Forecast Lifts Qiao Xing
Qiao Xing Universal Telephone (XING) soared as much as 23% Thursday after the China-based cell-phone maker issued positive guidance for current quarter and full year.
The company said that, based on its strong performance so far this year, it expects to book "record" earnings for all of 2007. For the fourth quarter in particular, sales from its COSUN-branded phones should jump about 45% vs. last year and roughly 20% sequentially.
Last month, Qiao Xing had merely said that COSUN's top line will probably "start a climb" in the second half due to "significant improvements" in R&D and other areas.
In predicting "positive" overall results for the fourth quarter, Chairman Wu Rui Lin furthermore pointed to falling interest costs compared with the prior quarter. Revenue for Qiao Xing's CECT brand should also grow, the company said.Qiao Xing also set out a solid long-term outlook, estimating that sales from its telecommunication terminal business will leap 20% to 30% annually over the next five years. Shares were recently up $1.37, or 18%, to $9.
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