4 China Earnings to Watch Next Week
4. China Automotive Systems is a holding company of Great Genesis Holdings Limited. Through Genesis, the company manufactures power steering systems and other component parts for automobiles. The company operates through eight Sino-foreign joint ventures in China and a wholly owned subsidiary in the U.S. The company will announce its fourth-quarter and full-year 2010 results on March 21.
Net income for the fourth quarter is forecast at $8.4 million on sales of $93.3 million, compared to net income of $6.8 million on $83.8 million sales recorded during fourth-quarter 2009, according to analysts polled by Bloomberg. Earnings per share are seen at $1.13 for 2010, up from 77 cents per share reported during 2009. For 2011, earnings per share are likely to increase by 8%, to $1.22, analysts foresee.
Of the seven analysts covering the stock, 86% recommend a buy, while the remaining suggest a hold. There are no sell ratings on the stock. Analysts polled by Bloomberg expect the stock to gain an average 107% to $18.25 in value from current levels.
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