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Interested in gaining exposure to China? We ran a screen with that idea in mind.

We began by screening Chinese stocks trading on US exchanges for those that appear undervalued relative to earnings growth, with PEG below 1.

We then screened for those with encouraging sales trends, as indicated by faster growth in revenue than accounts receivable year-over-year, as well as receivables comprising a smaller portion of current assets over the same time period.

Accounts receivable represents the portion of revenue not yet received, so the smaller the portion of revenue the better.

Interactive Chart: Press Play to compare changes in market cap over the last two years for the stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

Do you think these stocks should be trading higher? Use this list as a starting point for your own analysis.

1. Hollysys Automation Technologies, Ltd (NASDAQ:HOLI): Provides automation and control technology and applications in the People's Republic of China. Market cap at $607.6M, most recent closing price at $10.85. PEG at 0.71.

Revenue grew by 1.04% during the most recent quarter ($88.07M vs. $87.16M y/y). Accounts receivable grew by -3.9% during the same time period ($157.77M vs. $164.17M y/y). Receivables, as a percentage of current assets, decreased from 42.57% to 33.92% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30).

2. RDA Microelectronics, Inc. (NASDAQ:RDA): Designs, develops, and markets radio-frequency and mixed-signal semiconductors for cellular, broadcast, and connectivity applications. Market cap at $442.43M, most recent closing price at $10.42. PEG at 0.74.

Revenue grew by 30.24% during the most recent quarter ($109.31M vs. $83.93M y/y). Accounts receivable grew by -25.46% during the same time period ($28.23M vs. $37.87M y/y). Receivables, as a percentage of current assets, decreased from 16.22% to 10.71% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30).

3. SouFun Holdings Ltd. (NYSE:SFUN): Provides marketing, listing, technology, and information consultancy services to real estate and home furnishing industries in the People's Republic of China. Market cap at $464.5M, most recent closing price at $25.0. PEG at 0.61.

Revenue grew by 17.14% during the most recent quarter ($127.24M vs. $108.62M y/y). Accounts receivable grew by 0.8% during the same time period ($55.56M vs. $55.12M y/y). Receivables, as a percentage of current assets, decreased from 21.72% to 21.29% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30).

*Accounting data sourced from Google Finance, all other data sourced from Finviz.

Source: 3 Undervalued Chinese Micro Caps With Encouraging Sales Trends