China MediaExpress Holdings, Inc. (fka CCME)

[GorillaGorilla]

If you look at the presentation [1] add rates in 2007 were $13 a minute per bus while in 2009 they were $20. That's a 53% increase.

So, in 2007 they produced $2,566 per bus if they used same rates in 2009 that would be $3,926 - see slide 23.

There was very little difference in add rates between 2008 and 2009 and suspect that embedded ads make up the difference. These started near the end of 2009 but you can see they are substantial - in region of $19 per minute per bus compared to regular ads at $20. With the company reckoning they bring in almost as much as the direct ads. These would feed through nicely into 2010's earnings.

If there were inconsistencies I don't see this as the smoking gun. Other interesting thing is that drjack put this up near market open rather than, if he were so confident about his research, sometime over weekend.

rich


[1] http://www.scribd.com/doc/37128664/CCME-Beijing-Sept-092010