Dianguangchuanmei (000917) on June 20 opened and the National Bank, Construction Bank branch in Hunan, the Hunan branch of China sign a contract by 3.3 billion yuan of total loans, loans for 15 hours, the interest rate for the current benchmark interest rate for Hunan digital cable construction projects. The works will include six, including free set-top boxes, a comprehensive business integration platform, building front-end systems, two-way transformation of MAN, the upgrading of six major backbone network, and other content. This is by far the financial sector on the domestic cultural enterprises into a single item of the largest loans. Dianguangzhuanmei from the operating results of the past two years, since the beginning of the whole digital transfer, the main industry has been in a deficit on the embarrassing position. With the deepening digital level, the company is the main trend of increasing losses. And song, depend on the government finance, Tianwei IPO financing than bank borrowings of the company to a certain extent, can protect the stability and sustained funding, but the financial commitment to the future expenditure is also heavier.
(- Financial and originality)
First, the number of pre-cable network will be a long time of high input process, likely to exceed the expectations of a company in Hunan Province in the 2.4 million cable television subscribers, and Beijing, Shanghai, less than the number of users, decentralization, Network front-end extension, of the need of greater funding. Dianguangzhuanmei performance in 2007 was a turning point, realized a net profit of 180 million yuan, an increase of 500 percent. 2008 interim results of the continuation of such high growth. The company operating income 1.63664 billion yuan, up 30 percent of operating profit 106.52 million yuan, an increase of 26 percent attributable to the realization of the owner of the parent company 65.99 million yuan net profit, up 101 percent. Advertising agency, cable television networks, programming is the media company's core business segment. In related trade agreement under the terms of income, the company can not fully share the Hunan Radio and the economic interests of powerful media media business lower margins. Cable network business to grow well. Network operating income growth in the first half of 84 percent, gross margin as high as 65 percent, year-on-year increase 2.27 percent. Since 2002, the company's main business revenue after deducting the operating costs of operating profits have been negative, to -1.6 billion in 2006, 2007 decreased to -7180 million. This shows that, despite the strong competition in the Hunan Radio and the media, advertising revenue increased year after year, but the company engaged in media-related business profitability has not improved significantly. If a company associated with the media no real change in trading conditions, corporate profits will mainly come from the venture capital business receipts. Taking into account the medium-term securities companies have emerged Fukui, we slightly lowered the company's performance projections, 08-09, is expected diluted earnings per share 0.31,0.33 yuan. Current total market capitalization of about 5 billion yuan. Cable network business from radio and television networks (600,831, stock it) now estimates the total market value of 2.3 billion yuan, Dianguangzhuanmei cable network business market value of 1.3 billion yuan (because only 57 per cent stake). International Convention and Exhibition Center assessed value of 200 million yuan, the venture capital business value estimates 1 billion yuan, 2.5 billion surplus can be regarded as an implied market value of the Hunan Radio Group operating business as a whole may be injected into a listed company is expected of the media business value. Hunan Radio Group restructuring Dianguangchuanmei media operations is an inevitable move, which is Dianguangchuanmei return of blue chip companies the best opportunity. Dianguangchuanmei is a preference in high-risk, patient investors wait for the investment varieties.
(- Financial and originality)
Cable network integration accelerated. During the reporting period the company holding 61.03 percent of Hunan Cable strengthen the integration of cable TV network in Hunan Province, and integration of new cable network assets of 10 counties and cities, 43 counties and cities a total integration of cable network assets to cities and counties in Hunan Province 50 per cent of the total. During the reporting period the new cable television subscribers to 200,000, the new conversion 700,000 digital TV subscribers, cable television subscribers reached 2.2 million, digital TV users 1700000. Cable operations to achieve operating income 373 million yuan, an increase of 84.34 percent, year-on-year gross margin increased 2.27 percentage points to 65.04 percent. Since Hunan Province, there are nearly 2 million cable television subscribers to be integrated, while resources in a more decentralized network, integration and larger number of translation costs, although digital television subscription fees increased eight yuan to 24.5 yuan, to resolve some of the translation cost pressures , But the company of assets and liabilities as high as 75.70 percent, the enormous financial pressure. Advertising business grew steadily. Hunan Radio and the media benefit from the sustained and rapid development, the company advertising revenues realized 1.14 billion yuan, an increase of 23.38 percent, but because advertising revenue allocation ratio decreased (from 2007 advertising revenue following some 300 million yuan to the Dianguangzhuanmei 40 percent, 60 percent to the Hunan TV; more than 300 million yuan to the Dianguangchuanmei some 15 percent, 85 percent adjustment to the Hunan TV advertising revenues for all Dianguangchuanmei by 15%, Hunan TV is divided into 85 percent), gross margin declined 4.83 percentage points year-on-year to 13.66 percent, while the Hunan Radio and the future is expected to continue high growth and profit prospects for companies advertising business will be dependent on the support for the parent company. Investment income enhance the profitability of the company. During the reporting period with the company through the reduction of electronic Chau (002,052, it shares) stake in the company 150 million yuan of investment income, venture capital companies operating reserves more abundant resources, has invested more than 20 high-quality enterprises, some enterprises as electronic Chau (002,052, stock it), Tuowei information (002,261 market, stock it) has been successfully listed on April 06 in Hunan Province Wu Jiaju formally established cable television ratings maintenance standards, which will greatly promote the company in digital cable TV Business development. Changsha, Zhuzhou, Xiangtan City MAN 3 cable digital TV ratings for maintenance fees for 24.5 yuan per household / month. 08 in Hunan Province plans to complete before the end of the province's overall digital TV translation, can be of concern.
(- Financial and originality)
First, the number of pre-cable network will be a long time of high input process, likely to exceed the expectations of a company in Hunan Province in the 2.4 million cable television subscribers, and Beijing, Shanghai, less than the number of users, decentralization, Network front-end extension, of the need of greater funding. Dianguangzhuanmei performance in 2007 was a turning point, realized a net profit of 180 million yuan, an increase of 500 percent. 2008 interim results of the continuation of such high growth. The company operating income 1.63664 billion yuan, up 30 percent of operating profit 106.52 million yuan, an increase of 26 percent attributable to the realization of the owner of the parent company 65.99 million yuan net profit, up 101 percent. Advertising agency, cable television networks, programming is the media company's core business segment. In related trade agreement under the terms of income, the company can not fully share the Hunan Radio and the economic interests of powerful media media business lower margins. Cable network business to grow well. Network operating income growth in the first half of 84 percent, gross margin as high as 65 percent, year-on-year increase 2.27 percent. Since 2002, the company's main business revenue after deducting the operating costs of operating profits have been negative, to -1.6 billion in 2006, 2007 decreased to -7180 million. This shows that, despite the strong competition in the Hunan Radio and the media, advertising revenue increased year after year, but the company engaged in media-related business profitability has not improved significantly. If a company associated with the media no real change in trading conditions, corporate profits will mainly come from the venture capital business receipts. Taking into account the medium-term securities companies have emerged Fukui, we slightly lowered the company's performance projections, 08-09, is expected diluted earnings per share 0.31,0.33 yuan. Current total market capitalization of about 5 billion yuan. Cable network business from radio and television networks (600,831, stock it) now estimates the total market value of 2.3 billion yuan, Dianguangzhuanmei cable network business market value of 1.3 billion yuan (because only 57 per cent stake). International Convention and Exhibition Center assessed value of 200 million yuan, the venture capital business value estimates 1 billion yuan, 2.5 billion surplus can be regarded as an implied market value of the Hunan Radio Group operating business as a whole may be injected into a listed company is expected of the media business value. Hunan Radio Group restructuring Dianguangchuanmei media operations is an inevitable move, which is Dianguangchuanmei return of blue chip companies the best opportunity. Dianguangchuanmei is a preference in high-risk, patient investors wait for the investment varieties.
(- Financial and originality)
Cable network integration accelerated. During the reporting period the company holding 61.03 percent of Hunan Cable strengthen the integration of cable TV network in Hunan Province, and integration of new cable network assets of 10 counties and cities, 43 counties and cities a total integration of cable network assets to cities and counties in Hunan Province 50 per cent of the total. During the reporting period the new cable television subscribers to 200,000, the new conversion 700,000 digital TV subscribers, cable television subscribers reached 2.2 million, digital TV users 1700000. Cable operations to achieve operating income 373 million yuan, an increase of 84.34 percent, year-on-year gross margin increased 2.27 percentage points to 65.04 percent. Since Hunan Province, there are nearly 2 million cable television subscribers to be integrated, while resources in a more decentralized network, integration and larger number of translation costs, although digital television subscription fees increased eight yuan to 24.5 yuan, to resolve some of the translation cost pressures , But the company of assets and liabilities as high as 75.70 percent, the enormous financial pressure. Advertising business grew steadily. Hunan Radio and the media benefit from the sustained and rapid development, the company advertising revenues realized 1.14 billion yuan, an increase of 23.38 percent, but because advertising revenue allocation ratio decreased (from 2007 advertising revenue following some 300 million yuan to the Dianguangzhuanmei 40 percent, 60 percent to the Hunan TV; more than 300 million yuan to the Dianguangchuanmei some 15 percent, 85 percent adjustment to the Hunan TV advertising revenues for all Dianguangchuanmei by 15%, Hunan TV is divided into 85 percent), gross margin declined 4.83 percentage points year-on-year to 13.66 percent, while the Hunan Radio and the future is expected to continue high growth and profit prospects for companies advertising business will be dependent on the support for the parent company. Investment income enhance the profitability of the company. During the reporting period with the company through the reduction of electronic Chau (002,052, it shares) stake in the company 150 million yuan of investment income, venture capital companies operating reserves more abundant resources, has invested more than 20 high-quality enterprises, some enterprises as electronic Chau (002,052, stock it), Tuowei information (002,261 market, stock it) has been successfully listed on April 06 in Hunan Province Wu Jiaju formally established cable television ratings maintenance standards, which will greatly promote the company in digital cable TV Business development. Changsha, Zhuzhou, Xiangtan City MAN 3 cable digital TV ratings for maintenance fees for 24.5 yuan per household / month. 08 in Hunan Province plans to complete before the end of the province's overall digital TV translation, can be of concern.
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