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Will see Sub $1 soon. Average down is not a winning strategy for CCME. CCME.pk eventually will be ZERO. After it is all over, nothing will be left for public shareholders. SELL, get whatever it is left. Anything is better than ZERO.
Will see Sub $1 soon. CCME.pk will meet RINO.pk faster than most people thought. Majority of shorts has been covered. Only the dreamers are still holding the bag. Sell and get whatever you can get now!
Repost: "Modeling of CCME's business" revealed that the reported revenue of CCME is impossible. This was posted in last august.
CCME: How much CME can generate from Beijing airport buses? another try!
Thanks for Fernando and Ryan for pointing out the data errors and my math or logic flaws in my previous analysis on CME’s airport buses. There are too many variables in that analytic approach, which makes it too complex. I would like to use another approach to make the same analysis. My goal is to have better understanding of CME’s business. Again, I welcome any criticism and corrections on either the data or the logic in my analysis. I hope that I have said everything based on facts.
Based on these factorial calculations, it has to be a miracle that CCME could earned $13.6 million in Q2 from the buses in the four airports CME covered.
1. How many buses are in Beijing Airport.?
229
Based on the press release[ 1] of CME , there are 229 buses in Beijing airport managed by two bus operators.
2. How many passengers are on these 229 buses?
6400-9200 passengers.
At least , Some of these 229 buses are on maintenance or idle for backups. To simplify, I assume it runs at full capacity, e.g. all 229 buses are operating all day. Full load is approximately 40 passengers. At one time, 9160 passengers are on these buses, assuming all buses are fully loaded. 6412 passengers are on the buses if load factor is 70%.
3. How many 15 second ad unit could be displayed on the LCD screens of the buses?
960
CME displays advertisements in ten-minute blocks after every 30 minutes of entertainment content. [2] And CME charge advertisers by CPM [3] of 15 sec advertising blocks. We can call a 15 sec advertising as an ad unit.
An airport bus runs approximately 16 hours a day. 12 hours are used to display entertainment programs and 4 hours are used to display ad. A LCD screen can display 960 15 sec ad units a day. This is the maximum advertising that can be displayed on a bus running non-stop for 16 hours.
4. How much does CME charge a 15 sec ad that can reach 1000 viewers ?
3 RMB for a 15 sec ad unit that can reach 1000 viewers
This table lists CPM that CME charged to advertisers in 2008 [2]. The rate for Beijing is 2.14 RMB for a 15 sec ad that can reach 1000 viewers. If we consider the rate hikes in past two years and surcharge for airport buses, I estimate the rate as 3 RMB, which is 40% premium over 2008 rate.
City==== CPM of Advertising on CME’s Network (RMB)
Shanghai=== 3.61
Guangzhou=== 3.22
Xiamen === 3.06
Fuzhou === 2.61
Nanjing === 2.58
Changzhou=== 2.58
Tianjin === 2.56
Beijing === 2.14
5. How much money could CME earn from the ads on the buses of Beijing airport each day?
18500 RMB to 26500 RMB
With above numbers, we can easily estimate this now.
Total daily revenue=CPM x ( total ad units) x (number viewers in thousands)
at 70% load: Revenue = 3 RMB x 960 x 6.4 = 18500 RMB
at full load: Revenue = 3 RMB x 960 x 9.2 = 26500 RMB
Please note that above calculation assumes that 1) all 229 buses running non-stop; and 2) all advertising time slots have been sold to advertisers. These are very OPTIMISTIC assumptions.
6. How much revenue could buses of Beijing airport generate for CME in a quarter?
$0.25-$0.35 million
Quarterly revenue= (daily revenue) x 90 days
at 70% load, quarter revenue=18500 RMB x 90=1.665 million in RMB = $0.25 million
at full load, quarterly revenue=26500 RMB x 90=2.385 million in RMB = $0.35 million
CME covers four airports: Beijing, Fuzhou, Guangzhou, Qingdao airports in Q2. Other 3 airports are much smaller. Even if other three airports generate same amount of revenue as Beijing airports. Total revenue is almost impossible to add up to $13.6 million. The difference could not be a rounding error.
1. http://www.earthtimes.org/articles/press/china-mediaexpress-holdings-inc-announces,1154921.html
2. 2010 10K
3. CPM: cost of reaching a thousand viewers
Is CCME the worst offender in the Chinese Reverse Merger frauds? The market seems think so. The stock behaves worse than other frauds the first day trading after halt.
Hope that people here listened to me when I used modeling to say CCME's numbers are impossible.
By the way, where is Fernando? Are you still believing CCME's story?
If I were you, I would disappear and hide somewhere forever.
"Modeling of CCME's business" revealed that the reported revenue of CCME is impossible. This was posted in last august.
CCME: How much CME can generate from Beijing airport buses? another try!
Thanks for Fernando and Ryan for pointing out the data errors and my math or logic flaws in my previous analysis on CME’s airport buses. There are too many variables in that analytic approach, which makes it too complex. I would like to use another approach to make the same analysis. My goal is to have better understanding of CME’s business. Again, I welcome any criticism and corrections on either the data or the logic in my analysis. I hope that I have said everything based on facts.
Based on these factorial calculations, it has to be a miracle that CCME could earned $13.6 million in Q2 from the buses in the four airports CME covered.
1. How many buses are in Beijing Airport.?
229
Based on the press release[ 1] of CME , there are 229 buses in Beijing airport managed by two bus operators.
2. How many passengers are on these 229 buses?
6400-9200 passengers.
At least , Some of these 229 buses are on maintenance or idle for backups. To simplify, I assume it runs at full capacity, e.g. all 229 buses are operating all day. Full load is approximately 40 passengers. At one time, 9160 passengers are on these buses, assuming all buses are fully loaded. 6412 passengers are on the buses if load factor is 70%.
3. How many 15 second ad unit could be displayed on the LCD screens of the buses?
960
CME displays advertisements in ten-minute blocks after every 30 minutes of entertainment content. [2] And CME charge advertisers by CPM [3] of 15 sec advertising blocks. We can call a 15 sec advertising as an ad unit.
An airport bus runs approximately 16 hours a day. 12 hours are used to display entertainment programs and 4 hours are used to display ad. A LCD screen can display 960 15 sec ad units a day. This is the maximum advertising that can be displayed on a bus running non-stop for 16 hours.
4. How much does CME charge a 15 sec ad that can reach 1000 viewers ?
3 RMB for a 15 sec ad unit that can reach 1000 viewers
This table lists CPM that CME charged to advertisers in 2008 [2]. The rate for Beijing is 2.14 RMB for a 15 sec ad that can reach 1000 viewers. If we consider the rate hikes in past two years and surcharge for airport buses, I estimate the rate as 3 RMB, which is 40% premium over 2008 rate.
City==== CPM of Advertising on CME’s Network (RMB)
Shanghai=== 3.61
Guangzhou=== 3.22
Xiamen === 3.06
Fuzhou === 2.61
Nanjing === 2.58
Changzhou=== 2.58
Tianjin === 2.56
Beijing === 2.14
5. How much money could CME earn from the ads on the buses of Beijing airport each day?
18500 RMB to 26500 RMB
With above numbers, we can easily estimate this now.
Total daily revenue=CPM x ( total ad units) x (number viewers in thousands)
at 70% load: Revenue = 3 RMB x 960 x 6.4 = 18500 RMB
at full load: Revenue = 3 RMB x 960 x 9.2 = 26500 RMB
Please note that above calculation assumes that 1) all 229 buses running non-stop; and 2) all advertising time slots have been sold to advertisers. These are very OPTIMISTIC assumptions.
6. How much revenue could buses of Beijing airport generate for CME in a quarter?
$0.25-$0.35 million
Quarterly revenue= (daily revenue) x 90 days
at 70% load, quarter revenue=18500 RMB x 90=1.665 million in RMB = $0.25 million
at full load, quarterly revenue=26500 RMB x 90=2.385 million in RMB = $0.35 million
CME covers four airports: Beijing, Fuzhou, Guangzhou, Qingdao airports in Q2. Other 3 airports are much smaller. Even if other three airports generate same amount of revenue as Beijing airports. Total revenue is almost impossible to add up to $13.6 million. The difference could not be a rounding error.
1. http://www.earthtimes.org/articles/press/china-mediaexpress-holdings-inc-announces,1154921.html
2. 2010 10K
3. CPM: cost of reaching a thousand viewers
Redflags raised last year:
1. Why did insider sell the stock at $9 two weeks before the stock running up to $22? Are the insiders so stupid and a poor market timer?
2. Where is the share buyback that was announced?
3. Where is the dividend?
4. Why did CCME have exceptionally low interest income ratio, while VISN the opposite, among the four competitors?
Here is the Interest Income/Ending Cash Balance ratio in percentage for Q2.
...... FMCN: 0.19%
...... AMCN: 0.20%
...... VISN: 0.83%
...... CCME: 0.06%
Notes:
(1) These were for Q2 2010
(2) The denominator was Ending Cash Balance.
5. Why does CCME has extremely high margin relative to its competitors?
In Q2, 2010, CCME reported a margin of 79%, while its competitors reported low or negative margin. VISN was 23% and AMCN was -10%.
Again, are they all in China? CCME must have some magic power to achieve that.
6. How can CCME generate 3.4x revenue per LCD than its competitors?
CCME has roughly 55-60k displays; VISN has like 120k LCDs. In Q2, 2010. VISN’s total revenue was $31 million and CCME generated $53 million from much less LCDs. Each CCME’s LCD generated 3.4x more revenue than that of VISN. How can CCME do this?
7. Why CCME selling expense is so low? CCME selling expense is 3% of revenue . However, its competitors are much higher, FMCN 38%, VISN 22%.
You have to believe that CCME is operating in completely different market from FMCN or VISN's. These costs have to rise if the number is even being correctly reported. Seems to be too low ???
Are you forgetting what happened to AMCN. Go back and review AMCN which too started out strong, but the concession fees rose quickly to 73% of revenue.
8. How can CCME increase its revenue by more than 20 fold while sales force remain almost flat?
http://www.sec.gov/Archives/edgar/data/1399067/000095012309048061/y78076dmdefm14a.htm
According to SEC form DEFM14a 2009-10-05 page 118-151, CCME's revenue grew more than 20 fold from 2006 to 2009 while its sales force almost remained flat.
CCME reported revenues of $4 million, $26 million, 63 million and $95 million for year 2006 2007, 2008 and 2009, correspondingly. The reported people in sale force for 2006, 2007, 2008 and 2009 are 58, 76, 63[note 1] and 63, corespondingly.
-------------------------------2006 --- 2007 ---2008 ----2009
REVENUE(MILLION) ---4 26--- 63--- 95
SALE FORCE ---58[p151]--- 76[p151]--- 63[p148] ---63[p118]
In year 2007, 2008 and 2009, CCME experienced amazing revenue growth of 600%, 142% and 50%, correspondingly. However, its sale force has not changed significantly over this period. Moreover, In 2008, its sale force even dropped from to 63 from 76 of 2007.
Note 1: 63 in 2009 is the reported number on June, 2009. 2008 number is a approximation based on the statement "There were no significant difference in the size of the sales force for the six months ended June 30, 2009 and 2008" on page 148 of form DEFM14a.
9. Why did CCME list the likes of VISN, AMCN, FMCN as its competitors, while none of these other companies has listed CCME as a competitor? Note that VISN, AMCN, and FMCN have listed each other as competitors. Check their 10-Ks. Were FMCN, VISN, AMCN just too blindsided to see a formidable emerging competitor on the horizon? Or Was it something else?
10. Why are so many shares sold short? There is high short interests in RINO whose story is still unfolded. The shorts are not so dumb and stupid after all.
What's up for CCME? below $12 again.
Yongtai county news: Tourism is booming during national holiday. A total of 113,900 tourists visited in seven days with the output value of 31.01 million yuan, which was an increase over last year 25.3%, 31% respectively.
Note: Yunding is in Yongtai County
CNYD: This is from yahoo post, can not verify.
Robert Hsu, who recommended this stock to his subscribers, now recommends selling. He got his herd in this stock when it was near year's highs and now is leading them out with huge losses when the stock is at year's low. I have long said that Hsu is using China Strategy subsribers as a garbage bin, i.e as a truck where his rich clients can unload the stock. Now Robbie says sell to his poor herd, so his rich clients can start buying, and lots of.
This is a great buying opportunity for self-directed traders.
Significant institution ownership:
Ardsley Partners significantly increased their ownership to ~18% of Yida based on this sc-13G filed to SEC on August 16th. Anybody knows more about this fund company, their track record?
http://www.sec.gov/Archives/edgar/data/1091325/000090266410003232/0000902664-10-003232-index.htm
Yunding stunning pictures
http://tt.mop.com/read_4955010_1_0.html
CNYD: Yunding open on Sept 28th
Genting is located in tourist areas in China Yongtai County, Fuzhou, Fujian Province, covers an area of 36 square kilometers, is the national key scenic spots Qingyunshan the top. ???????????????,?????????,???70??,????50 ??,????????????????? Area has a unique natural environment, more convenient transportation environment, 70 km from Fuzhou, Putian, only 50 kilometers away from the construction of highways and high-speed railway will soon be opened to traffic. ?????5A????????,?????“???????????????”?“???????????????”? Class 5A scenic area in accordance with the construction standards, and strive to fight the "Fuzhou Fujian Tourism proud landmark" and "Chinese provincial capital base of the only mountain resort."
???????????1000???,?????????:??????????,????,????,????;??????????????????????????1100????????;???????????“????”????,?????????????????????????????????????,???1000??????360?????????????????? Genting Chinese tourist areas above 1,000 meters above sea level on average, by a combination of the five area: terraced landscape, like spring flowers, colorful, color Tsui filled, range upon range of mountains; Tianchi pasture area by the hundreds of millions of years ago, volcanic eruptions and the formation and elevation Tianchi composed of 1,100 meters high mountain meadow; shape strange cloud falls from "two three-valley" through contact, colorful waterfall Valley, Red River Valley, Feicui Gu Gu was embedded in the three cliffs, magnificent path along the cliff line of bionic connected by total length of 1,000 meters, 360 meters of vertical elevation difference of Spansion colorful and canyons on the Peak, the next connection.
??????????,?????????,???????????????????——??????????! Hidden in the mountains were unknown cloud, like a girl wrapped in gauze, implicit in the clouds waiting for you to kick into her mystery - the cloud top tourist area welcomes you!
--Gene
Golden lake is hot during national day. recruit 100 volunteers.
Taining County rainy day to recruit hundreds of volunteers to service the National Day golden week
???: 2010-09-13???: XHJHR????: 41 Posted with: 2010-09-13 from: XHJHR Hits: 41
2010????????,???????????????,??????????????????,???????????,?9?????????2010??????????????? 2010 National Day golden week was ushered in after the disaster Taining County's first Golden Week, but also the success of Taining Danxia inscription after the first Golden Week, Taining County attaches great importance to the tourism sector, in early September to begin mobilization and deployment in 2010 National Day Golden Week tour related work.
???????????????????????,?????????????????,???????????????????? Taining County tourism facilities to make two big floods, devastated the tourism environment, urban areas, scenic areas but also in post-disaster recovery and reconstruction process, the tourist traffic, trade and other tourist reception, and so there is some impact. ???????????????,?????“????”?“????”?“????”???????,??????????????????,???????????????????? Taining County continue to strengthen the public with propaganda, at the same time launched the "Heritage Tour", "Thanksgiving Tour", "Rainbow Tour" series of preferential policies, Taining tourism awareness and attention so greatly improved, is expected to National Day Golden Week tourists will show substantial growth trend. ????????????????????,????????????,??????,?????????????“???????????”??????????,?????????????????????????????????????? Followed by a scenic scheduling, run streaming workload surge, increased pressure on county transportation, etc., for this situation, in order to achieve the National Day Golden Week travel hospitality "size, order, security, efficiency," four unity holiday tourism effects, Taining County tourism sector together with the group of emergency in the county within the county to recruit hundreds of volunteer services within the National Day golden week.
???????????????????????????????;???18????;????????????????? The recruitment targets and requirements are enthusiastic about volunteering for the county taining the cause of community youth; the age of 18 years of age; have a good sense of service and dedication, professionalism. ???????????????????????????????????????? Service is to mainly provide logistical support Taining visitors, traffic guidance, the peak area to guide triage and other services.
????????????????,??????????????,???????????:????????,?100?;????????20???;????????,?????????????????????????????????????;????????,?????????,?????(?????)?????????,??????????????? It is responsible for the recruitment of young volunteers who, this year the volunteer recruitment has begun, and compared with previous years, there are four characteristics: first, the recruitment of the largest, up to 100 people; second is to recruit about 20 days ahead of time; three training content is rich, there are World Heritage-related knowledge, basic etiquette, basic conditions and county scenic tourist traffic and parking situation, etc.; fourth is given to the treatment, volunteers awarded certificates related to the unit (village, Ju Wei Council), the caucus organizations informed as to join the party, Pingyoupingxian important basis.
(??:?????) (Source: China Taining Network)
???: ??????????????????? Previous: famous movie star Zhang Guoli from the nearby domestic and overseas tourists to travel Taining
???: ????????200?????????????????? Next: a famous film actor set to donate 200 sets of desks and chairs and tourism initiatives to support the reconstruction of Taining
Provincial Party Committee, Party secretary of the Yuan Rongxiang Genting tourist visits
???: 2010-09-20???: XHJHR????: 39 Posted with: 2010-09-20 from: XHJHR Hits: 39
8?3?,?????????????????? August 3, Provincial Committee and Party Secretary went to Wing Tai Yuan Rongxiang inspection. ????????????,???????? How to integrate the tourism industry to enhance Wing Tai, Yuan Rongxiang very concerned about. ???,?????,????????????????? Research, he braved the heat, specially in the construction of Wing Tai drove to Genting tourist area. ??????????10??,????2.8??,???????2.5??,????“???????????????”?“???????????????”? Genting tourist areas a total investment of 10 billion yuan, an investment of 2.8 billion, has completed an investment of 2.5 billion yuan, will play a "proud Fuzhou Fujian tourist landmark" and "the only provincial capital in China's mountains leisure base. "
?????????????????????????????……???????????????????????????????????????????????,?????????????????? Gorgeous scene of the mountain flowers, looks strange cloud Falls, simulation of momentum along the cliff ... ... Yuan Rongxiang line with interest to inspect the flowers Genting terrace tourist areas, colorful waterfalls and other attractions, and the cliff, cable and other infrastructure case, a detailed understanding of the overall tourism planning and construction. ????????5A?????,???????,????9?????????,???????,???????????????,???????????????????,?????????????????,?????????????????????????? When he learned that tourist area in accordance with standard construction 5A level, the implementation of closed-end management, to be outside in late September of this year trial operation, the Yuan Rongxiang pleased to say that Genting has a unique natural environment, we must introduce a high level, high-quality planning team building, developer and operator of mature area seriously learn the advanced experience of high standard, high-level, high-level planning and construction to promote tourism. ????????????????????,??????????,??????????? As much as possible in the development and construction, to retain the original ecology of the natural landscape, improve the tourism infrastructure construction of environmental protection and promote sustainable tourism development. ????????,?????????,??????????????????,????????????????,???????????,??????????? In connection with the new rural construction, according to the unified planning area to protect the group, transformation group, moved a number of village houses, to encourage and guide farmers to travel around the supporting services and continuously improve the tourism industry added value, promote common prosperity around the farmers.
This is google translation of Chinese reports
Yao Genting World - from the travel center in Fuzhou gorgeous turn to the destination
???: 2010-09-20???: XHJHR????: 33 Posted with: 2010-09-20 from: XHJHR Hits: 33
???????????? EMU effect highlights the embarrassment of Fuzhou Tourism
????,????, 350?????????????????? Wen-Fu High Speed Rail, Fuzhou motor car, 350 kilometers per hour closer to the distance of time and space in various cities. ??????????,??????????????? When the rapid development of high-speed rail today, a huge burst of tourism effect the first time in Fuzhou. ????????,????????????? Entered the era of high-speed rail travel, Fuzhou, Fujian Province, will benefit from geometry?
« 2010?????????????»???:“?????, 5?? 6?????????????????18.38% ? 6.32% ,??????????????18.38%?13.23% ,??????????????21%?78% ;???????????????????????????”?????????????????????? "2010 Economic Analysis of the first half of Fujian Provincial Tourism" wrote: "EMU effect for 5 months, 6 months, respectively, Fuzhou, domestic tourists accommodation was an increase of 18.38%, 6.32%, Ningde domestic tourists accommodation was increased by 18.38 % and 13.23%, Putian City, domestic tourists accommodation was increased by 21% and 78%; Quanzhou and other cities along the EMU domestic tourists accommodation was also showed double-digit growth. "Putian why the growth rate of Domestic Tourism is much higher in Fuzhou? ??????????????? Ningde also stronger than the force of the follow-up growth in Fuzhou? ???????????????????????? Fuzhou, the capital city of tourism, driven by motor car Why embarrassing?
??????“?????”??? Fuzhou, the lack of a "destination" of the area
??????????(??),??????????,???????????,????????,????????????????????? Throughout the tourism resources in Fuzhou (area), three lanes and be a sign, even though millions of tourists every year, but became a commercial street old street with a pedestrian street of any city other than no advantage at all. ??,??????, 20???????,???????,????????? Moreover, an ancient street just 20 minutes to go transparent, in addition to shopping, taking pictures, visitors can be done? ???????????????? Lanes and a tourist can stay in Fuzhou, it?
??,?????????,????????,????????????,??????????????????????? West Lake, West Lake in Hangzhou, but more than fame, but always people are comparing the same scale by the resources and constraints, can not become the choice of Fuzhou as a tourist destination deciding factor. ?????????……??????,?????????????????“??”,??????????????“?????”,???????????????????????? Gushan, Qishan, Qingyunshan ... ... all of these attractions, the people of Fuzhou, in terms of only a weekend to relax, "Park", that can not be recommended to guests Fuzhou "tourist destination", and can not be selected from outside of Fuzhou decisive as the destination attractions.
?????????????,????????“???????????????”,?????????????? Window in Fujian in the latest survey, netizens have also lamented that "not a show for Fuzhou, scenic spots", but then Fuzhou looking forward to the landmark area.
?????????? Three reasons for embarrassment caused by Fuzhou
??,?????????2005??????????????????,?????????,?????????,?????????——?????????????????????! Fujian, the revenue from the tourism industry has been occupied since 2005 to one tenth of the country's provinces, north Wuyi Mountain, a large Lake, south of Xiamen, Fujian Earth, but but only as a capital city - living in the hinterland of Fuzhou in Fujian Province not a nationally known scenic spot!
???? Why?
????????????:???????????????????,???????????;??????????????????????,????????;??,????????,?????????????? After the pulse of experts made three points: First, the overall construction of the city's area small-scale level is low, the need to strengthen integration and upgrade efforts; the second is to take the number and quality of tour guides can not keep up the pace of tourism development, impact to take tourism development; thus, and with the third question, that is not set up tourism image of Fuzhou.
??????? Who on behalf of Fuzhou?
???????????????? Rely on to support a city's tourism image? ???????????????????! Of course, rely on a representative, a shocking area!
??????????????????,???????,??????,??“???????????”??????????“???????”???? If the existing area does not meet the psychological needs of Fuzhou, the new area which, who took the lead off "on behalf of Fuzhou as a tourist destination", to become so proud of Fuzhou "Fujian tourist landmark," the crown?
??,???,???????5a??????????????——????????????,?????,???????????! It is reported that Wing Tai, a tourist area 5a in accordance with national standards for the construction of the integrated tourism - tourism in China is about to test business Genting, menacing him, vowing to create a new landmark in Fujian Tourism! ????????????????8???????????,??????:???????????????,???????????????????,?????????????????,?????????????????????????? Standing Committee of Fujian Province, Fuzhou Municipal Committee of Chinese Yuan Rongxiang August visit Genting tourist area, have already said happily: Genting has a unique natural environment, we must introduce a high level, high-quality planning and construction team, developer and operator of mature seriously learn area of the advanced experience of high standard, high-level, high-level planning and construction to promote tourism.
???????? Genting Why China?
????,???????????????,??????????????????? China Genting, a name into the sky, there a high momentum, only this majestic landmark Fuzhou Tourism can become it?
???????70???????;?????????????1100?????????;??7500?????????,????????????????????;??5.5????????????????????;??????????,??????,??????…… She also only 70 kilometers away from Fuzhou, the traffic advantage; her side of the provincial capital at 1100 meters above sea level the only mu of mountain meadows; her 7,500 years of volcanic mountain landscape, there are thousands of years had been dry Tianchi through the volcanic center of the earth; her km cliff path along the cliff 5.5 million years can enjoy the original canyon scenery; no way out of the canyon in the low end, there are sky-cable, which will send the clouds ... ...
????????,?????????,????,??,????????“????”???! Looking at these introductory text, you have bangs, emotionally, and finally, Fuzhou had a can "show for" the area!
?????????,???????????,??????????,????????????,??????????,???????????????,?????????,??????????? Tourism industry analysis that China once Genting tourism business, will change the travel patterns of Fuzhou, because of its unique resources and the environment, the area of packaging and to create, change is not on the scale of Fuzhou, the status area to enhance the level of tourism demand to create new tourist wave. ??????????,???????????,????,??????????,????????????????????????? Fuzhou source output to the status quo, will gradually turn to the destination, that is, the opening of China's Genting tourism, travel center will be opened in Fuzhou from the magnificent tourist destinations like the prelude to turn around.
???????? Genting flowers on the terrace
???? Colorful Falls
????????? Tianchi clear as a mirror of the lake
Yunding open on Sept 28th
Genting is located in tourist areas in China Yongtai County, Fuzhou, Fujian Province, covers an area of 36 square kilometers, is the national key scenic spots Qingyunshan the top. ???????????????,?????????,???70??,????50 ??,????????????????? Area has a unique natural environment, more convenient transportation environment, 70 km from Fuzhou, Putian, only 50 kilometers away from the construction of highways and high-speed railway will soon be opened to traffic. ?????5A????????,?????“???????????????”?“???????????????”? Class 5A scenic area in accordance with the construction standards, and strive to fight the "Fuzhou Fujian Tourism proud landmark" and "Chinese provincial capital base of the only mountain resort."
???????????1000???,?????????:??????????,????,????,????;??????????????????????????1100????????;???????????“????”????,?????????????????????????????????????,???1000??????360?????????????????? Genting Chinese tourist areas above 1,000 meters above sea level on average, by a combination of the five area: terraced landscape, like spring flowers, colorful, color Tsui filled, range upon range of mountains; Tianchi pasture area by the hundreds of millions of years ago, volcanic eruptions and the formation and elevation Tianchi composed of 1,100 meters high mountain meadow; shape strange cloud falls from "two three-valley" through contact, colorful waterfall Valley, Red River Valley, Feicui Gu Gu was embedded in the three cliffs, magnificent path along the cliff line of bionic connected by total length of 1,000 meters, 360 meters of vertical elevation difference of Spansion colorful and canyons on the Peak, the next connection.
??????????,?????????,???????????????????——??????????! Hidden in the mountains were unknown cloud, like a girl wrapped in gauze, implicit in the clouds waiting for you to kick into her mystery - the cloud top tourist area welcomes you!
If Yida's release refers to FMCN's Fuzhou branch, the Fuzhou airport buses are in FMCN's network in 2008. In CCME's press release, CCME start airport bus business from 2010. It makes sense that CCME bought the airport express bus business from FMCN between 2008 and 2010. IS there a press release for this business transaction between FMCN and CCME? How much did CCME pay for the business?
There was a press release about CCME's purchase of Beijing airport buses business. They paid 100000 RMB/bus plus concession fees.
Yida press release 2008:
About Fuzhou FEN-ZHONG Media (FFZM)
Incorporated in 2002, Fuzhou FEN-ZHONG Media is one of the largest media organizations focusing on video media in Fujian Province. FFZM takes focus television network of commercial buildings, high-speed channel car mobile television network and Fuzhou airport bus broadcast network as its primary business. Its media network has wide coverage, with concentrated target groups and notable publicity effect. At present it has become the most influenced telecasting platform in Fujian province.
CCME press release 2010
the revenues generated by the airport express buses, a business which we entered in early 2010. In the beginning of the year, we made the important decision to implement premium advertising rates for airport express buses compared to inter-city bus advertising rates. As a result of these premium advertising rates, we were able to generate $20.1 million of additional revenue for the first half of 2010 (out of which $7 million were generated in the first quarter), as compared to the same period of 2009, when this business was non-existing. Our network today covers the airports of Beijing, Fuzhou, Guangzhou and Qingdao.”
They are the same company. Because "both" companies cover Fuzhou airport buses per the release.
Going private, do not count on it.
It make perfect sense on the surface. But it makes no sense under the surface.
Just ask and answer a simple question.
If the insiders buy back your share at $14 today, why did they sell to the public at $8 eight month ago?
If the value of the company has increased by that amount, why didn't the insiders foresee it?
China Yida Appoints SEC AuditPrep Limited to Help Improve the SOX 404 Compliance Program
http://finance.yahoo.com/news/China-Yida-Appoints-SEC-prnews-3698089192.html?x=0&.v=33
It is a good progress in the right direction.
Mr. China: A Memoir [Paperback]
BY Tim Clissold
This is a good read if you want to understand Chinese business cultures and practices. It is full of humor too.
Editorial Reviews
From Publishers Weekly
A British businessman with a background in accounting and auditing, Clissold joined up with an entrepreneur in the early 1990s and set out to buy shares of Chinese firms and to work to make them more profitable. Within two years, Clissold's venture owned shares in 20 Chinese businesses, with 25,000 employees among them, but the story really centers on Clissold's encounters with the nation's "institutionalized confusion." Firing entrenched middle managers became a protracted process that led to factory riots and employees using company funds to set up competing businesses; the anticorruption bureau demanded cash bribes before opening investigations. Clissold's narrative is somewhat aimless, slipping from one misadventure (taking American fund managers to a condom factory) to the next, and there's a certain amount of too-easy humor derived from the exoticism of Chinese culture (e.g., the inevitable banquet where unusual body parts of rabbit and deer are served). Even in these passages, though, Clissold's fundamental respect for the Chinese culture is unmistakable, and the scenes where he leaves his office and interacts directly with the people can be quite vividly detailed. By the late '90s, millions of dollars poured into the companies yield disastrous results from an investment standpoint (and Clissold himself suffers a heart attack), but the Chinese economy as a whole hums ever more loudly. Crossover appeal of this title may be limited, but business readers are likely to be entertained.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to an out of print or unavailable edition of this title.
From Booklist
In the early 1990s, British businessman Clissold--with a passing knowledge of China and of Mandarin--found himself the point man between a group of Wall Street bankers with hundreds of millions to invest and a budding entrepreneur class in China strapped for cash and foreign expertise. This seemingly perfect marriage would become, as one investor put it, "the Vietnam War of American business." By decade's end, hundreds of joint ventures would fail and billions of dollars would be lost. If Clissold was well placed to help create many of these ill-fated partnerships, he's even better positioned to explain, through his own horrific experiences, what went wrong: a labyrinthine legal and political system that Westerners (even with Chinese help) could never decipher, a rickety and hidebound system of factory management in China, an almost-willful lack of respect by Wall Street for Chinese sensibilities, and often-flagrant abuse by Chinese managers of the Western largesse made available to them. A compelling account, related with sly humor and hard-earned wisdom. Alan Moores
Copyright © American Library Association. All rights reserved --This text refers to an out of print or unavailable edition of this title.
Ok with me, but I still like your username "lostmyball".
It is midnight in Asia. Jacky does not even know what happens on CCME stock price. Unless he is waken up by a call. But he can not make any decision before consulting the board.
The stock does not know that you own it.
Once people buy a stock, he/she becomes emotionally attached to it. His/her opinions on the stock will become biased. But the stock does not know that you own it and it will behave its own way.
From a stock owners eye, there are only two types of people; basher or pumper; short or long. There is no logical or unbiased opinions.
A rational investor always try to think rationally, but it is very hard.
A rational investor try to judge opinions unbiased and think logically. Again, it is very hard to do once emotionally attached.
With daily revelations of fraud and accounting irregularities in China small cap space, the mentality of "guilty until proven innocent" serves me well. Do not take anything for granted. Inverse, always inverse. [Charlie Munger] Stay away if there is any doubt. The risk is real.
Q: How do you live longer?
Munger: The only thing I want to know is where I am going to die, I do not go there.
I totally agree with this 2010 number. The numbers I used are 2006-2009 numbers and are from the SEC docs.
How can CCME increase its revenue by more than 20 fold and revenue from direct sales by 10 fold while sales force remains almost flat?
(Thanks for the offer. This question has puzzling me. Please ask the management if Yicheng has a chance. Highly appreciated!)
http://www.sec.gov/Archives/edgar/data/1...
According to SEC form DEFM14a 2009-10-05 page 118-151, CCME's revenue grew more than 20 fold from 2006 to 2009 while its sales force almost remained flat. The revenue from direct sales also jumped more than 10x from previous years in 2009.
CCME reported revenues of $4 million, $26 million, 63 million and $95 million for year 2006 2007, 2008 and 2009, correspondingly. The reported people in sale force for 2006, 2007, 2008 and 2009 are 58, 76, 63[note 1] and 63, correspondingly.
-----------------------2006 ---- 2007 ---- 2008 ---- 2009
REVENUE(MILLION) ---- 4 ---- 26 ---- 63---- 95
Direct sales (%)------------ 7% ---- 3%---- 22%
Direct sale Rev (Million) -- 1.8 ---- 1.9---- 21
SALE FORCE --- 58[p151]--- 76[p151]--- 63[p148] ---63[p118]
[note: direct sale percentages are from recent presentation.]
In year 2007, 2008 and 2009, CCME experienced amazing revenue growth of 600%, 142% and 50%, correspondingly. However, its sale force has not changed significantly over this period. Moreover, in 2008, its sale force even dropped to 63 from 76 of 2007.
CCME’s ad slots are sold through two channels, ad agency and direct sales. By selling to agency, CCME may not need more sales stuff. But, CCME stated that the company needs more sales stuff to increase sales from direct sale channel in 2010. However, we did not see this happening in 2009 while the revenue from this channel jumped more than 10 fold from previous years.
As Fernando has observed that CCME is traded at lower valuation than some Fraud stocks like ONP, CHBT and etc. Hard to believe and reason. At this level, the downside is limited.....
pmony,
Do not be emotional.
But, it is a reasonable question to ask if I am a shareholder.
Why wouldn't the company manged the cash more efficiently to increase shareholder value?
Rames said that the interests alone can supports 2 cents/share dividend. If the company would managed the cash well and have paid that 2cents, the PPS would be $12 by now.
I agree with you. it is not a big issue. CCME seems very cheap at 3-4X PE.
In China, if you have money and do not know when you will use it, it is always a better choice for term deposit. If you use the cash in the middle of the term, you have the freedom to get it and the bank pays you the interests of a checking account without any fine.
The fact that the company did not do this, the cash is not managed efficiently.
1.71% three-month time deposit
????1.98% Half of deposit 1.98%
????2.25% 2.25% a year time deposit
2010??????? 2010 bank lending rates
????????5.4% One to three years, 5.4% commercial loans
????????5.76% Three to five years, 5.76% commercial loans
????????5.94% 5.94% commercial loans more than five years
?????????3.33% One to five years and 3.33% loan fund
?????????3.87% Provident fund loans 3.87% more than five years
http://translate.google.com/translate?hl=en&sl=zh-CN&u=http://baike.china.alibaba.com/doc/view-d3339323.html&ei=BsKPTOqQKYW0lQeSwL29Dw&sa=X&oi=translate&ct=result&resnum=10&ved=0CFcQ7gEwCQ&prev=/search%3Fq%3D%25E9%2593%25B6%25E8%25A1%258C%25E5%25AD%2598%25E6%25AC%25BE%25E5%2588%25A9%25E6%2581%25AF%26hl%3Den%26client%3Dfirefox-a%26hs%3DJVG%26rls%3Dorg.mozilla:en-US:official%26prmd%3Divnl
CCME's cash is in China, not HK. In China, 3 month saving earns ~1.7%. Need to check with Jacky though.
10 Q:
Page 18: “As of June 30, 2010, CME had net cash of $139.3 million. CME’s cash primarily consists of cash on hand and cash deposited in banks and interest-bearing savings accounts.”
Page 19: “Because all of CME’s earnings and cash balance are denominated in RMB, appreciation or depreciation in the value of the RMB relative to the U.S. dollar would affect CME’s financial results reported in U.S. dollar terms.”
Can somebody uses interest income as argument for fraud? I think that this is weak argument. Some other companies also earn very little interests. I remember that somebody pointed out that CCME also earn very little interests for its cash.
http://www.citronresearch.com/index.php/2010/09/14/china-biotics-chbt-is-a-fraud-%E2%80%93-now-sue-citron-we-dare-you/
China Biotics claims its cash in the bank is $159.7 million in the bank, according to its June 30 SEC filing – every dollar of which is supposedly available for corporate purposes. Yet it reports interest of just $87,876. So where is the interest? . How can the company be earning interest of less than 1/10th of comparable companies? Companies with large cash balances earn interest. Interest rates on free cash balances in China earn 1% for 3 month to 1 year term deposits, and 2% for 1 to 2 year term deposits.
Simple math tells us that at 1% interest the cash should generate $400,000 per quarter in interest income. At 2% this same cash balance should generate $800,000 per quarter.
I agree. It shows that DT is a vigorous auditor. This news should be positive for CCME. The price action may be due to something else.
A message posted on Yahoo by drjack. Is it something to think about?
The rate of revenue and net income growth is entirely attributable to the number of buses they have added to their network over the years. The key to the significant ramp since 2007 is the arrangement they have with the TTAVC which has facilitated CME's dominant position in the inner city bus ad market. This exclusive arrangement began in 10/07 and is scheduled to expire in 5 years.
The bus/revenue figures for the last few years are as follows.
2007 10,053 buses $25.8M in revenue
2008 15,260 buses $63M in revenue
2009 20,161 buses $95.9M in revenue
The revenue numbers I'm using are total reported revenue and so not all of it is related to the buses. Some comes from other sources but in the big picture those sources are are not significant.
Using this RAW data to figure what kind of revenue a bus is generating on average is problematic because it does not account for the timing of when the new buses were added during any given year. And as I said it does not account for where other revenue streams were coming from. Accepting that the numbers are not exact but representative of how the business model is trending, these figures may be the best we can do. IF SOMEONE HAS A MORE EXACT BREAKOUT OF THE YEARLY GROWTH IN BUS REVENUE PLEASE ADD IT TO THE THREAD.
My math gives me each bus generating $2,566 in 2007, with that number jumping to $4,756 in 2009. Rate increases and higher margins through direct sales are the primary drivers given by CME to account for the higher revenue numbers.
At this point I should just stop and let the board chime in.
Yida has a great business. The recent weakness of stock price may be both the result of overall weakness of China Small cap space and the resignation of its auditor.
I do not know how long the overhang will last. The distrust in this space will not disappear overnight.