China Marine Food Group engages in the processing, distribution and sale of processed seafood-based snacks and sale of fresh and frozen marine catch. All the three analysts covering the stock recommend a buy. As per the consensus estimates of analysts polled by Bloomberg, the stock has an implied upside of 140.5% and is currently trading at $3.95.
The company recently reported its December 2010 and year-end results for Hi-Power, the marine algae-based beverage. For December 2010, the company's sales were $3.2 million with the addition of 1,000 more retail stores. Meanwhile, for 2010, Hi-Power beverages sales were approximately $26 million, exceeding the company's guidance of $23 to $25 million. Customer orders, both old and new, and brand awareness across 13,000 retail locations where Hi-Power is sold were key growth drivers.
A recent United Nations report reveals global fish consumption has hit record highs, with China, accounting for the majority rise in global per capita consumption. China has benefited from the augment in fish production, pushed by the growth in the aquaculture industry. However, industry analysts reveal almost one-third of the world's fish stocks have to be re-built and irregular fishing be restricted.