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Earnings, strong overseas gains move China stocks by noon

Thursday, 01 April 2010 11:05 Blaze Fabry

April 1, 2010 (Chinavestor) It wasn't April's fool that shares of China Grentech Corp. (NASDAQ:GRRF) plunged -23% as the company swung to a quarterly loss. Shares of Rino International (NASDAQ:RINO) suffered not as much on actual earnings but of a lowered outlook. SkyPeople Fruit (AMEX:SPU) is the bright side of the moon, shares of the kiwi fruit concentrate and juice maker advanced +5.8% by noon following record 209 financials. Shares of Fushi Copperweld (NASDAQ:FSIN) caught fire on investors interest as well. WSP Holdings (NYSE:WH) bounced back after two days of bleeding following weak 2009 financials. The stock showed up on the oversold monitor - tough we were not convinced that the turnaround was timely. Another turnaround story from yesterday belongs to JA Solar (NASDAQ:JASO), a Chinese solar maker. Shares of the company lost -6.1% on Wednesday but returned to north on strong oil prices. Chinese real estate and related companies are on fire today. E-House Holdings (NYSE:EJ) and Home Inns & Hotel Management (NASDAQ:HMIN) advanced +5.8% and +3.5% respectively by noon. There are to factors behind the surge. Hong Kong sales of existing homes rose 59 percent in March vs. last month according to Centaline Property Agency Ltd. The other is that domestic consumption and external demand is expected to remain robust in China, keeping property prices high. "While some slowing is expected in sectors sensitive to government tightening, industrial activity will likely be supported by recovery in external demand and strengthening private consumption" - wrote in an email Jing Ulrich, Chairwoman for China equities at JP Morgan & Chase.

The rally today isn't limited to just a selected few. Large cap and small cap stocks advance 'en masse'. Strong manufacturing data, better then expected purchasing managers' index, strong money flows all contributed to a China stocks rally in Asia on Thursday, not to mention strong jobs data from the U.S.

Shares of Fushi Copperweld (NASDAQ:FSIN) advanced the most in percentage points by noon today. The company reported 2009 Q4 revenue and earnings growth last month while the stock price has been lagging.

The case is just as strong for E-House Holdings (NYSE:EJ). The company reported a blockbuster 2009 fourth quarter and full year last month yet the stock price failed to gain traction. As more economic news are coming from China, investors start to believe that an asset price bubble might not be as serious as previously thought. Banner year for EJ with cash dividend.

Home Inns & Hotel Management (NASDAQ:HMIN) is in similar shoes to EJ - though they operate in a different industry. We argued last month that long-term prospects for the company remain solid, so today's rally comes with not much surprise. Don't be goofed by Q4 results: Home Inn remains undervalued.

Semiconductor Manufacturing (NYSE:SMI) has been strong with the latest boost coming from SMIC up on 45LL Technology Qualification and SRAM Product Qualification.

SkyPeople Fruit (AMEX:SPU), a less known AMEX listed China stock, advanced +6.5% by noon following record 2009 numbers. Kiwi king SkyPeople Fruit reports record 2009.

Chinese solar stock remain robust. JA Solar (NASDAQ:JASO) fell -6.1% on Wednesday but is back on track today thanks to high oil prices. Strength of the solar sector was expected as price of the oil rose above $84/barrel. For more overbought and momentum solar plays read China stock watch list for Thursday, April 1.

Big moves to the downside include China Grentech (NASDAQ:GRRF), a stock that plunged -23% by noon. It's all earnings related - the company reported a net loss for the best quarter of the year - supposedly...

Shares of Rino International (NASDAQ:RINO) fell on earnings as well. It wasn't all for the fact that 2009 Q4 revenues fell from last quarter but the company issued revenue guidance for 2010 below analysts' expectations. But the overall picture looks good; the company reported revenue and earnings growth in-line with longer-term trends. It's more that stock price have run ahead of earnings, in my opinion. Rino plunges on high expectations.

WSP Holdings (NYSE:WH) was among the worst performers for two days following disastrous 2009 financial report. Today's bounce back is more of a dead cat bounce in my opinion, the company has a lot of fundamental problems to overcome... WHS plunges as 2009 Q4 net loss widens.

China stock market summary March 31, 2010

Wednesday, 31 March 2010 15:50 Blaze Fabry

March 31, 2010 (Chinavestor) Shares of Chinese companies ended the quarter on a low note on Wednesday, both large and small caps ending the day in the red. Large cap stocks have been outperforming thanks to strong money flows in Shanghai. The final regulatory approval for margin trading, index futures and short selling spurred investors optimism for liquid stocks in Shanghai. Chinese insurers, large financial institutions and insurers are primary beneficiaries of the change.

Large cap China stocks pare losses by noon

Wednesday, 31 March 2010 11:10 Blaze Fabry

March 31, 2010 (Chinavestor) Large cap China stocks, led by index heavy weight Petrochina (NYSEPTR), continue to outperform smaller counterparts. The iShares FTSE/Xinhua China 25 Index (NYSE:FXI) is back in the black by noon today while the PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) and the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO) remain in negative territory. Significant percentage movers include UTStarcom (NASDAQ:UTSI), a stock that's been adding more to yesterday's big gains. China Digital TV Holdings (NYSE:STV) and Focus Media (NASDAQ:FMCN) are big movers as well. Online gamer Changyou.com (NASDAQ:CYOU) have moved away from the bottom and advanced +2.7% with more possible upside. Shares of Yanzhou Coal (NYSE:YZC) remain on fire as price of coal firms up.

Stocks on the negative include Tiens Biotech Group (USA), Inc (AMEX:TBV) - though most of the decline is artificially inflated by a huge uptick right at the close on Tuesday. A-Power Energy Generation System (NASDAQ:APWR) fell over 10% on lower top line guidance while WSP Holdings (NYSE:WH) continues to suffer from disastrous 2009 financials. In contrast to WH's results on Tuesday, ChinaCast Education (NASDAQ:CAST) surprised to the upside but all of the gains from yesterday have evaporated by lunch break on Wednesday. A healthy correction is taking place with the shares of Semiconductor Manufacturing Int'. (NYSE:SMI) after a double digit gains a day before.

UTStarcom (NASDAQ:UTSI) jumped another +6.9% following a +11.7% rally the day before. Both advances have been well supported with significant increase in share volume. But watch out, UTSI is getting overbought. For the latest technical reading - before the Bell today - visit The number of overbought China stocks is on the rise.

Volatile China Digital TV Holdings (NYSE:STV) ended a seven day losing streak, today's break out is more of a technical correction than a well supported rally.

Shares of Yanhou Coal (NYSE:YZC) remain on fire as price of coal is on the rise in China. "As a matter of fact, coal price advanced +0.7% on Tuesday compared to last week, according to the China Coal Transport & Distribution Association. Another positive development for miners is that a severe drought in the south of the country has cut hydropower generation increasing the demand from coal- fired power units." we wrote just yesterday China stocks watch list for Tuesday, March 30.

Petrochina (NYSE:PTR), the largest Chinese oil producer, has been on the rise as the rest of the Chinese oil majors reported 2009 financials. Sinopec (NYSE:SNP) reported strong profit growth as refining margins improved thanks to lower oil prices for 2009 but CNOOC Ltd. (NYSE:CEO), a pure offshore oil producer, reported a net income fall of -33.4% from last year. Lower oil price dents into net 2009 for CNOOC.

Shares of Changyou.com (NASDAQ:CYOU) were oversold not too long ago and thus current technical correction is well taken. We just wrote on Friday that "Changyou.com (NASDAQ:CYOU) don't get oversold too fast and don't stay there for too long either." China stock watch list for Friday.

Stocks with the steepest fall include small cap, not too liquid Tiens Biotech Group (USA), Inc (AMEX:TBV). While the fall of -11.2% draws attention, most of it is attributed to a one large trade right at the close on Tuesday that artificially lifted the stock price. Today's correction is just a step in the right direction.

Shares of A-Power Energy Generation System (NASDAQ:APWR) fell -10.5% by noon following a lowered top and bottom line guidance. The company issued a statement where it expects net revenues to be around $380 million and net income of $45 million in 2010, less than previous analyst estimates of $605 million and net income of $47 million.

Shares of WSP Holdings (NYSE:WH) continue to fall following worse than expected 2009 Q4 and full year financial report yesterday. Revenues and net income fell, or rather net loss widened... While liquidity issues are not imminent, the company has to turn things around else it will run out of cash. WSP plunges as 2009 Q4 net loss widens.

ChinaCast Education (NASDAQ:CAST) reported better than expected financials on Tuesday and was rewarded by a huge uptick right at the open. But most of those gains evaporated by the end of the trading day and the stock is back to square one after a -4.6% fall so far today. Most of the uncertainty is about the acquisition of the third university ChinaCast is about to complete. But when it's all said and done, CAST may surprise investors to the upside... ChinaCast Education 2009 Q4 surprise.

Oil, money flows help large cap China stocks

Tuesday, 30 March 2010 15:29 Blaze Fabry

March 30, 2010 (Chinavestor) Large cap Chinese stocks continued to outperform smaller counterparts on Tuesday. Most of the advance in the China ADR Index (CAI) and the NYSE:FXI, measuring the performance of the 25 largest Chinese listed companies, is due to the +1.6% advance of Petrochina (NYSE:PTR). But shares of index heavy weight China Mobile (NYSE:CHL) and China Life Insurance (NYSE:LFC) advanced as well thanks to strong money flows. These three companies make up of over 50% of total market value of the China ADR Index, compiled by Chinavestor. One of the most widely used proxy for small cap China stocks, NYSE:HAO, rose only +0.7%.

Tiens Biotech Group (AMEX:TBV) leads percentage point movers but the +13.5% jump today is a results of one trade of 7,300 shares right at the close. LDK Solar (NYSE:LDK) fell -7.8% or -$.55 following a conservative 2010 Q1 revenue guidance.

Stocks on the move: shares of China Eastern Airline (NYSE:CEA) advanced +$1.93 followed by Petrochina's +$1.86 move. Sohu.com (NASDAQ:SOHU) rose +$1.66 while China Telecom (NYSE:CHA) jumped +$1.15 higher. Sinopec Shanghai Petrochemical (NYSE:SHI) published its 2009 Annual Report yesterday and advanced +$.84 today. Baidu.com (NASDAQ:BIDU) fell below $600 and shares of Chinese auto part makers fell. China Automotive Systems (NASDAQ:CAAS) followed the market lower just as did Tongxin Int. (NASDAQ:TXIC) and China TransInfo Technology Corp. (NASDAQ:CTFO). Problems for China Unicom (NYSE:CHU) continue to mount but weakness of Sina Corp. (NASDAQ:SINA) comes as a surprise.

WSP Holdings Limited (NYSE:WH) fell as net loss widened while ChinaCast Education (NASDAQ:CAST) advanced as revenues, net income hit new records.

Chinese airliners remained explosive as investors bet on the revaluation of the yuan in the second part of the year. Given that most of airliners' debt is denominated in US$ while their revenue is in yuan, a stronger yuan means more income relative to debt. China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH) advanced +3.80% and +4.02% today, respectively.

Chinese oil producers advanced on the back of a strong crude price. Petrochina Co. Ltd. (NYSE:PTR), the largest Chinese oil producer, rose $1.86 while shares of CNOOC Ltd. (NYSE:CEO) advanced $.77 ahead of earnings. Petrochina (NYSE:PTR) reported 2009 financials already, Petrochina 2009 net down on lower crude price.

China Telecom (NYSE:CHA) advanced +2.35% but is getting overbought! The stock was one of the most overbought stock this morning and while we said more upside is possible, the risk is now greater than upside potential. China stocks watch list for March 30, 2010.

China Mobile (NYSE:CHL) advanced +.43% while China Unicom (NYSE:CHU) fell. All three Chinese telecoms reported 2009 financials, for a comprehensive analysis read China telecom industry in 2009.

Shares of Sohu.com (NASDAQ:SOHU) rose +$1.66 while rival Sina Corp. (NASDAQ:SINA) fell -$.26. Sohu.com was punished after 2009 Q4 earnings but the stock regained most of the lost ground as investors realized SOHU's numbers were not all that bad. Sohu '09 Q4 numbers from a distance.

LDK Solar (NYSE:LDK) felt a pinch today following 2010 Q1 revenue guidance of $310 million - $330 million. That number might be lower than many hoped for but is pointing to the right direction, according to the following chart.

Shares of Baidu.com (NASDAQ:BIDU) fell -$5.30 to close under $600 but given the +45% advance YTD, catching some air makes perfect sense.

Chinese auto part makers fell today. Some of Chinavestor coverage include CTFO give up morning gains by the close and CAAS beats 2009 Q4 estimates. Tongxin Int. (NASADAQ:TXIC) is going to report in April.

Strong moving on earnings include ChinaCast Education Corp. (NASDAQ:CAST), a company that reported strong revenue and earnings growth plus guided higher. ChinaCast Education 2009 Q4 surprise.

In contrast to CAST's strong quarter and 2009 year, WSP Holdings (NYSE:WH) reported record loss and plunging 2009 revenues... WSP plunges as 2009 Q4 net loss widens.

Large cap China stocks continue to outperform on Tuesday

Tuesday, 30 March 2010 11:11 Blaze Fabry

March 30, 2010 (Chinavestor) Large cap China stocks continue to outperform small cap counterparts thanks to strong money-flows. While the PowerShares Gld Drg Haltr USX China ETF (NYSE:PFJ) is trading only +0.5% higher by noon on Tuesday, large cap proxy iShares FTSE/Xinhua China 25 Index (NYSE:FXI) is up +1.3%. Chinese airliners, coal miners, oil, resource and metals plays all looks strong on Tuesday.

Smaller cap stocks remain volatile with UTStarcom (NASDAQ:UTSI) registering the highest percentage gains by noon. Semiconductor Manufacturing Int'l (NYSE:SMI) keeps surprising to the upside while significant surge in the stock price of China Infrastructure Investment Corp. (NASDAQ:CIIC) is more of an uptick then a liquid, broad based rally. ChinaCast Education (NASDAQ:CAST) reported better-than-expected earnings on Monday after the close explaining today's rally.

Significant stock moves to the downside include WSP Holdings Limited (NYSE:WH) and China TransInfo Technology Corp. (NASDAQ:CTFO). Despite a strength in the auto sector, like China Automotive Systems (NASDAQ:CAAS) on the NASDAQ or SAIC Motor (SHA:600104) in Shanghai, Tongxin Int. (NASDAQ:TXIC) is losing ground as earnings near. The solar sector is mixed today - weakness of LDK Solar (NYSE:LDK) is in sharp contrast to JA Solar (NASDAQ:JASO) or Yingli Green Energy (NYSE:YGE).

Chinese large cap stocks got a boost last Friday when Chinese regulators gave final approval of margin trading, index -futures trading and short selling in the Shanghai Stock Exchange. Expectations run high that the most liquid stocks will get additional trading volume as additional trading opportunities arise. High volume translates to higher stock price in most cases, rushing investors to snap up shares of oil, bank and airliners before its too late.

Chinese airliners remain explosive just as is Yanzhou Coal (NYSE:YZC). Twenty one out of the twenty five components of the Xinhua 25 Index advanced in Asia this morning, tracing where the money is flowing.

But smaller cap China stocks remain volatile with UTStarcom (NASDAQ:UTSI) advancing +9.62% by noon, followed by China Technology (NASDAQ:CTDC) very closely. Semiconductor Manufacturing (NYSE:SMI) continues an erratic trading pattern with huge gap up in the morning on no particular news. Shares of SMIC (HKG:0981) advanced +10.5% in Hong Kong on Tuesday morning and the gap up on the NYSE is just a reaction to that advance.

ChinaCast Education Corp. (NASDAQ:CAST) 2009 full year revenues increased +23% to $51.0 million while net income jumped +116% to $13.5 million. More coverage under Press Releases on Chinavestor.com.

JA Solar (NASDAQ:JASO) is the sixth best performing China stock today highlighting the fact that LDK Solar's (NYSE:LDK) ills are not industry wide. Snapshot of Chinese solar plays at noon, including JA Solar (NASDAQ:JASO), Suntech Power (NYSE:STP), Trina Solar (NYSE:TSL) and Yingly green Energy (NYSE:YGE).

Shares of China Automotive Systems (NASDAQ:CAAS) continue to show strength but smaller Tongxin International (NASDAQ:TXIC) continues to head south ahead of earnings. CAAS reported record revenue and profit growth last week sending shares of the company to all time highs. CAAS beats 2009 Q4 estimates.

But it's not a cake walk for everybody within the transportation industry. Shares of Transinfo Technology (NASDAQ:CTFO) have been on a slide since earnings release earlier the month. CTFO give up mornings gains by the close.

Investors were not much impressed by the latest numbers of WSP Holdings Limited (NYSE:WH) sending shares of the company -5.1% lower by noon. Net revenues fell -56.6% from previous quarter but fell for all of 2009 compared to 2008 as well. Don't expect the company to recover anytime soon - more slide is very likely...

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