China’s Auto Sales Nearly Double, Parts Players Extend Rally
China’s red-hot auto parts sector took off again on Tuesday.
According to data from the China Association of Automobile Manufacturers, the country’s November auto sales spiked 98.2% year-over-year, setting a new monthly record of more than one million units. Overall vehicle sales rose by 96.4% according to the report.
Analyst Merriman noted that November’s year-over-year comp was an easy one, but the 10% uptick in sequential monthly unit sales was impressive. The firm also noted that it expects strong performance from Chinese OEMs in the fourth quarter.
As a whole, the Chinese Auto Parts Stocks Index is ahead by 3% on the news. The Index is now ahead of the S&P 500 by 25% over the last month.
China Automotive Systems (CAAS) adding 5% to its massive 62% one-month run. Merriman thinks that the company, as well as Wonder Auto Technology (NASDASQ: WATG) should both benefit from continued demand for smaller engine vehicles in China.
Wonder and Sorl Auto Parts (SORL) are both ahead by more than 10% over the last month, but automotive body panel player Tongxin International (TXIC) has slipped by -5% for the period. The U.S.-based company’s primary business is in China, with some exports to Vietnam.
As of this writing, the bulk of the China Stocks and ADRs Index is in negative territory for the session. Two auto parts players are in the Index’s top-10 performers for the session, while advertiser VisionChina Media (VISN) and IP-based telecom player UTStarcomp (UTSI) lead the group higher.
For more on these stocks, and nine Chinese sub-sector Indexes, visit tickerspy.com.
More on this topic (What's this?)
(F) China Auto Sales Rise 13% in April (Stock Blog Hub, 5/12/13)
Countries are Vulnerable To a China Slowdown: An Update (Top Foreign Stocks, 5/16/13)
Chinese Manufacturing Slump (Wealth Daily, 5/2/13)
|Home | Find | Research | Track | Register | My Account | Logout||Web site design by LightMix|
|© 2009 Indie research Corp. All rights reserved.|