Earnings Watch: China Tech Stocks
NEW YORK (TheStreet) -- Longtop Financial Technologies (LFT), and China Digital TV Holding (STV) are scheduled to report quarterly results after markets close Tuesday. Both are expected to post robust earnings growth.
Longtop Financial Technologies provides a range of software and services to financial institutions in the China. According to analysts polled by Bloomberg, the company is expected to report earnings of 28 cents per share, implying significant year-over-year growth. Revenue is forecast to grow 57% to $44.87 million.
On Aug. 10, Oppenheimer & Co. reiterated its outperform rating on the stock with a price target of $45, implying 28% upside over current levels.
China Digital TV Holding is a provider of conditional access (CA) systems to the digital television market in China. The company is expected to report earnings of 12 cents per share, while revenue is estimated to have increased 6% to $15.50 million.On Aug. 9, Auriga reiterated a buy rating to the stock with a price target of $8.50, implying 38% upside over current levels. Meanwhile, VanceInfo Technologies (VIT), an information technology (IT) service provider and offshore software development company in China, reported its second-quarter results before the bell Tuesday. The company reported earnings per share of 17 cents, below analysts' estimates of 19 cents. Revenue surged 50% to $51.77 million from $34.56 million a year earlier. Going forward, the company expects third-quarter EPS to range between 15 cents to 16 cents, while it reaffirmed the full-year EPS guidance of 66 cents to 70 cents. On Aug. 12, Jefferies reiterated a buy rating to the stock and increased the price target from $27 to $30, implying 14% upside over current levels.
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