NEW YORK ( TheStreet) -- Telecom Corp of New Zealand ( NZT), Empresas ICA ( ICA), Cemex ( CX), Alumina Limited ( AWC), Giant Interactive ( GA), Gentium ( GENT), Lloyds Banking Group ( LYG), BBVA Banco Frances ( BFR), China Ming Yang Wind Power ( MY) and Flamel Technologies ( FLML) are expected to return an average of up to 65% over the next year. These 10 stocks have market caps of $100 million and currently trade at less than $10 a share.

Analysts expect these 10 stocks to outperform their peers and broader markets, based on their respective 12-month price targets. These stocks pan diverse sectors such as financials, information technology and engineering, cement, telecom, mining, pharmaceuticals, entertainment, and have average buy ratings of 65% and upside potential of 18% to 107%.
10. Cemex ( CX) is a Mexican cement manufacturer with operations in North America, Europe, South America, Africa and Asia.

Total revenue for the first quarter of 2011 stood at $3.4 billion, up 11% from the first quarter of 2011 and the seventh consecutive quarter of top-line recovery. Revenue boost came from the infrastructure and residential sectors in countries where it operates. Positively, in terms of volume, consolidated domestic gray cement and aggregates showed growth for the first time since 2007.

Operating income in the first quarter increased 16% to $172 million from the comparable period in 2010. During the quarter, controlling interest net income improved to a loss of $276 million versus a loss of $342 million in the same period last year, driven by higher operating income, improved exchange gain and lower other expenses. Analysts suggest an estimated upside of 27% over the next one year.

9. China Ming Yang Wind Power ( MY) is a wind turbine manufacturer in China, focusing on the design, manufacture and service of wind turbines.

During the first quarter of 2011, total revenue stood at $213 million, increasing 39% over the first quarter of 2011. Total comprehensive income for the period stood at $33.4 million, up 59% over the first quarter of 2010.

Gross profit was $55.6 million, increasing 76% from the first quarter of 2010. Gross margin for the first quarter was 26% versus 20.5% in the year-ago quarter. During the period, wind turbine generators (WTG) commissioned by the company reached a historical high of 198 units of 297MW, rising 54% over the first quarter of 2010.

For 2011, the company targets a total output of 2.3 to 2.4 WTGs. Analysts predict an estimated upside of 58% over the next one year.

8. BBVA Banco Frances SA ( BFR) is an Argentina-based bank providing personal and corporate loans and credit cards.

During the March quarter of 2011, credit growth rose 57% year-over-year boosted by traction in its private sector loan portfolio. Deposits grew 30% compared to the same period last year.

Net profit improved 22.4% year-over-year, driven by robust net interest income (NII), up 29.4% on higher margins. The gross non-performing loan ratio declined to 0.51% with a coverage ratio of 482.6%.

The capital ratio was 14% of risk adjusted assets. Return on average assets stood at 2.54% and return on equity was 23%. Analysts' consensus estimate pegs average gains at 44% over the next one year.

7. Giant Interactive ( GA) is one of China's leading online game developers and operators.

During the first quarter of 2011, total revenue stood at $62 million, increasing 33% over the first quarter of 2011. Net income for the period stood at $40 million, up 42% over the first quarter of 2010.

Gross profit was $52 million, increasing 31% over the first quarter of 2010. Gross margin for the quarter was 84%.

Commenting on the profitability, Yuzhu Shi, Giant's CEO, said, "While we continue to invest in the development of our game pipeline and seek overseas licensing opportunities, we have maintained a strict focus on cost controls, which has directly benefited our bottom-line. Supported by the growing popularity of ZT Online 2 and continued execution on the development front, we expect our positive momentum to continue throughout the second quarter of 2011." Analysts project an upside of 37% over the next one year.

6. Lloyds Banking Group ( LYG) is a U.K.-based financial services company operating in the retail, wholesale, international banking and insurance segments.

In the first quarter of 2011, pre-tax profit stood at $463 million compared to $1800 million in the first quarter of 2010. Lower profitability is reflective of a balance sheet reduction that includes losses on sales of non-core treasury assets of $694 million and lower net interest margin (NIM). Net interest margin was 2.07% compared to 2.08% a year earlier, driven by higher costs related to increase in wholesale funding.

Impairment charge was $4251 million, $315 million higher than in the year-ago period, impacted by higher declines in Ireland's commercial real estate prices. The cost-to-income ratio was 52.9% compared to 45.8% in the first quarter of 2010 owing to losses on disposal of non-core treasury assets.

At the end of March, Tier-1 ratio was 11.4% and capital ratio was 14.8%. On average, analysts expect the stock to gain 45% over the next one year.

5. Alumina Limited ( AWC) is a leading Australian company investing in bauxite mining and alumina refining through its 40% ownership of Alcoa World Alumina & Chemicals (AWAC), the world's largest alumina business with an output greater than 17 million tonnes per annum.

For the first quarter of 2011, AWAC reported alumina production of 3.8 million tonnes. The Sao Luis refinery has achieved production records during the quarter notwithstanding minor operating issues.

After the first quarter of 2011, John Bevan, Alumina's CEO, said, "The pricing environment for the alumina industry continues to improve. Published spot and index alumina prices have averaged $392 per tonne for the first quarter and are currently $407 per tonne, reflecting strong demand. Aluminum prices have increased over the quarter and are now over $2,600 per tonne. The impact of rising US dollar alumina prices has been partly offset by higher production costs from increases in energy costs and scheduled maintenance, and the impact of the strong Australian dollar."

AWAC holds a 54% stake in the commissioned 2.1 million expansion of the Alumar alumina refinery in Brazil, and the refinery has been ramped up to full production capacity. The construction of a 2.6 million t/p mine at Juruti, near the Alumar refinery, has been completed. The stock is trading at 16.4 times its estimated 2011 earnings and analysts expect 16% upside over the next one year.

4. Flamel Technologies ( FLML) is a biopharmaceutical company with two intellectual property platforms: Medusa, for the controlled release of proteins, peptides and other molecules; and Micropump, for the controlled release of drugs best absorbed in the small intestine.

Boosted by license and research revenue and higher Coreg CR (Carvedilol Phosphate Extended-Release) royalties, Flamel reported revenue of $6.8 million for the first quarter of 2011 versus $8.1 million in the year-ago period.

Commenting on the results, Stephen H. Willard, Flamel's CEO, said in a press statement, "Our revenues in the first quarter were lower than expected, as we were able to sign license agreements in April 2011, rather than in the first quarter."

The company has signed more than twenty-five agreements including nine of the largest pharmaceutical companies in the world for the joint development of promising molecules. Analysts expect the stock to gain around 107% over the next one year.

3. Empresas ICA ( ICA) is a leading engineering, construction, procurement and infrastructure company in Mexico.

Net revenue during the first quarter of 2011 grew 21% to $740 million, while EBITDA increased 28% to $124 million from the first quarter in 2010. The construction and concession segments contributed towards the majority of the increase in EBITDA. Net income of controlling interest increased 34% on improved revenue growth and operational performance.

Operating margins rose from 8.8% to 9%, while EBITDA margin was 16.9% compared to 16% in the first quarter of 2010. As of 2010 March end, ICA's construction backlog was $3.9 billion, up 17% from the same period last year.

For full year 2011, the company expects revenue to grow by 15% and EBITDA margin of around 16%. The majority of 2011 growth is expected to come from the construction and infrastructure businesses. Analysts expect the stock to gain around 36% over the next one year and it is trading at 14.5 times its estimated 2011 earnings.

2. Telecom Corp of New Zealand ( NZT) provides telecom services in News Zealand and Australia. In May 2009, Telecom launched WCDMA mobile network, which Telecom Retail and Gen-i market as the XT mobile network.

The XT mobile network has in excess of one million customers, representing around 51% of it's total mobile base and 77% of mobile revenue.

Paul Reynolds, Telecom's CEO, said, "We now expect full year Capex to be within the $900 million to $930 million range for the FY11 financial year, down from the $950 million to $1 billion indicated previously. In addition, we have also introduced Capex guidance for FY12, indicating that capex for that period will be no more than $750 million. Guidance for FY13 has been withdrawn." The reduction in capex is significant as these are multi-year investments and the company expects to bring its capex-to-sales ratio closer to international peers.

The company guided 2011 EBITDA to range from $1.72 billion to $1.78 billion and raised 2012 guidance by $20 million to $80 million. Adjusted net earnings for 2012 are pegged between $300 million and $340 million.

The stock is trading at 12.6 times its estimated 2010 earnings with a potential upside of 27% over the next one year.

1. Gentium ( GENT) is an Italian biopharmaceutical company focused on the development and manufacture of drugs for vascular diseases related to cancer and cancer treatment.

For the first quarter of 2011, total revenue was $8.6 million, up from $7.1 million during the same period of 2010. Operating income was $2.7 million versus a loss of $0.16 million in the first quarter of 2010. Net income was reported at $2.4 million, improving from a loss of $0.05 million.

On the positive results, Salvatore Calabrese, CFO of Gentium, said, "We are pleased to report that product sales increased 30% from compared with the prior year period. Additionally, the Company continues to be cash flow positive and profitable, posting net income of $2.4 million for the quarter ended March 31, 2011."

The company has cash of $12.4 million in its books. The stock is trading at 11.2 times its estimated 2011 earnings and is expected to gain 75% over the next one year.

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