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China ADR Wrap May 17-21

Monday, 24 May 2010 06:42 Todd Shriber
China ADR Wrap May 17-21

May 21, 2010 (Chinavestor) – Chinese stocks saw some relief on Friday as global equity markets moved higher on news that Germany approved its portion of the $1 trillion European bailout package. Oversold conditions across the globe also helped bring on some fresh buying, but it was hardly enough to end the week on a positive note.

Large-cap Chinese names were hammered on the week. Baidu (Nasdaq:BIDU) was down as much as down 10% before surging almost 6% on Friday. A strong move, but not enough for the Internet giant to finish the week in the green. Europe's debt crisis continued to weigh on the Euro and with oil prices tumbling, energy and materials names didn't see any relief until Friday. PetroChina (NYSE:PTR), the largest Chinese oil company, finished the week down almost 2%.

Despite gaining roughly $8 on Friday, Cnooc (NYSE:CEO), China's largest offshore driller, still finished the week down 4% while Yanzhou Coal (NYSE:YZC) shed 8% on the week and that includes an 8% rally on Friday.

Low oil prices pressured solar stocks as JA Solar (Nasdaq:JASO) lost more than 17% on the week. Tumbling silver prices weighed on Silvercorp Metals (NYSE:SVM) as those shares shed almost 19%. Uninspiring earnings reports from China Nepstar Chain Drugstore (NYSE:NPD), Perfect World (Nasdaq:PWRD) and RINO International (Nasdaq:RINO) had all three of those names down at least 22%.

Weak earnings among new media stocks had investors selling-off shares of China Digital TV (NYSE:STV), which was down almost 22% on the week. Consumer products names didn't offer much shelter with a dour earnings report from Acorn International (NYSE:ATV) sending that stock tumbling 21%. Names tied to China's real estate market also suffered mightily with China Architectural Engineering (Nasdaq:CAEI) and China Housing and Land Development (NYSE:CHLN) both losing more than 18%.

Things weren't all bad on the earnings front, particularly in the telecom sector. China TechFaith Wireless (Nasdaq:CNTF) and Spreadtrum Communications (Nasdaq:SPRD) were bolstered by solid earnings reports, gaining 15% and 10.5%, respectively. Online media firm Sina (Nasdaq:SINA) also got a lift on decent profit numbers, gaining more than 1% for the week. Biopharma firm 3SBio (Nasdaq: SSRX) added 2% on slow news.

Global Sources (Nasdaq:GSOL) also gained about 1% due to a rosy earnings report. ChinaEdu (Nasdaq:CED), the for profit education provider, will report earnings on Tuesday, finished higher last week as buyers stepped in ahead of the earnings update. China Petroleum & Chemical (NYSE:SNP) was one commodities-related to shrug off the bearish trend in the group and finish the week higher, albeit only slightly.

Chinese stocks will certainly be in play this week as Federal Reserve Chairman Benjamin Bernanke, Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner visit Beijing. The Yuan will obviously be on the agenda, but it would be reasonable to expect Geithner to take a delicate approach regarding Yuan appreciation. Overnight on Sunday, the Shanghai Composite closed 3.5% higher, its best one-day performance since October, on news Beijing won't take further dramatic economic tightening measures.

The Shanghai Composite is still the third-worst performing index in the world this year behind bourses in Greece and Cyprus.

 
Hot China Stocks

China Stock Weekly Roundup May 10-14

Monday, 17 May 2010 05:30 Todd Shriber
China Stock Weekly Roundup May 10-14

May 15, 2010 (Chinavestor) – Enthusiasm for the European bailout waned quickly and that had global equity markets selling-off by mid-week. Major U.S. indexes all notched positive weeks, but the bulk of the those gains were seen on Monday and stocks spent Thursday and Friday paring those gains. Rising inflation in China pressured stocks, officially pushing the Shanghai Composite Index (SHA:000001) into bear market territory. China's inflation problem raises the specter of an interest rate hike by the Peoples Bank of China, which has thus far chosen to use softer means of cooling economic growth rather than blunt tools.

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Hot China Stocks

China Stock Weekly Roundup May 3-7

Saturday, 08 May 2010 06:20 Blaze Fabry
China Stock Weekly Roundup May 3-7

May 8, 2010 (Chinavestor) Despite strong indications that the economy is back in track U.S. stocks suffered the heavies blow in 2010. The DJIA (INDEXDJX:.DJI) tumbled 772 points in the lasts four days of the week while the Nasdaq slid 8% and the S&P 6%. Chinese indices had their share as well. Shanghai Composite Index (SHA:000001) plunged 5.52% and the Hang Seng Index (INDEXHANGSENG:.HSI) tumbled 5.63 for the week.

China's stocks in Shanghai fell for a different reason than the rest of the world. Chinese regulators increased bank reserve ratios for the third time this year to fight the property asset bubble. March data showed that property prices rose 17.2% for the month, a new record. But with lending curbs, no more third home loans, administrative roadblocks for loan applications, Chinese regulators put an effective measure in place to curb real estate price increases. In fact, analyst now estimate that the property homes will lose 30% of value this year.  The increase in bank reserve ratio is expected to pull $44 billion out of the system as well. But now investors are worried about economic growth, a situation that prompted a broad sell-off for the week. Data that inflation is on the rise accelerated a sell-off on Thursday afternoon, plunging the Shanghai Composite Index (SHA:000001) 117.45 points, the second biggest drop in 2010.

U.S. and global equity markets plunged on fears that Greece's ills may spread to the rest of the euro zone. Investors found save haven in the greenback and Treasuries, sending the dollar to a new 14 months high. But the strong dollar meant falling commodity and energy prices sending energy, solar, and resource stocks lower. Financials took a hit as investors started to unload stocks with exposure to Greece's debt. Altogether investors rotated out of equities into cash and Treasures, sending stock prices even lower.

On the stock level, better than expected earnings propelled 51job Inc. (NASDAQ:JOBS), Cogo Group (NASDAQ:COGO) and China Automotive Systems (NASDAQ:CAAS) higher. Fushi Copperweld (NASDAQ:FSIN) beat forecast but fell along the broad market. UTStarcom (NASDAQ:UTSI) remained in the red and fell, AsiaInfo Holding (NASDAQ:ASIA) reported in-line with expectations and Nam Tai Electronics disappointed.

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Looking forward on the economic front, China's CPI and PPI numbers will be on focus. China may also report trade data for April. March deficit was much higher than anticipated so now investors will keep a close eye on the new data.

On the earnings front Monday and Tuesday will be heavy, Chinese solar maker ReneSola Ltd (NYSE:SOL) and Solarfun Power (NASDAQ:SOLF) will report besides other companies. For a list of stock of interest, read China stock earnings calendar, May 10-14, 2010.

 

Hot China Stocks

China Stock Weekly Roundup April 12 - 16

Saturday, 17 April 2010 06:29 Blaze Fabry
China Stock Weekly Roundup April 12 - 16

April 17, 2010 (Chinavestor) Chinese stocks lost some of their shine for the week as too much of economic growth rattled nerves how China is gong to cool off its economy. First quarter GDP growth accelerated to 11.9%, above analysts expectations of 11.7%. The good news is that inflation decelerated to 2.6% from 2.7% in February. Chinese vital statistics for March 2010.  Nevertheless policy makers increased second and third mortgage deposit ratios and installed other measures trying to tame the hot property market.

Investors send construction materials, real estate and financials stocks tumbling in Shanghai. Energy stocks outperformed the broad market, Petrochina Co. Ltd. (SHA:601857) advanced +1.8% and NYSE cross listed China Life Insurance (SHA:601628) advanced +0.3%. The Shanghai Composite Index (SHA:000001) shed -15.05 points or -0.5% the week while the Hang Seng Index (INDEXHANGSENG:.HSI) fell -292.56 points or -1.32% to 21,865.26 by the end of Friday.

U.S. listed China stocks were influenced by Chinese economic news as well as factors that moved the broad U.S. market. Goldman's ills poisoned the market on Friday, sending China stocks down to a tailspin on Friday. Energy and solar stocks advanced for the week - though solars became overbought by Thursday and surrendered some of their gains. Best performing solar stocks for the week included Trina Solar (NYSE:TSL) and LDK Solar (NYSE:LDK). The fact that industry leaders took the lead suggests smaller cap, volatile solar players will join the rally later.

Talking about volatility: Xinhua Sports & Entertainment Ltd. (NASDAQ:XSEL) tumbled -14% in the last two days yet is the best performing China ADR for the week thanks to a +24% rally from Monday to Wednesday. The company delayed earnings to May 10 from April 20 prompting allegations that the quality of earnings will be poor.

Another volatile story belong to Spreadtrum Comm. (NASDAQ:SPRD), the most oversold stock earlier this month. That was about to change when investors snapped up shares of this low volume, small cap China play. But be careful, there is no fundamental news behind the rally that we're aware of.

Strong advance in the price of eLong Inc. (NASDAQ:LONG) is similar to that of SPRD. This rally doesn't have strong legs either.

New Oriental Education & Tech. Group Inc. (NYSE:EDU) advanced +2.5% for the week ahead of earnings next week. The company is going to report 2009 Q4 and full year numbers on April 20 at 8:00 P.M. after the close. China stock earnings calendar April 19-23, 2010.

Looking ahead, the three largest Chinese airliners are going to report earnings next week, China Eastern Airlines (NYSE:CEA), China Southern Airlines (NYSE:ZNH) and Air China (HKG:0753).

Technology sector got a boost as earnings from Google Inc. (NASDAQ:GOOG) and Intel Inc. (NASDAQ:INTC) beat estimates. Investors will get a chance to assess if the strength of the sector is global as the following Asian tech companies are going to report 2010 Q1: Hynix, Korea's second largest chip maker will be followed by the two largest Indian software makers Tata Consulting and VIPRO.

Hot China Stocks

China Stock Weekly Roundup April 5 - 9

Saturday, 10 April 2010 05:25 Blaze Fabry
China Stock Weekly Roundup April 5 - 9

April 10, 2010 (Chinavestor) Chinese shares advanced in Hong Kong on Friday and for the week but trading was more cautious in Shanghai. Solar and oil stocks led U.S. listed Chinese stocks higher though falling oil hurt both sectors on Friday. Telecoms and resource plays stepped in to keep China stocks advancing on Friday. China stocks end first week of April on a high note.

 

The Hang Seng Index (INDEXHANGSENG:.HSI) advanced +341.5 points or +1.6% on Friday capping days of strong gains. The index advanced +5.49% from Monday, registering the best weekly gain in seven weeks. Energy stocks led the advance while telecoms caught fire in the second part of the week. Shares of Sinopec (HKG:0386), the largest refinery in Asia by volume, advanced +2.8% while Petrochina Co. Ltd. (HKG:0857), the nation's largest oil producer, rose +8.7%. Pure oil producer, off-shore specialist CNOOC Ltd. (HKG:0883) advanced +11.5% for the week.
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