I bought some GNG recently at 18p (price now up to 26p) given:

- excellent trading update giving a current year P/E of 8 or 9 on likely 3p-3.5p EPS
- 2.6p historic EPS to 31/3/06 and a historic P/E of 10
- contract wins announced post-IPO in June 2006
- 1.9m of net assets, with 820k of cash, against a 6.8m m/cap
- results to be announced 28th November following the trading update

Here's the trading update:
http://www.investegate.co.uk/Article.aspx?id=20061031080000P4198

I gather GNG's CEO and CHairman (both superb English speakers) will be over here next week to tour the City, give press interviews etc.

GNG intended to raise $7m at IPO, but raised only 500k due to terrible matket conditions at the time in June. Despite this they've now announced that they're almost going to meet the broker's estimates as calculated on raising the full $7m.

GNG should now be on course to make around 3p-3.5p EPS this year to March'07. This leaves them on a current year P/E of only around 8 or 9.

Heres their IPO RNS from 23rd June 2006 (the Board of Directors is extremely impressive):

http://www.investegate.co.uk/Article.aspx?id=20060623081500PF52B

This is what GNG do:
GEONG has established itself as one of the market leaders in the Peoples Republic of China in providing content management solution software products and related services for large enterprises. GEONG's flagship product range, the GEONG PortalAge series, is used by the top 5 Chinese banks and 12 out of the top 20 securities firms in China. It is an enterprise server software product which combines a number of optional business solution components and customisation modules that can be used to provide individual solutions for a range of industries including those that require real-time or time critical applications such as internet banking.

Note the wording a range of industries.

In slightly more detail, GNG has a 6.8m m/cap, with 26.12m shares in issue.

GNG made $1.28m post-tax profit for the year to 31/3/06. At $1.87 that's 685k, or 2.6p EPS, for a historic P/E of just 10.

The brokers forecast on IPO was for $1.89m post-tax profit this year to 31/3/07, or around 3.7p EPS, for a P/E of just 7.

And per the pro forma in the prospectus GNG had at 30/4/06 1.9m of net assets, including 820k of cash, against the current 6.8m m/cap. Thus the continuing business making a $1.28m historic profit after tax is valued at just 4.9m.

The prospectus noted that GNG are trading in line, and there's been some excellent announcements post-IPO at the end of June to indicate that things are continuing to go well:

July : a $350k contract win with Huawei-3Com, who employ more than 4,500 people worldwide:
http://www.investegate.co.uk/Article.aspx?id=20060724074128PFD9C

October : a $500k contract win with Air China:
http://www.investegate.co.uk/Article.aspx?id=20061018071237PC25A

In the same RNS, GNG stated that their solutions "are already being used by Shanghai Airlines and China Travel International and will allow us to gain a larger share in this fast growing sector."

October : core supplier status from IBM:
http://www.investegate.co.uk/Article.aspx?id=20061018071206PB237

November : new contract win with China's Bank of Communication (one of China's "Big Four" banks):
http://www.investegate.co.uk/Article.aspx?id=20061121070205P7788

The reason for the post-IPO fall is some of the pre-IPO $300,000 loan note holders from late 2005 turning their converted stock for a quick profit, and a complete lack of PR. GNG also raised less than they hoped for on IPO because they floated just after the FTSE had dropped calamitously from 6,100 in May to 5,600 - this of course also contributed to the artificial fall in the share price post-IPO.

Note also from the prospectus that 80.16% of the shareholders, including the directors, are locked in for from 6 months to a year, so there are only 5.2m shares in free float, or around 1m worth.

On a 6.8m m/cap, a company making 1m post-tax profit could have rather a long way to go imo. DYOR etc.

Corporate website : http://www.geong.com/Site/Home/EN

anyone know of this week's presentations

Well I did say numerous times that a secondary placing would happen, and that is why no EPS forecasts were out.

Will have to see what SEYP now come out with in terms of EPS forecast for this year..... around 3.5p max is my guess.

Yes PP, you said the same on other bb's too, well done! And we agreed that if it happened such a fundraising would be a good thing for liquidity and institutional ownership.

Just look at that director and staff involvement! They've bought 700,000 of shares between them :o))

I'd assumed that in any placing directors/staff/founders would actually sell some of their stake....instead we have completely new funds being raised and heavy director and staff share buying...

What does that say about their confidence going forward and their commitment?

I wonder how much GNG employees get paid - it can't be much by Western standards. Yet they've stumped up 700,000 at 65p.....rather meaningful I feel.

And note the institutional involvement....

The final para gives the clue as to what's expected:

"These additional funds will enable GEONG to do this at a faster rate than self funding growth as we did last year."

And furthermore, GNG specifically talk about the roll-out of SmartBox internationally, starting in Canada....

GNG has a fantastic business with PortalAge and a captive client base of blue chips providing a profitable core - but the business is also now about the exponential growth possible from the SmartBox roll-out across China and Canada, Singapore etc.

Evidently the institutiona have now seen the light too, investing at more than twice the IPO price a year after that IPO.

That's why GNG should be priced on not just a pure P/E basis, but by factoring in the potential which must be obvious to anyone with any knowledge of the company - including the directors and staff as per today's RNS.

If this placing results in additional SmartBox marketing/sales the benefit could be felt this year to 31/3/08.

Thanks Rivaldo sensible comments and encouraging in a down market today.

Interesting stuff - will be watching again!

Yep riv, for the long term its good, its only the shorter term traders who will be unhappy at the news. All growing companies need cash, its par for the course and good to see they got it away at 65p.

An edited (though still detailed) version of a recent Investor's Champion note is now online for all to see.

Note that it was written pre-fundraising when the price was 84p, and that the writer believes "the sky's the limit" and prospects are "phenomenal" for GNG.

This kind of praise might be usual from a house broker, but coming from the writer - who is EXTREMELY sparing in his praise - is extremely UNusual (he also loves CHNS by the way....):

http://investorschamp.blogspot.com/

"12 June 2007
Geong International, little IBM in big China-it looks a great story!
Author: IC | Posted: @ 16:32

I recently had a very interesting meeting with the senior management of Geong International (AIM:GNG), a market leader in China in providing Enterprise Content Management (ECM) solutions. I know its a tough one for most of us to understand!

Its not your usual offering from China where manufacturing related activity is more the norm but the growth potential for this business appears to be phenomenal. I know that applies to many Chinese businesses but this is a little different!

Geong floated on AIM in June 2006 raising just 750,000 to cover float costs (yes, they can be that high). Unfortunately due to the errant ways of its first supporting broker it saw its share price initially fall c20% from the float price (30p) in a matter of weeks. Since then it hasnt disappointed and the shares have risen to the current level c70p with a current market capitalisation of c22m. Thankfully it has also changed broker!

Geong focuses on the development, implementation and maintenance of Enterprise Content Management software solutions in China. It sells two products PortalAge and SmartBox to a wide spectrum of clients, and in addition supplies consultancy services.

Management possess excellent experience with a number having been with IBM China.

I met Henry Tse (Executive Chairman) and Weidong Wang (CEO) both of whom have been with the company since its founding.

Mr Tse (aged 60 but a youthful 60) worked for IBM for 30 years and his last position was General Manager of Personal Computer Group of IBM China/Hong Kong. From 1997 to 1999 he also served as the Managing Director of Compaq China. He was named The Man of Honour of Chinese Software Industry by the China Centre for Information Industry Development, China Software Industry Association, and Software World Magazine in 2006.

Mr Wang (aged 40 and also youthful!) was one of the founders of Geong and previously worked for the Peoples Bank of China, which he joined after graduating from the University.

Directors and staff currently hold 55% of the shares with the balance seemingly spread across numerous private client accounts in nominee names i.e. there dont appear to be many real institutional holders, although that could change following the recent placing.

Almost 40% of Geongs revenue is recurring with the other 60% from one-off customised contracts.

Blue-chip clients include the top 5 Chinese banks and 3 out of the top 4 futures exchanges in China. The top 10 clients generate 65% of the revenue with a dominance of blue chip names such as IBM China, Motorola, Air China, Shanghai Bank

Twelve months ago, Geongs revenue stream was dominated by the financial sector. Over the last six months, Geong has not only increased its presence in the financial industry but has developed a presence in the automotive, transportation and technology industries.

Geongs growth is looking assured as Chinese companies make enormous strides to catch up with western organisations in terms of systems and processes. The house broker is of the view that the 20% pa profit growth should begin to look timid (interesting turn of phrase!) as Geong begins to expand within China.

Currently it generates all its revenue from Beijing and Shanghai and there are significant opportunities for Geong to expand in the new cities springing up in China. Brokers forecasts currently assume no such growth, and they are taking an extremely prudent view in terms of cash conversion.

The 2007 full year results highlight the increased expenditure on R&D from $95k a year ago to $181k this year. It is likely that such expenditure will be maintained as Geong begins to roll out new products over the next twelve months.

The headcount also increased from 240 to 304 within twelve months and this is likely to grow by another 20% over the next year.

Whilst the valuation looks fairly rich for a business of this type, especially relative to a UK peer group, one has to consider how fast this market is growing, largely from blue chip clients.

If one simply adds back the exceptional costs of cUS$400,000 incurred in 2007 in respect of the flotation I calculate a PEG for 2007 of .62 and based in the brokers estimates a forward PEG for 2008 of 0.79. Ok, you can never really trust estimates but it still looks encouraging!

For 2008 the house broker is currently forecasting revenue of US$11.44m, operating profit of US$2.63m and earnings per share of 7.3 cents. This is after prudently allowing for a 15% tax rate although realistically its likely to be a lot less than this.

With the speed of change in this market I think its irrelevant to look further ahead than 2008.

The house brokers full year forecast looks all the more achievable since Geong secured a contract with Lenovo Group to design, build, deploy and operate a bespoke dealer management and communications systems, based on PortalAge. The contract is to be completed within one year and the value is in the region of $2m.

Investors Champion Opinion

Geong has done fantastically well since floating in June 2006, having extricated itself from a potentially disastrous relationship with its first broker. It also effectively raised no new money, other than something to cover the exorbitant broker costs, to support the business and has managed things well given the rapid expansion experienced during the period.

The current shareholder base with Directors and 30 senior staff holding 55% of equity surely gives confidence to UK shareholders. Relative to UK peers one can also assume that salaries are extremely fair-to say the least!

More cash is needed to help with research and development, expand the sales force and market SmartBox so the recent placing which raised 3.4million will support this. Surely the skys the limit if this business can really make the most of all the potential in the Chinese SME market and keep a tight rein on increasing working capital demands."

I like this co. and I added some yesterday while it's quiet. when the sp shoots up which it regularly does it's impossible to buy a decent amount---I think it's about due another lift up!

Agreed moneyplus. And Investors' Champion today added a second post-fundraising note which couldn't be more enthusiastic:

http://investorschamp.blogspot.com/2007/06/geong-share-placing-thats-what-i-call.html

12 June 2007
Geong share placing - that's what I call management support
Author: IC | Posted: @ 17:06

Geong International announced its placing at the end of last week which raised 3.4 million to principally support the development, sales and marketing of its SmartBoxTM product range for SMEs across China and internationally.

It is very pleasing to note from the announcement the material share purchases by Directors and most encouragingly by management in general.

Chief Exec Weidong Wang applied for 62,051 shares 40,333), Chairman Henry Tse applied for 100,000 shares (65,000) and Non Exec Peter Williamson applied for 38,461 shares (25,000).

Members of the Company's Management (all Chinese remember!) acquired an eye watering 870,214 shares raising approximately 0.57 million. I consider this to be a material sum, and not just because they are Chinese and clearly earn substantially less than us overpaid folk in London and the South East, but for management in any small cap 22m market cap business.

Thats what I call a vote of confidence!"

but do rmemeber that this is a mini-minnow and assuredly seriously illiquid.
while the chart below is not horrid and rsi is very low, sp is still below both 25 and 50 dma, both of which could provide resistance.

rivaldo555,thinking of going into Geong ,however any ideas why the sp is all over the place.

CW, have a read of this morning's stunning AGM statement and then forget about why a small relatively illiquid Chinese company has been disproportionately marked down in recent weeks along with the rest of the market - just think of the prospects and potential here:

http://www.investegate.co.uk/Article.aspx?id=20070806070018PAFFF

"AGM Statement

* Expect to exceed market expectations

At the AGM being held this morning of GEONG International Limited (AIM: GNG),
the Beijing based, provider of content management software and solutions, the
Chairman, Henry Tse, will make the following statement:

"I am pleased to announce that trading for the first four months since the year
end has been particularly strong and that the Company expects to report
significant growth over the remainder of the year.

The current and expected growth is partly as a result of the additional funds
raised at the time of the share placing in June. These funds are enabling us to
continue the development of our sales and marketing channels and also to
accelerate the roll out of our award winning PortalAge and SmartBox related
products.


SmartBox
Sales of the full version of SmartBox, which is aimed at SMEs, have continued
to grow through both our conventional sales channels and by winning contracts
to supply organisations directly.

There are two contracts of particular note in relation to SmartBox I would like
to mention. The first, worth US$70,000, is with Beijing Jingzhou Logistic
Company and is to increase the number of users they have and add new solution
modules. The second contract, worth US$68,000, is with Guangzhou Hongfeng Group
and is to provide SmartBox to their headquarters and five subsidiary offices.

With typical orders for our SmartBox product being in the region of US$5,000,
winning contracts of this size signifies the potential to grow SmartBox in
installed accounts. As the SmartBox customer base builds, so will the full
market potential of this product.


SmartExpress
SmartExpress is the entry level product of the SmartBox product family. As part
of the development of our sales strategy, in June we launched a three year
"Loyalty Programme" for SmartExpress (which was formerly called SmartBox
Express). This is aimed at very small businesses (VSBs).

The Loyalty Programme is structured such that VSBs pay a minimal initial fee
per user in the first year and then pay double that amount for the second and
third year. The aim of this programme is to allow quick penetration into the
VSB market by providing a low cost, basic, ECM solution, which can be upgraded
or added to at a later date.

We believe that by stimulating the adoption of our products by very small
businesses, we will benefit as these companies grow and upgrade/migrate to the
full version of SmartBox. Additionally, by structuring the licence fee for our
product in this way, we become far more accessible to businesses and ensure
recurring revenues of twice first year sales in the second and third years.

So far the Loyalty Programme has been launched in two cities, Beijing and
Shijiazhuang in the Hebei Province, and the level of uptake has been very
promising. To date, we have provided over 17,500 user seats to 875 SMEs and we
are expecting sales of this product to accelerate over the coming months as we
extend the Loyalty Programme to further locations.

PortalAge
In addition to the growth opportunities provided by the additional funding from
the share placing, we continue to maintain very high levels of quality in
relation to the services, products and solutions we provide. With regard to our
PortalAge system this is reflected in a number of new contract wins since the
year end.

We announced in July, that we had been awarded a contract in partnership with
Oracle China, to deliver the fourth phase of Shanghai General Motors' Dealer
Management System which is based upon the GEONG PortalAge infrastructure that
we originally designed and installed in 2005.

As I said at the time of that announcement, being involved in the fourth phase
of Shanghai General Motors' DMS programme is testament to the scalable and
adaptable nature of GEONG's PortalAge products and solutions and the continued
high levels of quality and service we pride ourselves in providing. Partnering
with the likes of Oracle means we are able to provide quality solutions and
services to large organisations, whilst retaining the innovativeness and
flexibility that being a much smaller company brings.

This approach and the belief that our larger partners have in GEONG is further
highlighted by the fact that today, I can announce that GEONG has been awarded
core supplier status by Huawei-3COM for the second year running. As a result,
GEONG will continue to work with Huawei-3COM on a number of projects, based
upon our PortalAge solution, and we expect the contract to be worth up to
US$350,000 in the current financial year.

In addition, I can also announce two further contracts relating to our
PortalAge solution.

The first contract is an annual agreement with the Bank of Communications to
provide support for the PortalAge related system GEONG has developed for them
over the past four years. This contract is worth US$400,000 in the current
financial year. The second contract is with the China Bond Company and is also
worth US$400,000. This contract is to provide a PortalAge based solution to
improve their Web-based customer service system.

Alliance Agreements
During the period we have signed two Alliance Agreements which are aimed at
enriching our solutions offering.

The first of these is a Master Territory Agreement with Responsetek Networks
Corporation which is a world leading Customer Experience Management (CEM)
provider. Together we are providing a value-added CEM solution, based upon the
PortalAge platform, to our joint and separate clients who are sponsors of the
2008 Beijing Olympics.

The second Alliance Agreement is with Unistrength Consulting Company, is a
leading risk management consulting company in China. We are working together to
research, develop and promote internal control solutions based on the PortalAge
platform.

Other sales and marketing strategies, for both our PortalAge and SmartBox
product range across China and, internationally through GEONG's Canadian
representative office, are also currently being developed and we will update
the market on these developments when appropriate.

In conclusion, the successes we have had to date, the activities we are
undertaking, the continuing opportunities we are facing, the positive signs
within our market and the additional funding from the share placing, which will
help us to accelerate our growth plans, mean that we expect to be ahead of
current market expectations for the full year to 31 March 2008.""

A very bullish statement after only 4 months into the current Financial year.

PRO REFERENDUM MARCH AND RALLY
LONDON
SATURDAY 27TH OCTOBER

WWW.PRA.UK.COM

GNG is looking better and better....

http://www.newratings.com/analyst_news/article_1586662.html

Geong International upgraded to "buy"

Monday, August 06, 2007 10:31:28 AM ET
Seymour Pierce

LONDON, August 6 (newratings.com) - Analysts at Seymour Pierce upgrade Geong International Ltd (ticker: G2Z) from "outperform" to "buy." The target price is set to 90p.

In a research note published this morning, the analysts mention that the company has recently raised funds worth $6.5 million and its order book is overflowing with contracts. Geong International is expected to achieve 25%-30% annual EPS growth over the next three years, the analysts say. Geong Internationals stock is trading at a 20% discount to the technology sector, which is unwarranted, given the companys market potential in China, Seymour Pierce adds. The profit estimates for 2008, 2009 and 2010 have been raised by 20%."

And there's an investment fund manager fan here:

http://investorschamp.blogspot.com/2007/08/geong-international-now-thats-what-i.html

"Geong International - now that's what I call an AGM statement
Author: IC | Posted:07 August 2007 @ 22:41
GEONG International the Beijing based, provider of content management software and solutions came out with a cracking AGM statement yesterday.

As a shareholder and big fan of this business I admit to being a little biased but it really was a good one with the sort of clarity that is so often absent from the old stagers of the market.

Naturally the house broker came out all guns blazing (quite right too!) upgrading their profit forecast for 2008, 2009 and 2010 by 20%.

Trading at 16x March 2008 earnings, they commented that GEONGs almost 20% discount to the Technology sector is undeserved considering the potential market available to the company in China-the problem seems to be that we sceptical Brits dont generally appear to entirely trust whats going on in China! Anyway the good old broker is upgrading their recommendation from Outperform (18 May 2007) to BUY with a price target of 90p.

Revised broker estimates now indicate forecast sales of US$17.6m for the year end March 2008 with earnings per share of 7.3 cents resulting in a PER of c16.5x based on a 60p share price and sales of US$20.8m for 2009 with earnings of 10.0 cents a share resulting in a PER of 12x. By now you should know me well enough to realise that Im not bothering about 2010-pure fiction!

It was an excellent announcement that surely justifies a material uplift in the share price even in the current market. Im not being paid to say this but as a shareholder you might be inclined to dismiss this as sales waffle in an attempt to push the stock! However, in its defence this little group hasnt disappointed and the staff and management have just forked out a load of hard earned money to buy shares in the placing.

They have (or had a few weeks ago) 3.4m of net cash to help realise their dreams and with the projected earnings growth of over 25% per annum over the next 3 years the valuation surely doesnt look very demanding.

The house broker considers their forecasts beyond 2009 are prudent (come on chaps, you always do!) and cautious with margins (55% last year), forecast to decline to around 45% this year as GEONG increases sales and marketing spend to expand its geographical coverage in China. They are also assuming that, in 2007/2008, the group will increase selling and distribution costs almost three-fold (that sounds reasonable) to establish its presence nationally.

While PortalAge remains the key revenue earner for the time being (c80% of turnover) SmartBox and SmartExpress, aimed at medium and very small businesses respectively is where the future lies. GEONG is steadily making significant inroads into SMEs and very small businesses where competition is apparently almost non-existent.

I will be interested to see if they can keep on top of the increased working capital demands. The Loyalty Program model that they are now adopting for very small companies alters the cash flow profile somewhat-we know what the Chinese high growth merchants are like at credit control!

The China risk is ever present to rein back the share price and in the current market Geong will have to keep coming out with positive news to really satisfy the doubters! However, little Geong has delivered of late and surely merits a great deal more attention."

added to Quantum Leap portfolio, but as the mag added, watch out as stock is very thinly traded

Definitely one to tuck away as it's difficult to buy and sell at times but look at the recent contract wins with some of china's biggest companies. A minnow now but it won't be in a couple of years if it keeps growing like this! I wonder if Soul Traders is still around.

chart certainly looks quite tasty ..... see post 187, but the caveat remains

I've been in and out of this one a couple of times. I'm sure it has good long-term potential - maybe now is the time to hold onto this stock. And yes: it can be difficult to sell at times.

Since Seymour Pierce issued their last forecasts, GNG have RNS'd a further ten contracts worth $2m - a significant sum for this still small company (the m/cap is only 26m). Seymour Pierce have noted that their current forecasts are conservative. One could conclude that these new contracts plus any further news will lead to more upgrades - and there are still five months to go before the 31st March year end.

Seymour Pierce reiterated their Buy argument last Friday, saying:

""With early stage R&D on SmartBox complete, the R&D expense should decline quite rapidly and GEONG is expected to increase its marketing and infrastructure spend to drive up the sales of SmartBox". The broker added that it reckons the company's almost 20% discount to the sector is undeserved. It also said there is the potential for upgrades in 2008 and 2009."

Given that the new financial year is only five months away, I wonder if anyone could describe GNG as other than decent value if it remains at the current price on what would then be a current year P/E net of cash/debtors of 14, a forward P/E of say 11 and a PEG of 0.6?

At 83.5p GNG are on a forward P/E of around 16.7 based on 5p EPS next year and a P/E of 13.2 based on 6.3p EPS the next year. But on known facts GNG have around 5.6m of cash/blue chip debtors against the 26m m/cap, or around 21%. If you strip this out, a P/E of around 14 and then 11 looks pretty decent value for a company growing as fast and with such huge national and international potential as GNG.

In addition, the PEG is recognised as being as valid a measure of worth as the P/E, if not more so. On current forecasts GNG are on a PEG of just 0.6 - this before taking account of net assets or any upgrades to come.

No-one making a sensible valuation of any company should simply look at the P/E and ignore both the rate of forward growth via the PEG and a cash/asset mountain relative to the m/cap.

A few more factors to take into account:

- GNG have announced a series of contract wins over the last 18 months, and SmartBox has made an "explosive" start to the year. Given these we can imo be fairly sure that revenues will at least match broker forecasts for the next couple of years
- GNG also have security of income going forward due to their blue chip client base, who are "locked in" to PortalAge once installed
- a quick calculation of revenue "per seat" from SmartBox/SmartExpress achieved per the last trading statement will tell you the potential for this product...
- GNG haven't put a foot wrong since they floated, unlike many other companies, they have a consistent and improving track record, and they're run by a "Westernised" management who are all ex-IBM, Motorola etc.
- and GNG directors and staff bought 700,000 of shares in the recent 65p placing - when you consider this sum relative to the TOTAL directors' remuneration last year, which was just 140,000 from memory, and to incredibly low Chinese wages by Western standards....

The recent placing will have a minimal effect between H1 and H2 EPS - H1 will be based upon 29.8m shares and H2 upon 30.6m shares, so the difference is miniscule and immaterial.

Secondly, it's an unfortunate fact of life with Chinese companies that debtor days are high due to the slow payment culture. However, GNG's trade debtors are fully recoverable due to the nature of their client base - the top 5 Chinese banks, 15 of the top 20 Chinese securities houses, the top Chinese futures exchanges, auto manufacturers, airlines etc - I read a while ago that they had barely had a single bad debt.

The newly launched SmartBox/SmartExpress is a different kettle of fish, as it's aimed at the mass market. There are two points to make here:

- the sale is immediate as it's an "out of the box" solution, so cash receipt is instantaneous
- and it seems per a poster on ADVFN that income for the 3-year loyalty programme is received on day one, split 20/40/40 for each year (i.e a discount incentive for year one), so this will again boost cash flow in a big way if SmartBox continues its terrific start.

In other words, we could find that cash flow improves inordinately assuming SmartBox thrives.

Short-termers might be put off by the high seasonality in GNG's results which on a simplistic view will lead to a low EPS for H1 relative to the share price. But anyone taking a view longer than a few weeks should imo see the secure income streams referred to above, note the seasonality from prior years and wait for further contract RNS's, news of SmartBox sales and hopefully more forecast upgrades.