Stock research on global mid-cap companies

Evaluate Research

Evaluate Research provides institutional quality stock research on small-cap and  mid-cap companies on a global basis, thus helping connect investors with the company.

At Evaluate Research, we provide free of cost to all investors a 20-25 page Initiation Report which evaluates in great detail all aspects of the company:  growth opportunities, catalysts, business description, competitive positioning, SWOT analysis, risks, etc.  In addition, we determine specific price targets for the company based on detailed 5-year complete forecasts of financial statements including IS, BS, CF, ratios, etc.  Finally, whereas many sell-side brokers offer sketchy and irregular ongoing maintenance research of companies, if not outright dropped or termination of coverage, at Evaluate Research we systematically monitor and regularly publish Update Notes covering quarterly earnings, major corporate events, etc.

All of the research reports are broadly and freely disseminated globally to leading Fund Managers and analysts who invest specifically in mid-size equities, and also on leading investment information platforms including: Bloomberg, Thomson Reuters, FactSet etc.

Stock research on global mid-cap companies, Evaluate Research

Equity Bottom-Up

<p>Despite the slowdown in the overall Chinese economy, Clear Media [100_HK] has reported a solid set of results for the year ended December 2015, which are in-line with our estimates. Top-line grew by 4% to HK$ 1,832 mn YoY, primarily due to the acquisition of advertising panels in light of lower asset prices. Advertising panels increased by 7% making a total of 45,000 panels at the end of December 2015. Economic growth in China continued to be challenging with numerous last minute cancellations of advertising orders, these have marginally impacted the occupancy rate and average selling price. Despite operating in a competitive business space and added headwinds from the depreciating currency, the company has posted a top-line growth of 4%. On a constant currency basis, revenue growth would have been +6%. The net profit margin grew by 180bps to 17.6%. EPS was up by 16% to HK$ 0.52 per share. During the year, revenue contribution from customers operating in the e-commerce sector increased to 15% of revenue from 9% in the preceding year. The company continued to take advantage of the slowing economy and had CAPX of HK$ 466 mn which is 40% greater than our CAPX estimate. Cash and equivalents on the balance sheet was down from HK$ 1,049 mn to HK$ 689 mn.</p>

Despite the slowdown in the overall Chinese economy, Clear Media [100_HK] has reported a solid set of results for the year ended December 2015, which are in-line with our estimates. Top-line grew by 4% to HK$ 1,832 mn YoY, primarily due to the acquisition of advertising panels in light of lower asset prices. Advertising panels increased by 7% making a total of 45,000 panels at the end of December 2015. Economic growth in China continued to be challenging with numerous last minute cancellations of advertising orders, these have marginally impacted the occupancy rate and average selling price. Despite operating in a competitive business space and added headwinds from the depreciating currency, the company has posted a top-line growth of 4%. On a constant currency basis, revenue growth would have been +6%. The net profit margin grew by 180bps to 17.6%. EPS was up by 16% to HK$ 0.52 per share. During the year, revenue contribution from customers operating in the e-commerce sector increased to 15% of revenue from 9% in the preceding year. The company continued to take advantage of the slowing economy and had CAPX of HK$ 466 mn which is 40% greater than our CAPX estimate. Cash and equivalents on the balance sheet was down from HK$ 1,049 mn to HK$ 689 mn.

Clear Media Ltd

Clear Media: 2HFY2015 Earnings Update