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AutoChina Int. Cools Sector

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auto November 23, 2010 (Chinavestor) AutoChina International Limited (NASDAQ:AUTC), a Chinese automobile firm, traded virtually unchanged on Monday following mixed third quarter result. Weak outlook is not limited to this company alone: trouble has been brewing or the rest of the sector for some time. China Automotive Systems (NASDAQ:CAAS) and Wonder Auto Technologies (NASDAQ:WATG) fell along the market as investors continue to shun Chinese auto ADRs, for now.

Wonder Auto Tech (NASDAQ:WATG), China Automotive Systems (NASDAQ:CAAS) and AutoChina Int. (NASDAQ:AUTC) on Nov. 18-22, 2010

autos_20101123


U.S. investors haven't been able to tap into China's growing motorization so far. The problem is that U.S. exchanges have only attracted second or third tier Chinese auto related firms so far. China XD Plastics (NASDAQ:CXDC), a large car parts maker, may be an exception, but U.S. investors don't have access to China's most promising auto makers like SAIC Motor (SHA:600104), BYD Company (HKG:1211) or Cherry Auto.

So western investors have to live with what they got. AutoChina International Limited (NASDAQ:AUTC) lowered guidance but has been growwring somewhat constantly along the rest of the sector.

AUTC_2010Q3_revearnings

China XD Plastics (NASDAQ:CXDC) lowered fourth quarter outlook as well but again, this company is one of the best out there for western investors.

CXDC_2010Q3_revearnings

Tongxin International (PINK:TXIC), a commercial vehicle body manufacturer, just fired its CEO and CFO as it is trying to recuperate after being booted from the NASDAQ a month ago.

Other Chinese auto stocks had not much to show for in 2010 either. hina Automotive Systems (NASDAQ:CAAS), a high flyier last year, is down 17% YTD. Wonder Auto Technologies (NASDAQ:WATG)is even worse, the stock lost almost 30% for the year so far...

Looking at the latest performance of Chinese auto firms listed on U.S. exchanges, investors have not much reason to cheer. May be it's time to rethink the weight of the sector.

 



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