On further research, I learnt that XinRen has flown higher to 54 cents (!!!!) because of recognised profits from its 21% investment in a Xinjiang plant. This one is making very good profits because electricity costs are only a third of that in China.
This is crucial since the commodity Al price is pretty uniform everywhere.
XinRen is going to up its stake to 51%. This values the Xinjiang plant at 2.4X PE. What a dirt cheap purchase. Why ? I guess the Xinjiang operators need cash. Same story.
Take note: 6 June, EGM of Xinren for shareholder approval to acquire 30% stake in Xinjiang plant.
If this goes thru, and there's no reason why it wouldn't, the company is looking at stronger profits this year.
In the financial year ended 31 December 2013, Xinjiang Plant reported a total production output of approximately 400,000 tonnes of aluminum ingots with an unaudited net profit of approximately RMB443 million.