China Techfaith Wireless (CNTF) reported today that their FY05 revenue and earnings will be on the low side of their guidance. This is actually good news since their stock price has actually fallen about 50% since their IPO. Based on a Kaufmann Brothers report, we estimate their 12-month stock price potential to be between $15 and $23.
Today's news was actually good news and CNTF's stock price was up nearly 10% today (Oct 17). This is a great sign since the Chinese cell market is in a temporary slump since many companies are scaling back operations to gear up for the rollout of 3G. See the following Cellular News article on 3G Wireless Will Reshape China's Telecom Landscape.
Further fueling CNTF stock rise today is an Business Week article on CNTF called TechFaith: A Firm Grip On Handset Design. Business Week is bullish on CNTF, saying "TechFaith's models are all over China -- and, increasingly, the world." CNTF, which was founded by former Motorola employees, is partially owned by Qualcomm (QCOM) and Intel (INTC). Importantly, Business Week says that CNTF is further along in 3G work than rivals, something that will help best position CNTF for the upcoming 3G boom.
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