Our favorite wireless play in China - 500 Beiträge pro Seite
eröffnet am 17.07.05 11:56:47 von
neuester Beitrag 09.09.05 08:05:59 von
neuester Beitrag 09.09.05 08:05:59 von
Beiträge: 14
ID: 993.769
ID: 993.769
Aufrufe heute: 0
Gesamt: 1.221
Gesamt: 1.221
Aktive User: 0
Top-Diskussionen
| Titel | letzter Beitrag | Aufrufe |
|---|---|---|
| vor 1 Stunde | 354 | |
| 08.05.24, 11:56 | 207 | |
| vor 35 Minuten | 187 | |
| gestern 23:25 | 165 | |
| gestern 22:44 | 144 | |
| gestern 22:52 | 110 | |
| gestern 21:38 | 105 | |
| gestern 23:15 | 98 |
Meistdiskutierte Wertpapiere
| Platz | vorher | Wertpapier | Kurs | Perf. % | Anzahl | ||
|---|---|---|---|---|---|---|---|
| 1. | 1. | 18.772,85 | +0,46 | 131 | |||
| 2. | 3. | 0,2170 | +3,33 | 125 | |||
| 3. | Neu! | 8,9400 | +58,51 | 108 | |||
| 4. | 4. | 167,52 | -2,59 | 103 | |||
| 5. | 14. | 5,7540 | -2,18 | 56 | |||
| 6. | 2. | 0,2980 | -3,87 | 50 | |||
| 7. | 5. | 2,5700 | -6,55 | 49 | |||
| 8. | 7. | 6,8000 | +2,38 | 38 |
Feedback
Vom 8.7.2005 - Sehr interessant zu lesen
1. Industry Commentary
Expect Increasing Consolidation. We believe Chinese Internet companies will see significantly increased consolidation and M&A activity over the next 12 months, with U.S. based companies playing a major role as consolidators. The recent visits by both Google and Microsoft are only part of the picture, as our research suggests that other companies are also actively pursuing potential targets in China.
In addition, we believe the Chinese companies like Shanda, Tencent, and possibly Tom Online will become more active consolidators of smaller players. Finally, we believe Japanese enterprises are increasingly focused on the Chinese market, especially within wireless and gaming sector, and are likely to be more active consolidators. We have already seen several examples of Japanese companies acquiring or taking major interest in Chinese enterprises.
While there will always be consolidation of much smaller players (such as game studios), we consider this process to be much more pronounced and to impact the landscape of the Internet companies in China. A key factor for U.S. companies will be to limit regulatory exposure and avoiding acquisitions, which may raise the interest of the governmental bodies with sensitivities to foreign ownerships.
Overall, we consider four areas as prime candidates for consolidation:
* Wireless Services Providers. Most of this consolidation is likely to happen by other Chinese companies. We believe companies like Hurray! and Linktone are highly valuable assets, given their strong presence in wireless services and high margin operations.
* Search. Although there are few major players in this area, we believe a number of private companies will continue to focus on various aspects of search and both U.S. and Chinese companies will be actively pursuing participants in the search market.
* Online Content And Services sector is likely to see the most active level of consolidation as there are a large number of small but valuable private companies, as well as some of the currently public companies that provide limited regulatory exposure but significant user base. These services could include communication services such as IM, user-generated content sites, game portals, travel, autos, and other vertical contents and services.
Valuable properties. We believe among our coverage companies the following have particularly valuable properties:
Sohu - Despite investor concerns about strategic direction of the company and management bandwidth, Sohu will remain the second largest portal in China and we believe highly attractive, especially if Shanda`s stated intention of acquiring SINA becomes a reality. The company also has exposure to the search market.
TOM Online, Hurray!, Linktone - The wireless sector, as we have often stated, appears to us to be the prime candidate for consolidation, particularly by other Chinese companies. Hurray! has strong presence in WAP and 2.5 g services and a relationship with both carriers in China.
Ctrip. As the leading provider of online and offline travel services, we think that Ctrip has a very attractive position in China with few regulatory concerns. The travel market, and especially online migration of it, is still in very early stages and Ctrip has built a very strong brand. We note that the Japanese e-commerce company, Rakutan, has already taken a stake in Ctrip.
2. Company & Industry News
China Mobile Meeting With SPs: Revenue Model Remains Intact. China Mobile held a meeting with analysts and discussed its strategy for working with SPs. The main outcome was that the current agreement of 85% of revenues going to major SPs and 15% going to China Mobile will remain intact in most cases. Overall, the announcements by China mobile in this meeting have confirmed our positions in the wireless sector and provided little new information. However, we consider this still a positive as it was an official affirmation of the positions that we and most of the SPs were assuming to be the case. We believe China Mobile had two goals with this unprecedented meeting: first, to provide transparency and clarity to its rules and regulations, as the company was criticized often for not having clear rules, and second, to further encourage larger SPs to be more innovative and look for proprietary content, with a carrot and stick approach.
Online Gaming: Recent Moves By The Chinese Government. The Ministry of Culture (MOC) and the Ministry of Information Industry (MII), two of the most prominent government regulatory agencies for online gaming in China, recently announced some new initiatives. A Ministry of Culture official stated that the MOC and MII are working jointly on new standards on the selection of foreign-produced games, as well as game violence and other monitoring procedures to maintain quality content that does not corrupt China`s youth. While these new rules would increase the regulations on foreign games imported into China, the new policies would also help to promote the domestic gaming business, with the government`s goal of enabling Chinese-made games to control the domestic marketplace longer term.
Resignation Of Yahoo! China President. Zhou Hongyi, the President of Yahoo! China, announced his resignation this past Wednesday. His contract expires on August 31, at which time he will leave the company for personal reasons. In his absence, Guang Chongyuan, Yahoo! North Asia managing director, will step in on an interim basis.
The9: 2 Key Announcements. The9 recently announced that The9 Limited has decided to purchase the remaining 31.1% minority interest in China The9 Interactive Limited, or C9I. C9I currently holds the exclusive license from Vivendi for World of Warcraft, and this new move helps to give The9 a more streamlined business model with a less complex corporate structure than in the joint venture model. Also this week, The9 reported that its new in-house developed game, Joyful Journey West, will commence limited open beta testing on July 15. The advanced casual game, intended to compete directly with Shanda`s Maple Story, has been in development for the past two years.
China Mobile And Google Meet To Discuss Future Plans. According to eNet, Eric Schmidt, CEO of Google, traveled to China to meet with China Mobile General Manager Wang Jianzhou. The two parties agreed to collaborate on mobile e-commerce and wireless portals in China. We note that Mr. Schmidt was reportedly also seen meeting with Baidu.
China e-commerce Update - Paypal Launch By Year`s End. eBay recently said that Paypal will be launched in China by the end of this year, although no specific launch date has been set as of this time. In the Chinese Consumer to Consumer space (C2C), there is currently only one payment platform, and that is AliPay for Alibaba`s Taobao online auctions site. Paypal China would directly compete with AliPay, adding another dimension to the competition between eBay China and Taobao for control of China`s e-commerce sector. In addition, Tencent also recently announced that it plans on launching its own online auctions site, leveraging the 150 million users of its QQ instant messaging service.
SP Game133 Closed Down By China Unicom. China Unicom closed down Game133, a Shanghai-based wireless value added service (WVAS) provider due to suspected pornographic content.
Potential CNOOC Takeover of Unocal Spurs Controversy. CNOOC, China`s top offshore oil producer, recently bid $18.5B in cash to acquire Unocal, a California-based oil producer. The takeover has both economic and political implications. The U.S. House of Representatives voted in favor of a measure which would prevent the Bush Administration from approving the transaction, citing U.S. national security issues. The Chinese government responded with a plea for the U.S. government not to meddle in an international business transaction. This recent development has further complicated relations between the two nations (Reuters).
Trade Surplus to Exceed $70 Billion. China`s global trade surplus for 2005 is expected to exceed $70 billion, a marked increase over last year`s $32 billion figure. China`s surplus with the U.S. for 2005 is projected to reach approximately $100B (Xinhua).
Salary Increase for Chinese White Collar Workers. Based on a poll of more than 2.2 million office workers conducted by Zhaopin.com, an online human resources and recruitment site, the average salary of white collar workers in Shanghai increased by 4.6% in 1H05, compared with the same time horizon from the previous year (Shanghai Daily News).
3. China Stocks This Week
In the past week, as of Thursday`s market close, the Piper Jaffray China Internet Index was up by 1.3%, outperforming the NASDAQ Index, which was at 0.9%. For the full year to date, the Piper Jaffray China Internet Index has declined by 13.7%, while the NASDAQ is down by 4.6% for the full year thus far.
Year-to-Date Daily Graph Of Piper Jaffray China Internet Index vs. NASDAQ
Shanda (SNDA, Outperform). Expect new initiatives and a strong quarter to be solid catalyst for the stock. Remains our top pick in China.
NetEase (NTES, Outperform). Expect solid upside in Q2. Game pipeline of 3-D games provides comfort in `06 upside as well.
SINA (SINA, Outperform). Advertising is strong and could provide some upside, while Q2 likely to be the bottom for the wireless; would be buyers on weakness.
Sohu.com (SOHU, Market Perform). The company`s search effort could give the stock a boost, especially given the low valuation. Long-term strategic positioning remains investors` main concern.
Ctrip (CTRP, Outperform). The stock has been one of the best performers this year, deservedly, in our opinion.
Tom Online (TOMO, Outperform). Company is one of the best positioned in wireless sector; concerns about potential management movements may continue to pressure the stock.
51Job (JOBS, Outperform). Stock will lack major catalyst until there is more confidence in longer-term growth rate.
Linktone (LTON, Outperform). Remains undervalued and attractive, as wireless sector reaches the bottom in Q2.
Hurray! (HRAY, Outperform). Our favorite wireless play in China, given its strong technology platform, WAP focus, and low valuation.
1. Industry Commentary
Expect Increasing Consolidation. We believe Chinese Internet companies will see significantly increased consolidation and M&A activity over the next 12 months, with U.S. based companies playing a major role as consolidators. The recent visits by both Google and Microsoft are only part of the picture, as our research suggests that other companies are also actively pursuing potential targets in China.
In addition, we believe the Chinese companies like Shanda, Tencent, and possibly Tom Online will become more active consolidators of smaller players. Finally, we believe Japanese enterprises are increasingly focused on the Chinese market, especially within wireless and gaming sector, and are likely to be more active consolidators. We have already seen several examples of Japanese companies acquiring or taking major interest in Chinese enterprises.
While there will always be consolidation of much smaller players (such as game studios), we consider this process to be much more pronounced and to impact the landscape of the Internet companies in China. A key factor for U.S. companies will be to limit regulatory exposure and avoiding acquisitions, which may raise the interest of the governmental bodies with sensitivities to foreign ownerships.
Overall, we consider four areas as prime candidates for consolidation:
* Wireless Services Providers. Most of this consolidation is likely to happen by other Chinese companies. We believe companies like Hurray! and Linktone are highly valuable assets, given their strong presence in wireless services and high margin operations.
* Search. Although there are few major players in this area, we believe a number of private companies will continue to focus on various aspects of search and both U.S. and Chinese companies will be actively pursuing participants in the search market.
* Online Content And Services sector is likely to see the most active level of consolidation as there are a large number of small but valuable private companies, as well as some of the currently public companies that provide limited regulatory exposure but significant user base. These services could include communication services such as IM, user-generated content sites, game portals, travel, autos, and other vertical contents and services.
Valuable properties. We believe among our coverage companies the following have particularly valuable properties:
Sohu - Despite investor concerns about strategic direction of the company and management bandwidth, Sohu will remain the second largest portal in China and we believe highly attractive, especially if Shanda`s stated intention of acquiring SINA becomes a reality. The company also has exposure to the search market.
TOM Online, Hurray!, Linktone - The wireless sector, as we have often stated, appears to us to be the prime candidate for consolidation, particularly by other Chinese companies. Hurray! has strong presence in WAP and 2.5 g services and a relationship with both carriers in China.
Ctrip. As the leading provider of online and offline travel services, we think that Ctrip has a very attractive position in China with few regulatory concerns. The travel market, and especially online migration of it, is still in very early stages and Ctrip has built a very strong brand. We note that the Japanese e-commerce company, Rakutan, has already taken a stake in Ctrip.
2. Company & Industry News
China Mobile Meeting With SPs: Revenue Model Remains Intact. China Mobile held a meeting with analysts and discussed its strategy for working with SPs. The main outcome was that the current agreement of 85% of revenues going to major SPs and 15% going to China Mobile will remain intact in most cases. Overall, the announcements by China mobile in this meeting have confirmed our positions in the wireless sector and provided little new information. However, we consider this still a positive as it was an official affirmation of the positions that we and most of the SPs were assuming to be the case. We believe China Mobile had two goals with this unprecedented meeting: first, to provide transparency and clarity to its rules and regulations, as the company was criticized often for not having clear rules, and second, to further encourage larger SPs to be more innovative and look for proprietary content, with a carrot and stick approach.
Online Gaming: Recent Moves By The Chinese Government. The Ministry of Culture (MOC) and the Ministry of Information Industry (MII), two of the most prominent government regulatory agencies for online gaming in China, recently announced some new initiatives. A Ministry of Culture official stated that the MOC and MII are working jointly on new standards on the selection of foreign-produced games, as well as game violence and other monitoring procedures to maintain quality content that does not corrupt China`s youth. While these new rules would increase the regulations on foreign games imported into China, the new policies would also help to promote the domestic gaming business, with the government`s goal of enabling Chinese-made games to control the domestic marketplace longer term.
Resignation Of Yahoo! China President. Zhou Hongyi, the President of Yahoo! China, announced his resignation this past Wednesday. His contract expires on August 31, at which time he will leave the company for personal reasons. In his absence, Guang Chongyuan, Yahoo! North Asia managing director, will step in on an interim basis.
The9: 2 Key Announcements. The9 recently announced that The9 Limited has decided to purchase the remaining 31.1% minority interest in China The9 Interactive Limited, or C9I. C9I currently holds the exclusive license from Vivendi for World of Warcraft, and this new move helps to give The9 a more streamlined business model with a less complex corporate structure than in the joint venture model. Also this week, The9 reported that its new in-house developed game, Joyful Journey West, will commence limited open beta testing on July 15. The advanced casual game, intended to compete directly with Shanda`s Maple Story, has been in development for the past two years.
China Mobile And Google Meet To Discuss Future Plans. According to eNet, Eric Schmidt, CEO of Google, traveled to China to meet with China Mobile General Manager Wang Jianzhou. The two parties agreed to collaborate on mobile e-commerce and wireless portals in China. We note that Mr. Schmidt was reportedly also seen meeting with Baidu.
China e-commerce Update - Paypal Launch By Year`s End. eBay recently said that Paypal will be launched in China by the end of this year, although no specific launch date has been set as of this time. In the Chinese Consumer to Consumer space (C2C), there is currently only one payment platform, and that is AliPay for Alibaba`s Taobao online auctions site. Paypal China would directly compete with AliPay, adding another dimension to the competition between eBay China and Taobao for control of China`s e-commerce sector. In addition, Tencent also recently announced that it plans on launching its own online auctions site, leveraging the 150 million users of its QQ instant messaging service.
SP Game133 Closed Down By China Unicom. China Unicom closed down Game133, a Shanghai-based wireless value added service (WVAS) provider due to suspected pornographic content.
Potential CNOOC Takeover of Unocal Spurs Controversy. CNOOC, China`s top offshore oil producer, recently bid $18.5B in cash to acquire Unocal, a California-based oil producer. The takeover has both economic and political implications. The U.S. House of Representatives voted in favor of a measure which would prevent the Bush Administration from approving the transaction, citing U.S. national security issues. The Chinese government responded with a plea for the U.S. government not to meddle in an international business transaction. This recent development has further complicated relations between the two nations (Reuters).
Trade Surplus to Exceed $70 Billion. China`s global trade surplus for 2005 is expected to exceed $70 billion, a marked increase over last year`s $32 billion figure. China`s surplus with the U.S. for 2005 is projected to reach approximately $100B (Xinhua).
Salary Increase for Chinese White Collar Workers. Based on a poll of more than 2.2 million office workers conducted by Zhaopin.com, an online human resources and recruitment site, the average salary of white collar workers in Shanghai increased by 4.6% in 1H05, compared with the same time horizon from the previous year (Shanghai Daily News).
3. China Stocks This Week
In the past week, as of Thursday`s market close, the Piper Jaffray China Internet Index was up by 1.3%, outperforming the NASDAQ Index, which was at 0.9%. For the full year to date, the Piper Jaffray China Internet Index has declined by 13.7%, while the NASDAQ is down by 4.6% for the full year thus far.
Year-to-Date Daily Graph Of Piper Jaffray China Internet Index vs. NASDAQ
Shanda (SNDA, Outperform). Expect new initiatives and a strong quarter to be solid catalyst for the stock. Remains our top pick in China.
NetEase (NTES, Outperform). Expect solid upside in Q2. Game pipeline of 3-D games provides comfort in `06 upside as well.
SINA (SINA, Outperform). Advertising is strong and could provide some upside, while Q2 likely to be the bottom for the wireless; would be buyers on weakness.
Sohu.com (SOHU, Market Perform). The company`s search effort could give the stock a boost, especially given the low valuation. Long-term strategic positioning remains investors` main concern.
Ctrip (CTRP, Outperform). The stock has been one of the best performers this year, deservedly, in our opinion.
Tom Online (TOMO, Outperform). Company is one of the best positioned in wireless sector; concerns about potential management movements may continue to pressure the stock.
51Job (JOBS, Outperform). Stock will lack major catalyst until there is more confidence in longer-term growth rate.
Linktone (LTON, Outperform). Remains undervalued and attractive, as wireless sector reaches the bottom in Q2.
Hurray! (HRAY, Outperform). Our favorite wireless play in China, given its strong technology platform, WAP focus, and low valuation.
HRAY ... noch nie was von gehört 
Dann wirds aber Zeit das du dich damit beschäftigst. 
Bin schon seit mehreren Monaten dabei.
Gestern noch mal nachgekauft.
Wenn die Stimmung/Pychologie des Marktes bzw. die der Aktie
dreht, wird wieder auf fundamentale Daten geachtet.
...die Frage ist nur wann dies geschieht!?
Der Kurs ist nur rein pychologisch zu erklären (Angst etc.)
... ist diese weg, wird die Aktie laufen...
Ich freu mich schon dabei zu sein!!!!
Gestern noch mal nachgekauft.
Wenn die Stimmung/Pychologie des Marktes bzw. die der Aktie
dreht, wird wieder auf fundamentale Daten geachtet.
...die Frage ist nur wann dies geschieht!?
Der Kurs ist nur rein pychologisch zu erklären (Angst etc.)
... ist diese weg, wird die Aktie laufen...
Ich freu mich schon dabei zu sein!!!!
!
Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an feedback@wallstreet-online.deTrading Spotlight
Marino217
Wieviele hast du denn ? Gerne auch per Boardmail.
Schön das wir jetzt schon zu 4 sind
Wieviele hast du denn ? Gerne auch per Boardmail.
Schön das wir jetzt schon zu 4 sind
Was ist eigentlich los mit HRAY bin schon mit 20% in den Miesen.
Überlege ernsthaft mich zu verabschieden, oder nachkaufen.Aber warum "gutes" Geld "schlechtem" nachwerfen?
Der "Aktionär" hat geschrieben, der Kursverfall läge noch an der am 3.August geendeten Haltefrist, aber mir kommt das eher merkwürdig vor, wenn der Kurs noch 6 Wochen später nachgibt.
Angeblich ist HRAY günstiger bewertert als Kongzhong und die steiden steig trotz nich erfüllter Quartalsprognose.
Echt ich am Ende mit meinem Latein???!!!
Überlege ernsthaft mich zu verabschieden, oder nachkaufen.Aber warum "gutes" Geld "schlechtem" nachwerfen?
Der "Aktionär" hat geschrieben, der Kursverfall läge noch an der am 3.August geendeten Haltefrist, aber mir kommt das eher merkwürdig vor, wenn der Kurs noch 6 Wochen später nachgibt.
Angeblich ist HRAY günstiger bewertert als Kongzhong und die steiden steig trotz nich erfüllter Quartalsprognose.
Echt ich am Ende mit meinem Latein???!!!
Verkaufen würde ich jetzt nicht mehr.
Sobald sie wieder anfangen zu steigen würde ich nachkaufen.
Sobald sie wieder anfangen zu steigen würde ich nachkaufen.
Stimmt ja prinzipiell aber sicher kennt jeder der mit Aktien Kohle machen will diese Situation.
Hab schon oft den Fehler gemacht, dass ich ausgcestiegen bin und dann gings los.
Ein Bekannter meinte mal zu mir: "wenn Du was verkaufst sag Bescheid, dann kauf ich"
Hab noch JDS und habe eine Empfehlung das die sich in den nächsten 6 Monaten verdoppeln, Nun warte ich auch schon 6 Wochen und nix passiert...
Hab schon oft den Fehler gemacht, dass ich ausgcestiegen bin und dann gings los.
Ein Bekannter meinte mal zu mir: "wenn Du was verkaufst sag Bescheid, dann kauf ich"
Hab noch JDS und habe eine Empfehlung das die sich in den nächsten 6 Monaten verdoppeln, Nun warte ich auch schon 6 Wochen und nix passiert...
Auch wenn es mir jetzt keiner glaubt, ich gehe von 16-17 USD in 12 Monaten aus.
Also ca. 100%
Also ca. 100%
Wie kommst Du darauf? 100%
Deswegen:
Gewinn Hurray 1 Hj 2005 = 10,5 Mio = 21 Mio Jahr hochgerechnet
Gewinn Linktone 1 Hj 2005 = 6,8 Mio = 13,6 Mio Jahr hochgerechnet
ausstehende Aktien Hurray = 22,3 Mio * 8,42 USD = 187,7 Mio Börsenwert
ausstehende Aktien Linktone = 27,3 Mio * 9,30 USD = 253,9 Mio Börsenwert
KGV 2005 Hray = 187,7 : 21 = 8,94
KGV 2005 Lton = 253,9 : 13,6 = 18,66
Lton ist über doppelt so teuer.
Gewinn Hurray 1 Hj 2005 = 10,5 Mio = 21 Mio Jahr hochgerechnet
Gewinn Linktone 1 Hj 2005 = 6,8 Mio = 13,6 Mio Jahr hochgerechnet
ausstehende Aktien Hurray = 22,3 Mio * 8,42 USD = 187,7 Mio Börsenwert
ausstehende Aktien Linktone = 27,3 Mio * 9,30 USD = 253,9 Mio Börsenwert
KGV 2005 Hray = 187,7 : 21 = 8,94
KGV 2005 Lton = 253,9 : 13,6 = 18,66
Lton ist über doppelt so teuer.
wenn ich mir heute Hurray in FF ansehe wird mir schon wieder ganz schlecht...
[posting]17.768.993 von Marino217 am 02.09.05 13:54:10[/posting]was für Ängste?
DurchsuchenBeitrag zu dieser Diskussion schreiben
Zu dieser Diskussion können keine Beiträge mehr verfasst werden, da der letzte Beitrag vor mehr als zwei Jahren verfasst wurde und die Diskussion daraufhin archiviert wurde.
Bitte wenden Sie sich an feedback@wallstreet-online.de und erfragen Sie die Reaktivierung der Diskussion oder starten Sie eine neue Diskussion.
Meistdiskutiert
| Wertpapier | Beiträge | |
|---|---|---|
| 130 | ||
| 129 | ||
| 113 | ||
| 100 | ||
| 56 | ||
| 50 | ||
| 46 | ||
| 38 | ||
| 35 | ||
| 33 |
| Wertpapier | Beiträge | |
|---|---|---|
| 27 | ||
| 24 | ||
| 23 | ||
| 22 | ||
| 22 | ||
| 21 | ||
| 19 | ||
| 17 | ||
| 17 | ||
| 15 |
