NEW YORK ( TheStreet) -- A host of Chinese companies listed in the U.S. are expected to report quarterly results this week. Two companies among these belong to the clean tech space , on which we've been quite bullish.
We believe this is a good opportunity for investors to benefit from a likely upside in the stock prices of these companies.
Trina Solar (TSL - Get Report) is an integrated solar-power products manufacturer based in China with a global distribution network covering Europe, North America and Asia. The company reported its first-quarter earnings before the market opened Tuesday.
Trina's earnings stood at 66 cents per share, surpassing consensus estimates of 61 cents. Moreover, revenue more than doubled to $336.8 million from $132.1 million a year ago.According to a Bloomberg survey, revenue was estimated to be $328.25 million. Looking forward to the second quarter, the company forecasts its shipments to range between 200MW and 205MW, up from 192.6MW during the first quarter. Credit Suisse and Auriga recently rated the stock an outperformer and a buy with a price target of $24, implying a 36% upside from current levels. The stock has corrected 31.3% during the last one month. Solarfun Power (SOLF) manufacturers photovoltaic cells and modules and supplies solar integration services in China. Recently, the company announced it plans to raise its PV cell and module capacities to more than 500MW by July and 900MW by August in order to meet increasing demand from its customers during the second half of 2010. The company is expected to report earnings of 15 cents a share on revenue of $191.12 million during the first quarter ended in March. This compares with a loss of 2 cents a share on revenue of $100.13 million during the year-earlier first quarter. Auriga rated the stock a buy with a price target of $9, representing a 40% upside from current levels. The stock has lost 26.7% during the last one month. Shanda Games (GAME - Get Report) develops, sources and operates internet games in China. The company is expected to report its first-quarter results on June 2. The company is forecasted to report earnings of $1.16 a share on revenue of $1.17 billion for the first quarter. This compares with earnings of $1.44 a share on revenue of $1.34 billion during the fourth quarter ended December 2009.