JP Morgan: China Wireless Value-Added Services Sector Update
Bill Bishop (to his blog) points at this China Wireless Value-Added
Services Sector update from JPMorgan:
"From our channel checks, we expect MMS revenue to see
significant decline in 1Q05, due to 1) change in MMS revenue
recognition policy and, 2) MMS transition to MISC platform."
"We currently expect 1Q05 MMS revenue could see 30-40%
sequential revenue decline, while SMS revenue to be up low single
digit sequentially. On the other hand, WAP and ringback tone
services are expected to continue with double-digit growth in 1Q05."
"We have also revised down SINA’s 2005E fully diluted EPS by 4%
to US$1.45, with Dec-05 target price of US$33 on the back of lower
revenue assumptions." Read more