analysis 4.3 3.8 3.3 Return on Capital 1.5 1.3 2.5 Valuation 4.2 3.7 3.9 © 2010 The Equicom Group Inc.  All rights reserved. The Investor Scorecard is exclusively distributed by TMX Equicom. To learn more visit www.tmxmoney.com/scorecard For a full description of the methodology used, refer to www.fsavaluation.com/scorecardinformation.aspx Please see the final page(s) of this Investor Scorecard for important disclosure and disclaimer information.
  • 2.
    investorSCOREcard Grand Power Logistics(GPW-V) Company Overview and Market Opportunity Headquartered in Hong Kong, Grand Power is a leading logistic services provider of airfreight and ocean freight services, rail and land transportation, customs brokerage, warehouse and distribution, and global freight management services. Grand Power has established operations in various regions throughout Asia and North America, particularly in the Greater Pearl River Delta, China’s largest economic zone. Grand Power maintains offices in Macau, Shenzhen, Guangzhou, Shanghai, Xianen, Tianjin, Beijing and Los Angeles. The Company’s growth is due a number of factors, driven primarily by the expansion of China’s economy. In particular, China’s burgeoning economy is driving the need for logistics services necessary to handle the export of manufactured goods as well as the import of luxury goods for the country’s growing middle class. Recent Operational and Financial Highlights • Signed a memorandum of understanding to develop Yangshan International Container Transit Logistics Park. The MOU was signed with the Shengsi County People's Government in Zhejiang Province, China. • Entered into agreements with two major airline carriers to handle the Company’s dangerous cargo shipments in Northern China. • Signed an agency agreement with a leading, international ocean carrier to act as a broker for the carrier, selling directly to China-based exporters of manufactured goods. • Formed a special Project Team that will oversee the development of Yangshan International Container Transit Logistics Park. • Increased revenue for Q2 FY2010 by 4.7% to $21.3 million and generated a net profit of $308,000, representing a positive turnaround of $855,000. • Adopted the US dollar as the Company’s reporting currency since the majority of the Company’s transactions are conducted in Hong Kong currency, which is pegged to the US dollar. The change will reduce the effect of Canadian/US exchange rate fluctuations on financial results going forward. • Increased gross profit per ton shipped by 195% to $208 per ton, up from $70 as a result of direct sales strategy and increased concentration of higher margin sales opportunities. Growth Strategy Grand Power’s strategy for growth is focused on: • capitalizing on the increasing demand for logistics services due to China’s burgeoning economy • driving higher margins through increased direct sales activities with customers and negotiating volume discounts on the cost of cargo space with carriers • expanding into higher margin services, such as dangerous cargo handling • leveraging its joint ventures with Air China and ECS for increased sales • developing a logistics handling park affiliated with Shanghai’s new deep-sea port.
  • 3.
    investorSCOREcard Grand Power Logistics(GPW-V) Competitive Advantages Grand Power has a number of competitive advantages. The Company • is a full service provider of logistics services • has partners in Europe, China and North America that strengthen its service offerings to exporters and importers alike. • has local knowledge and presence in China, unlike major international competitors • Maintains long-standing relations with logistics service providers and agents around the world. Directors and Management Mr. Ricky Chiu President, Chief Executive Officer and Director As a key founder and visionary for GPW, Mr. Chiu brings a Western business perspective to the Company. He received his education in England , Oxford College and Beijing University and began his career in Australia and Canada . He has a diversified background in a wide range of industries with roles in finance, audit, property/real estate, merchandise trading and travel, as well as logistics. Mr. Chiu founded Grand Power Express International Ltd in Hong Kong in 2002. Mr. Alan Chan Chief Financial Officer, Secretary-Treasurer, and Director Mr. Chan holds an Engineering Degree from the University of Saskatchewan. He has many years of experience in Chinese projects, including taking a number of companies public in Western Markets and assisting in financing. This experience is extremely important to understand the business cultures of North America and the Asia Pacific Region. Mr. Jones Chu Independent Director Mr. Chu is an Equity Derivatives Director with a leading Hong Kong-based securities firm and a Director and shareholder of Grand Power Logistics Development Limited (“GPLD”) – the business unit of Yangshan Logistics Park . Mr. Chu has more than 15 years of capital markets experience. Mr. Chu is responsible debt and equity raises of GPLD . Mr. Mike Lam Director Mr. Lam has over 10 years of experience in air cargo and logistics services. With his extensive knowledge on sales and pricing, he has developed solid relationships with local and overseas clients. Since May 2002, Mr. Lam served as General Manager of Grand Power Express; since May 1997, General Manager of Grand Power Express Forwarders Co. Ltd., & Grand Power Express Tourism Co. Ltd. (Macau).
  • 4.
    investorSCOREcard Grand Power Logistics(GPW-V) Mr. Kim Oishi Director Mr. Oishi has 15 years experience in financing and advising growth companies, and has served in senior management and board positions on a number of public and private companies. His experience in Asia dates back to the early 1990s and he has a keen interest in the growth potential of China based companies as they develop links with the North American capital markets. He has an MBA from the University of British Columbia. Mr. Gerry Peacock Independent Director Mr. Peacock is a Calgary-based lawyer with many years of experience and operates as a sole practitioner providing legal/advisory services to clients in a wide range of sectors. Mr. Peacock also serves as a Member of the Corporation's Audit Committee. Ms Candace Wong Director Ms. Wong has over 10 years of experience as a Credit Controller in Human Resources, Advertising, and Real Estate Firms. Currently she is the regional credit head of Underwriters Laboratories (UL) in Asia Pacific, Middle East and Africa. Before that she was the Group Credit Controller/Compliance, Asia with Hudson Global Resources (HK) Ltd., a recruitment agency listed on nasdaq; from August 1999 to June 2000, Credit Controller with JC Decaux Pearl & Dean Limited; from March 1997 to August 1999, Credit Controller with Colliers Jardine (Hong Kong) Limited. Comparables Cargojet Income Fund – CJT.UN-T TransForce Inc. – TFI-T Mullen Group Ltd. – MTL-T
  • 5.
    investorSCOREcard Grand Power LogisticsGroup (GPW-V) Stock Market Performance Rating 0.9 Stock Market Returns 200,000 $1.00 180,000 $0.90 Return Percentile Rating Three Months 22% 72% 3.6 160,000 $0.80 Six Months (31.7%) 11% 0.6 140,000 $0.70 Stock Price 1 Year (30.0%) 2% 0.1 Volume 3 Years (CAGR) (36.6%) 1% 0.0 120,000 $0.60 5 Years (CAGR) (23.7%) 3% 0.1 100,000 $0.50 80,000 $0.40 Market Data 60,000 $0.30 Price $0.14 Mkt Cap (Mil) $7.39 40,000 $0.20 Shs Outstanding (Mil) 52.79 20,000 $0.10 Dividend Yield % 0.0% Avg Vol Last 3mos. (000's) 52.52 - $- 2004 2005 2006 2007 2008 2009 2010 P/E (TTM) NA Insider Ownership Rating 4.1 Value of Shares and Options Percent of Ownership Shares Options Total Value Rating Percent Rating 37.8% Insiders * Adjusted 0.0% > 10% Holders # of # of $ Value if Adjusted $ $ Value $ Value if Rating Percent of Rating 62.2% Other Shares Options Exercised Value Exercised (Add all) Mkt. Value (Add all) Tong (Ricky) Chiu 15,247,922 $2,134,709 1,500,000 $210,000 $105,000 $2,239,709 0.9 30.3% 5.0 President and CEO Alan Chan 305,000 $42,700 235,000 $32,900 $16,450 $59,150 0.0 0.8% 0.2 Jan-10 CFO Other Officers Dec-09 200,000 $28,000 200,000 $28,000 $14,000 $42,000 0.0 0.6% 0.1 Board of Dir. (excl. CEO & Nov-09 CFO) 2,582,837 $361,597 1,270,000 $177,800 $88,900 $450,497 0.2 6.1% 1.2 Oct-09 > 10% Holders - $0 - $0 $0 $0 0.0% Sep-09 For info only Total (excl. >10% Holders) $2,567,006 $448,700 $224,350 $2,791,356 1.1 37.8% 4.0 0% 20% 40% 60% 80% 100% (Max of 4) (Max of 4) CEO CFO Other Officers Directors > 10% Holders Public Float * Adjusted $ Value of Options is 50% of their full value if exercised to account for volatility. Furthermore, our view is that shareholders would rather management owned shares vs. options. Add: Compensation Type Category Rating Addition Percent of Compensation Share and Total Perform- Share and 16.8% Salary Perform- Unit Option All Other Comp. ance Unit Option ance Bonus Awards Awards Comp. Bonus Awards Awards Tong (Ricky) Chiu Salary $223,207 $223,207 President and CEO 0.0% Bonus Alan Chan Shares & Units $45,000 $45,000 CFO Options All Other 83.2% Total $223,207 $0 $0 $0 $45,000 $268,207 0.00 0.00 0.00 (Max Score) Bonus: Net Buying/Selling Last Six Months Insider Holdings Beginning and Ending Value Transactions Adjusted Share and $3,000,000 Rating $2,500,000 Option Value Buying Selling Net Bonus $2,000,000 $1,500,000 Tong (Ricky) Chiu, President and CEO $0 $0 $0 0.00 Alan Chan, CFO $0 $0 $0 0.00 $1,000,000 Other Officers $312,189 -$9,189 $321,378 0.12 $500,000 Board of Dir. (excl. CEO & CFO) $0 $0 $0 0.00 $- > 10% Holders (info only) $0 $0 $0 Total (excl. >10% Holders) $312,189 -$9,189 $321,378 0.12 (Total Score) Beg Trans- Ending Value actions Value
  • 6.
    investorSCOREcard Grand Power LogisticsGroup (GPW-V) Balance Sheet Analysis Rating 4.3 Short-Term Liquidity Quadrant 3: Quadrant 1: "RECOVERING" "OPTIMAL" $ 2.0 + VE This Company's cash flow is considered NOT SEASONAL, therefore this report uses the last quarter's cash flow multiplied by 4 as a proxy for annual cash flow. Jun-10 $ 1.0 Sep-09 Quadrant Rating Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 $- Working Capital $ 9.3 $ 11.4 $ 10.4 $ 10.6 $ 8.6 Cash Flow Ops (Q in mil) ($0.3) $ 0.2 ($0.6) ($0.4) $ 0.3 ($1.0) Cash Flow Cash Flow Ops (Ann Q's in mil) ($1.4) $ 0.7 ($2.6) ($1.7) $ 1.3 Jun-09 Mar-10 Quadrant Rating 3.0 4.0 3.0 3.0 4.0 ($2.0) Dec-09 Addition to Quadrant Rating ($3.0) Our methodology accounts for the 'nearness' to improving or worsening a Company's quadrant ranking based on current cash generation/burn rate and working capital position. The ($4.0) - VE Company's short term liquidity situation is OPTIMAL. At the current cash generation rate the ($7) ($2) $3 $8 $ 13 Company's working capital will double in 77 month(s). Quadrant 2: Quadrant 4: "URGENT" "DRAWING DOWN" Add: 0.0 - VE Working Capital + VE Short-Term Liquidity Rating 4.0 Debt to Equity Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Utilities Telecom Equity Number of Companies Materials Common Stock Equity $ 10.6 $ 11.4 $ 9.9 $ 10.3 $ 11.3 Info Tech Industrials Total Equity $ 10.6 $ 11.4 $ 9.9 $ 10.3 $ 11.3 Health Care Energy Cons Staples Debt and Equivalents Cons Disc Pref. Securities of Sub Trust - - - - - Pref. Equity Outside Stock Equity - - - - - Preferred Stock Equity - - - - - Minority Interest (Bal. Sheet) $ 0.2 $ 0.3 $ 0.6 $ 0.2 $ 0.3 Short-Term Debt $ 9.6 $ 10.6 $ 10.2 $ 5.6 $ 8.2 Long-Term Debt $ 0.8 $ 1.9 $ 3.3 $ 3.0 $ 2.3 Capital Lease Obligations - - - - - Total Debt and Equivalents $ 10.6 $ 12.9 $ 14.0 $ 8.8 $ 10.8 0.00 1.00 2.00 3.00 4.00 Debt to Equity 1.01 1.13 1.42 0.85 0.95 Debt to Equity Rating 4.6 Low Risk Debt to Equity High Risk Debt to Equity Rating 4.6 Interest Coverage Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 3.5 x EBIT 3.0 x Interest Coverage Quarterly ($0.5) $ 0.4 ($0.9) ($0.6) $ 0.6 TTM ($3.9) ($2.8) ($0.9) ($1.6) ($0.5) 2.5 x N/A 2.0 x Interest Expense Quarterly $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 1.5 x TTM $ 0.7 $ 0.7 $ 0.8 $ 0.8 $ 0.9 1.0 x Interest Coverage 0.5 x Quarterly #N/A 1.7 x #N/A #N/A 2.9 x TTM #N/A #N/A #N/A #N/A #N/A 0.0 x Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Interest Coverage Rating Qtrly Interest Coverage Rating 0.5 Quarterly TTM Interest Coverage Rating TTM Interest Coverage Rating N/A
  • 7.
    investorSCOREcard Grand Power LogisticsGroup (GPW-V) Revenue, EBITDA and EPS Rating 0.9 Revenue (in millions) Revenue (in milions) on Rolling TTM $160.00 $140.00 Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 $120.00 Revenue $ 40.2 $ 59.2 $ 99.6 $ 142.0 $ 112.6 $100.00 Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Basis Quarter Ending $ 22.2 $ 17.0 $ 47.9 $ 15.5 $ 22.7 $80.00 TTM $ 130.9 $ 107.9 $ 112.6 $ 102.6 $ 103.1 $60.00 Growth Percent Rating Stability R² Rating $40.00 Rev. Growth % TTM -21.3% 0.0 $20.00 Rev. Growth % LFY -20.7% 0.0 Revenue Stability Last 2 Yrs 23.3% 0.6 Rev. Growth % 3 Year CAGR 11.1% 2.7 Revenue Stability Last 3 Yrs 24.8% 1.2 $- Rev. Growth % 5 Year CAGR Revenue Stability Last 5 Yrs Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Revenue Growth Rating 0.9 Overall Revenue Stability Rating 0.9 01 02 03 04 05 06 07 08 09 10 Revenue Growth and Stability Rating 0.9 EBITDA (in millions) EBITDA (in milions) on Rolling TTM $ 2.00 $ 1.00 Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 EBITDA $ 1.1 $ 1.4 $ 0.6 ($4.7) ($0.6) $- Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 ($1.00) Basis Quarter Ending ($0.4) $ 0.5 ($0.8) ($0.5) $ 0.7 TTM ($3.5) ($2.4) ($0.6) ($1.3) ($0.2) ($2.00) ($3.00) Growth Percent Rating Stability R² Rating EBITDA Growth % TTM 94.7% 2.5 ($4.00) EBITDA Growth % LFY 87.9% 2.5 EBITDA Stability Last 2 Yrs 5.0% 0.2 EBITDA Grwth % 3 Yr CAGR -149.4% 0.0 EBITDA Stability Last 3 Yrs 26.0% 0.6 ($5.00) EBITDA Grwth % 5 Yr CAGR EBITDA Stability Last 5 Yrs Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun EBITDA Growth Rating 1.7 Overall EBITDA Stablitity Rating 0.4 01 02 03 04 05 06 07 08 09 10 EBITDA Growth and Stability Rating 1.1 Basic Earnings Per Share (EPS*) $0.15 * (excluding acquired in process R&D, restructuring and M&A, special income & charges and discontinued ops) $0.10 Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 EPS on Rolling TTM $0.05 EPS $ 0.05 $ 0.03 ($0.01) ($0.19) ($0.03) $- Quarterly (TTM) Basis Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Quarter Ending ($0.02) NC ($0.01) ($0.02) $ 0.01 ($0.05) TTM ($0.16) ($0.14) ($0.03) ($0.05) ($0.02) ($0.10) Growth Percent Rating Stability R² Rating ($0.15) EPS Growth % TTM 87.5% 2.5 ($0.20) EPS Growth % LFY 84.2% 2.5 EPS Stability Last 2 Yrs 0.6% 0.0 EPS Grwth % 3 Year CAGR -158.5% 0.0 EPS Stability Last 3 Yrs 32.6% 0.8 ($0.25) EPS Grwth % 5 Year CAGR -200.0% 0.0 EPS Stability Last 5 Yrs Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun EPS Growth Rating 1.2 Overall EPS Stablitity Rating 0.4 01 02 03 04 05 06 07 08 09 10 EPS Growth and Stability Rating 0.8
  • 8.
    investorSCOREcard Grand Power LogisticsGroup (GPW-V) Return On Capital Rating 1.5 Return On Invested Capital (ROIC) 20% Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 15% Invested Capital Period Ending $ 7.6 $ 16.5 $ 25.0 $ 23.6 $ 23.7 Average Invested Capital $ 6.6 $ 12.0 $ 20.8 $ 24.3 $ 23.6 10% ROIC on Rolling TTM * Net Income $ 0.7 $ 0.7 ($0.1) ($7.2) ($1.2) 5% Add Back: After Tax Interest Expense $ 0.1 $ 0.4 $ 0.4 $ 0.4 $ 0.5 Annual ROIC 12.2% 8.8% 1.1% -28.0% -2.9% 0% Basis Level Rating 3.3 2.9 2.0 0.1 1.6 Consistency Rating 2.0 (5%) (10%) Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Invested Capital Period Ending $ 20.9 $ 23.9 $ 23.7 $ 19.2 $ 22.0 (15%) Average Invested Capital $ 24.2 $ 23.9 $ 23.0 $ 22.1 $ 22.0 (20%) * Net Income ($6.1) ($5.2) ($1.2) ($1.9) ($0.9) Add Back: After Tax Interest Expense $ 0.4 $ 0.5 $ 0.5 $ 0.5 $ 0.6 (25%) Quarterly ROIC -23.3% -19.8% -3.0% -6.0% -1.5% Level Rating 0.2 0.4 1.6 1.3 1.8 (30%) Consistency Rating 1.0 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Return on Invested Capital (ROIC) Rating 1.6 Return On Assets (ROA) 10% Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Total Assets Period Ending $ 14.1 $ 24.0 $ 35.4 $ 38.2 $ 38.9 5% Average Total Assets $ 12.6 $ 19.0 $ 29.7 $ 36.8 $ 38.6 ROA on Rolling TTM * Net Income $ 0.7 $ 0.7 ($0.1) ($7.2) ($1.2) Add Back: After Tax Interest Expense $ 0.1 $ 0.4 $ 0.4 $ 0.4 $ 0.5 0% Annual ROA 6.3% 5.6% 0.7% -18.5% -1.8% Basis Level Rating 2.7 2.7 2.2 0.6 1.9 Consistency Rating 2.0 (5%) Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 (10%) Total Assets Period Ending $ 29.5 $ 34.0 $ 38.9 $ 26.9 $ 31.3 Average Total Assets $ 38.6 $ 36.8 $ 34.8 $ 32.5 $ 32.1 * Net Income ($6.1) ($5.2) ($1.2) ($1.9) ($0.9) (15%) Add Back: After Tax Interest Expense $ 0.4 $ 0.5 $ 0.5 $ 0.5 $ 0.6 Quarterly ROA -23.3% -19.8% -3.0% -6.0% -1.5% Level Rating 0.4 0.5 1.8 1.5 1.9 (20%) Consistency Rating 1.2 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Return on Assets (ROA) Rating 1.8 Return On Common Equity (ROE) 30% Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 20% Total Equity Period Ending $ 4.6 $ 8.4 $ 12.9 $ 11.2 $ 9.9 Average Common Equity $ 3.3 $ 6.5 $ 10.7 $ 12.1 $ 10.6 10% ROE on Rolling TTM * Net Income $ 0.7 $ 0.7 ($0.1) ($7.2) ($1.2) Add Back: NA $ - $ - $ - $ - $ - 0% Annual ROE 21.2% 10.3% -1.3% -59.8% -11.3% Basis Level Rating 3.6 2.7 1.8 0.0 1.1 (10%) Consistency Rating 1.8 (20%) Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 (30%) Total Equity Period Ending $ 10.6 $ 11.4 $ 9.9 $ 10.3 $ 11.3 Average Common Equity $ 12.3 $ 11.8 $ 11.0 $ 10.8 $ 10.7 (40%) * Net Income ($6.1) ($5.2) ($1.2) ($1.9) ($0.9) Add Back: NA $ - $ - $ - $ - $ - (50%) Quarterly ROE -49.3% -44.1% -10.8% -17.2% -8.3% Level Rating 0.0 0.1 1.1 0.7 1.3 (60%) Consistency Rating 0.6 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Return on Common Equity (ROE) Rating 1.2 * Net Income - Excludes Net Income from Discontinued Operations, Income Acquired in Process R&D, Income Restructuring And M&A, and Other Special Income/(Charges)
  • 9.
    investorSCOREcard Grand Power LogisticsGroup (GPW-V) Valuation Rating 4.2 Price to Earnings (P/E) 90.0 x (Lower numbers receive higher rankings) 80.0 x Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 * Price $ 0.60 $ 0.80 $ 0.82 $ 0.12 $ 0.30 70.0 x P/E on Rolling TTM Earnings Per Share (EPS) $ 0.05 $ 0.03 ($0.01) ($0.19) ($0.03) 60.0 x Annual P/E 12.0 x 26.7 x Basis 50.0 x Annual P/E Rating 3.5 1.6 40.0 x Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 30.0 x * Price $ 0.22 $ 0.22 $ 0.30 $ 0.17 $ 0.14 Earnings Per Share (EPS) ($0.16) ($0.14) ($0.03) ($0.05) ($0.02) 20.0 x 10.0 x Quarterly (TTM) P/E Quarterly (TTM) P/E Rating 0.0 x Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Price to Earnings (P/E) N/A Price to Book (P/Book) 3.0 x (Lower numbers receive higher rankings) Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 2.5 x P/Book on Quarterly * Price $ 0.60 $ 0.80 $ 0.82 $ 0.12 $ 0.30 Book Equity Per Share $ 0.26 $ 0.35 $ 0.37 $ 0.25 $ 0.21 2.0 x Annual P/Book 2.3 x 2.3 x 2.2 x 0.5 x 1.4 x Basis Annual P/Book Rating 3.1 3.2 3.2 4.6 4.0 1.5 x Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 1.0 x * Price $ 0.22 $ 0.22 $ 0.30 $ 0.17 $ 0.14 Book Equity Per Share $ 0.23 $ 0.25 $ 0.21 $ 0.19 $ 0.21 0.5 x Quarterly P/Book 1.0 x 0.9 x 1.4 x 0.9 x 0.6 x Quarterly P/Book Rating 4.3 4.4 4.0 4.4 4.5 0.0 x Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Price to Book (P/Book) 4.2 Enterprise Value to EBITDA (EV/EBITDA) 160.0 x (Lower numbers receive higher rankings) 140.0 x EV/EBITDA on Rolling TTM Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 * Enterprise Value $ 13.5 $ 27.1 $ 40.7 $ 17.9 $ 27.8 120.0 x EBITDA $ 1.13 $ 1.40 $ 0.64 ($4.67) ($0.57) 100.0 x Annual EV/EBITDA 11.9 x 19.4 x 63.4 x Basis Annual EV/EBITDA Rating 2.5 0.4 80.0 x Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 60.0 x * Enterprise Value $ 20.4 $ 22.7 $ 27.8 $ 18.0 $ 18.1 40.0 x EBITDA ($3.47) ($2.39) ($0.57) ($1.28) ($0.18) 20.0 x Quarterly (TTM) EV/EBITDA Quarterly (TTM) EV/EBITDA Rating 0.0 x Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Enterprise Value to EBITDA (EV/EBITDA) N/A * Price - Delayed 60 days to reflect the fact that financial statements are public approximately 60 days after the last day of the reporting period. For the last period the most recent price is used.
  • 10.
    investorSCOREcard Disclosure and Disclaimer Theissuer (“Issuer”) covered under this investor scorecard (“Investor Scorecard”) has paid a fee or has been charged a fee for the production and distribution of this Investor Scorecard. The fee paid or charged for the production and distribution of this Investor Scorecard was not subject to the rankings or information provided herein, nor was any securities of the Issuer accepted as payment for such fee. FSA Financial Science & Art Ltd. (“FSA”), The Equicom Group Inc. (“Equicom”) and their respective employees and directors may have had or from time to time acquire, hold or sell an interest in the listed securities of the Issuer. Unless specified otherwise, all forward looking statements in this Investor Scorecard have been approved by the Issuer, and the Issuer has advised FSA and Equicom, without independent verification by FSA or Equicom that a reasonable basis exists for such forward looking statements. 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