By China Galaxy Securities Co.Ltd.
- Apr 29, 2009
- Beijing Gehua CATV Network Co., Ltd.
Event
The company released its 2008 annual financial report as well as Q1 2009 report on April 29, 2009. In 2008, it reported business turnover of Rmb1359.76mn (+14.76% yoy), total profit of Rmb330.74mn (-10.34% yoy), net profit attributable to parent of Rmb328.85mn (-10.35% yoy), and EPS of Rmb0.31. According to its Q1 2009 report, it .......
By TX Investment Consulting Co., Ltd.
- Apr 13, 2009
- China Television Media, Ltd.
In 2008, the company reported business turnover of Rmb992mn (+24.6% yoy), net profit attributable to parent of Rmb54.24mn (+1.4% yoy), and diluted EPS of Rmb0.23, which was in line with our expectation. The company’s dividend distribution plan was to send pretax cash of Rmb1 for every ten shares.
The company’s 2009-2010E EPS is predicted to .......
By China Galaxy Securities Co.Ltd.
- Apr 13, 2009
- Beijing Bashi Co., Ltd.
We predict its Q1 2009 EPS to be Rmb0.08-Rmb0.09, with year-on-year increase of around 60%.
Influenced by spring festival holidays and the budgeting, seasonality of Chinese advertisement industry is rather obvious, with quarter one being the off season, quarter two and quarter three being even, and quarter four being the hot season.
With advertisement price .......
By China Galaxy Securities Co.Ltd.
- Mar 27, 2009
- Shaanxi Broadcast & TV Network Intermediary Co., Ltd.
Event:
As shown in its 2008 annual report, the company realized main business turnover of Rmb834.2085mn (+52.95% yoy), operating profit of Rmb90.3063mn (+67.15% yoy), net profit of Rmb43.0732mn (+5.03% yoy), net profit deducted non-recurring profit & loss of Rmb77.4620mn (+81.48% yoy), basic EPS of Rmb0.13 and EPS deducted non-recurring profit & loss of 0.23.
Our Analysis and .......
By China Galaxy Securities Co.Ltd.
- Mar 5, 2009
- Beijing Bashi Co., Ltd.
BUSCO advertising is one of the global top-quality outdoor advertisement resources. Statistics show that daily passenger load of Beijing buses accounts for 11mn, and daily trip mileage totals 4.56mn Km. On the one hand, the company is prominently advantageous in terms of passenger arrival and unit expense ratio; and on the other, local government’s clearing .......
By TX Investment Consulting Co., Ltd.
- Mar 3, 2009
- Huawen Media Investment Corporation
The company''s core business has transferred to media after previous assets restructuring, and media & gas businesses are two mainstreams of the company. During the period under view, income of its three main businesses of media, gas production & supply as well as bulk commodity transaction took up 68%, 16.7% and 17.3% of the total .......
By China Galaxy Securities Co.Ltd.
- Feb 25, 2009
- Media
Event
On February 24, A-share media sector declined by ~ 6.5%, and SSE 300 Index fell by 4.5%. We made follow-up analysis on recent trend and future investment strategy of media sector.
Our Analysis and Estimation
According to analysis on major media companies in the first two months of 2009 and in February, we can see that .......
By TX Investment Consulting Co., Ltd.
- Jan 21, 2009
- Media
Channel monopolization and weak periodicity. The company’s turnover and operational capital flow are insusceptible towards economic cycle, and its main businesses are quite defensive; cable network users keep an annual surge of 250,000 -30 ,000.
Beneficiary of inflation. Price cut in set-top box leads substantial decrease in expenditure of cable digital TV transformation, while improvement .......
By China Galaxy Securities Co.Ltd.
- Nov 7, 2008
- Media
Event: Main wired network enterprises’ share prices dived substantially in recent three months, with Beijing Gehua CATV Network (600037) slumped by 37.65%, Shaanxi Broadcast & TV Network Intermed (600831) by 41%, and Shenzhen Topway Video Communication (002238) by 20%. So far, 2008 P/E ratio of these companies has fallen to 20x-25x from 45x-50x earlier this .......
By China Galaxy Securities Co.Ltd.
- Sep 12, 2008
- Shaanxi Broadcast & TV Network Intermediary Co., Ltd.
Event: We called on Shaanxi Broadcast & TV Network and communicated with the management team on Sep 9. The goal of this survey was to know: 1) detailed updates of latest operation; 2) impact of macro-economy and digital TV conversion on the company; 3) possibility of more political support; 4) financial status.
Our analysis and estimation: .......