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Tuesday's Asia ADR Recap: Suntech
05/06/08 - 07:14 PM EDT
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Jesup & Lamont started coverage on Chinese alternative energy company Suntech Power STP with a buy rating and $64 price target. The firm said Suntech is the clear leader in the Chinese solar group and deserves a premium valuation. American depositary shares of Suntech jumped 6.2% to $44.30. The entire Chinese solar sector was red hot Tuesday after crude oil prices hit a new record high and Goldman Sachs said a "super-spike" could take oil to over $200 within the next two years. Canadian Solar CSIQ soared 18% to $31.36; JA Solar JASO jumped 10% to $23.48; Yingli Green Energy YGE surged 10% to $23.02; Solarfun Power SOLF traded up 10% to $14.69; and Trina Solar TSL closed up 6.9% at $43.76. According to Bloomberg, Google GOOG plans to release an online dictionary that will translate Chinese into other languages to help the search giant compete with Chinese rival Baidu.com BIDU. Shares of Baidu finished down 1% at $370.42. Simcere Pharmaceutical Group SCR, a Chinese manufacturer and supplier of branded generic drugs, announced its first-quarter profits soared 68% after sales of its anti-cancer drug jumped 64% and sales of its anti-stroke drug rose 89%. The company reported net income of $16 million, or 25 cents a share, vs. $8.7 million, or 17 cents a share, from a year earlier. Revenue jumped 26% to $56.3 million, vs. $40.4 million in the first quarter of 2007. Shares of Simcere finished up 1.4% at $13.70. In the Chinese oil and gas sector, Goldman Sachs downgraded shares of PetroChina PTR by removing the stock from its Asia Pacific Buy List and placing it on the Asia Pacific Sell List. PetroChina also announced it's in talks with a Venezuelan partner to build a refinery in China's southern province of Guangdong. Shares of PTR finished essentially flat at $156.73.
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