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Dutton Associates Announces Investment Opinion: Deli Solar (USA) Buy Rating in Initiating Coverage By Dutton Associates

Posted on: Monday, 29 August 2005, 12:00 CDT

Dutton Associates initiates coverage of Deli Solar (USA) (OTCBB:DLSL) with a Buy rating and a $7.35 price target. The 22-page report by Dutton senior analyst Yan Zhao is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.

Deli Solar is a solar water heater and coal-fired boiler manufacturer based in China. With total sales of $9.4 million in 2004, Deli has estimated market share of 0.4%, ranking between 10th and 20th among solar water heater manufacturers in China. Deli is positioned in the mid to low end of the market, with over 70% of its sales to rural areas. Among almost 5,000 manufacturers in the solar water heater industry in China, Deli Solar has approached the top 10 players through organic growth. Early this year, Deli Solar closed a private placement of $6 million, and the Company is poised for acquisition and upgrade. Solar energy application is still in the early stage. With new investment and new management teams, we believe that Deli can competitively position itself for industry's new era if it can strengthen its competitive advantage in marketing and distribution, and grow rapidly through profitable acquisition. We are initiating coverage of Deli Solar (USA), Inc., with a Buy rating but caution that presently there is limited liquidity in the shares.

About Dutton Associates

Dutton Associates is one of the largest independent investment research firms in the U.S. Its 27 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 110 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $33,000 from the Company for 4 Research Reports with coverage commencing on 8/29/2005. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.

Source: Business Wire

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