摩根大通 航美传媒投资价值研究 AirMedia.pdf

Asia Pacific Equity Research 27 October 2010 Neutral AirMedia AMCN, AMCN US Price: $7.21 3Q10 review: Expect further near-term stock upside; ▲Price Target: $9.00 Introduce Dec-11 PT of US$9 Previous: $4.90 • AirMedia turns to profitability: AirMedia reported 3Q10 revenues of China US$60.6MM, in line with our estimate of US$61.7MMM (up 7.6% QoQ Digital Media and 60.6% YoY) and the consensus estimate of US$60.4MM. The company AC Dick Wei had earlier guided to revenues of US$60MM-US$62MM. GAAP EPS of (852) 2800-8535 US$0.02 (vs. loss of US$0.07 in 2Q10 and US$0.15 in 3Q09) was better dick.x.wei@ than our and consensus estimates of just breakeven. The earnings upside J.P. Morgan Securities (Asia Pacific) Limited was due to good operating expense leverage. The company expects 4Q10