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TheStreet Open House

Monday's Asia ADR Recap

Roth Capital Partners initiated coverage on Chinese information technology solutions and service provider Yucheng Technologies (YTEC) with a buy rating and a $19 price target citing strong spending trends from top-tier Chinese banks as the Olympics approach. Roth analyst Kun Tao also raised his second-quarter sales forecast by $8.5 million to $24.5 million but lowered his gross margin forecast to 29% from 37.5%. Shares of Yucheng dropped 4.2% to $11.19.

China Automotive Systems (CAAS), a Chinese supplier of power steering systems and components, announced it expects to report a significant jump in second-quarter profits due to a strong showing for all of its business segments. The company said it expects to report second-quarter profits of 18 cents to 22 cents per share, vs. 10 cents per share from a year earlier. Revenues are expected to come in above $52 million, vs. $36 million from a year ago. Shares of China Automotive Systems surged 6% to $5.86.

Among the strong movers to the upside for Chinese ADRs and China-based stocks were China Shenghuo Pharmaceutical (KKUN), which rose 8.7% to $2.88; Yanzhou Coal Mining (YZC), which advanced 6% to $93.01; China Natural Resources (CHNR), which added 5.9% to $17.54; and NetEase.com (NTES), which traded up 5.3% to $21.79.

Be sure to check out the Far East Portfolio at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.

Stockpickr is a wholly owned subsidiary of TheStreet.com.
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