March 9, 2010 (Chinavestor) E-House Holdings (NYSE:EJ), a Chinese real estate agency and brokerage company, reported 2009 full year and fourth quarter results that blew away previous expectations. Besides strong revenue and earnings growth, EJ decided to pay out a cash dividend to deplete significant cash pile.
Let's take a look at the hard numbers. Revenues grew year-over-year and quarter-over-quarter. So did net income and earnings. The company is sitting on cash pile of $548.1 million with a net addition of $133 million generated from operations in the last quarter.
It comes as a little surprise that a Chinese company is paying out cash dividends to ADR holders. According to the company statement "E-House also announced today that its board of directors has authorized and approved the Company's payment of a cash dividend of US$0.25 per ordinary share (US$0.25 per ADS), which represents approximately 20% of the Company's 2009 net income per share attributable to E-House shareholders"
Considering that current stock price is lagging behind current revenue and earnings growth trajectory, E-House Holdings (NYSE:EJ) is trading at a significant discount.
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