Suntech Power (NYSE:STP) May Partner with State Grid Corporation of China
"Strong Buy" Rated U.S.-Listed Chinese Stocks (February 17, 2012)
By Henry Wang
Suntech Power (NYSE:STP) may partner with State Grid Corporation of China (SGCC), said Suntech CEO Zhengrong Shi during an interview with Netease Finance.
Mr. Shi told Netease Finance that he recently had a three-hour meeting with Zhenya Liu, General Manager of SGCC. The meeting was primarily focused on generating electricity using solar power. Mr. Shi said the two companies currently do not have strategic cooperation, but will have in the future.
Suntech shares are up 23% year-to-date. On average, wall street analysts are expecting its revenue and EPS to rise 32% and 146% in 2010 over 2009. Out of the 31 wall street analysts covering STP, seven have a positive rating on the stock. STP is is currently the third largest U.S.-listed solar power company in terms of market cap.
SGCC was founded on Dec. 29th, 2002 as a pilot state-owned corporation by the State Council. As a backbone state-owned enterprise that may affect national energy safety and economic lifelines, SGCC's core business is to build and operate power grids and provides secure and reliable power supply for the development of the society. With a registered capital of RMB 200 billion yuan and service area covering 26 provinces,autonomous regions and municipalities directly under the jurisdiction of the Central Government which equals to 88% of the national territory.
To see the original Chinese article on Netease Finance, click here.
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