Qin Jia Yuan Media Services (2366.hk) was listed on the mainboard in June 2004 and as of Aug 31, 2006, it has a market value of roughly HKD1,172 million, implying a historic P/E of 17.7 times (net income for FY ending Sep/2005 of HKD66.2 million).
Interim results for the 6 months ended Mar/2006 was HKD43.27 million versus HKD28.82 million during the same period last year, representing a 50.14% increase in net profits. Earnings per share recorded a 27.74% increase, from HKD7.21 cents to HKD9.21 cents, due to a dilution effect from new issue of shares. A preliminary simple estimate of a full year (FY06) net profit of HKD86.54 million, assuming a stable second half, QJY is currently trading at P/E of 13.5.
Taking into consideration of any seasonal factor, the following table compares H1/06 to H1/05’s results.
Turnover (in HKD thousand)
TV program related income 36169 (+33.9%) versus 27010
Marketing related income 18220 (+61.4%) versus 11289
PR service income 9095 (-35.2%) versus 14045
Total 63484 (+21.3%) 52344
TV program related income made up 57% (vs 51%), marketing related income 29% (vs 22%) and PR service accounted for 14% (vs 27%) of its total revenue respectively. Both TV program and marketing income recorded a satisfactory growth during the period; nevertheless, PR income dropped 35%. Overall turnover rose 21% versus a year earlier.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment