中国高速频道(三高).docVIP

中国高速频道猎杀记 夏草整理 中国高速传媒（CCME）实际运营的公司为福建分众传媒有限公司，成立于2003年，主要业务是利用城际巴士车载电视做媒体广告，是目前中国最大的巴士车载电视媒体，覆盖全国35座一级城市，辐射316座二、三级城市4000多条客运主干线，近23000辆城际巴士、机场巴士、旅游巴士车载电视独家广告经营权。 2010年6月3日，中国高速传媒股票转板至纳斯达克全球精选市场交易。 这家公司一直是多空争辩的焦点，空方在该公司2010年Q2出来之后对其业绩提出十大疑点： 10 redflags of CCME? ? 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（分众传媒）: 0.19% AMCN（航美传媒）: 0.20% VISN（华视传媒）: 0.83% CCME（中国高速频道）: 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 VISNs. 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 re