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TheStreet Open House

7 Stocks Leading the Market in 2011

Sky-mobi Limited

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Another top performer so far in 2011 is Sky-mobi Limited (MOBI), which operates the mobile application store in China. Sky-mobi works with handset companies to pre-install its Maopao mobile applications store on handsets and with content developers to provide users with applications and content titles. Basically, this stock is a play on mobile social networking in China. So far in 2011 this hot tech stock is up a whopping 57%. This company is a new issue, which had its IPO in mid-December of last year.

Shares of Sky-mobi opened up at around $8 a share on its debut before dropping to its low of $5 in mid-January. Following that low for the stock, shares soared to hit high of $9.97, which it printed last week. Since this is a new issue and there isn't a lot of information or analyst coverage on the stock, it obviously holds a lot of risk. However, the trend and price action are very bullish and this is a name that investors should start to take a strong look at.

Sky-mobi just reported earnings which showed that net profits were RMB184.7 million (US$27.7 million) in third quarter of 2011, vs. a net loss of RMB27.9 million in the third quarter of 2010. For the third quarter of 2011, the company said that it had 3.5 billion user visits and 846 million downloads, bringing the total cumulative downloads to 4.4 billion, since Jan. 2007. The company said they're one of the clear leaders in China's mobile application store market with over 800 industry partners that are using their handset application store, software development standard and mobile payment infrastructure.

This company is in the right place (think social networking and China's huge population) at the right time. But the company is going to need to show it can deliver growth and strong revenues before we can even begin to crown them a leader. Sky-mobil does have a solid balance sheet with around $33.5 million in cash on the books and no debt. The stock is currently has a market cap of $277.33 million and a pricey forward price-to-earnings of 40.95. This name might be worth a look on a meaningful pullback.

According to Karvy Global, Sky-mobil is one of 10 technology ADRs with upside.

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