(2) See recent report from Global Hunter Securities on April 7, 2011, where Joe Giamichael (an analyst who follows the Company) wrote: "We would encourage the company to concentrate on enhancing shareholder value by initiating a cash dividend. Exceed currently has US$115 million in existing cash and was able to generate over US$80 million in operating cash flow in 2010. Given the asset-light model, the company is able to show material operating leverage which translates into significant earnings growth and cash generation. The stock currently trades at about a 60% discount to domestic-listed peers and about 75% to US-listed athletic wear companies, nearly all of which pay dividends from operating cash flows that generate a meaningful yield for investors. We believe that the company is well positioned financially to follow its peers in this practice and would encourage the company to do so. We also believe that if the company were to implement a dividend policy it could do so with no disruption to future growth or development plans. In doing so, investors should be willing to give the stock multiple expansion as it begins to emulate the capital markets strategies of its significantly higher valued peers. Additionally, the company positions itself to a broader investor base, one that seeks yield in addition to value and growth."
SOURCE Arnaud Ajdler
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