MasterLink Hong Kong Research

Size: px
Start display at page:

Download "MasterLink Hong Kong Research"

Transcription

1 Wafer Systems Limited Sector : Technology (Internet Infrastructure) Subscribe GEM New Issue Issue Statistics Offer size (million) shares New Shares shares Sale Shares shares Issue price HK$ Offering Structure Placing Market Cap. HK$ million Fund raised (million) HK$ Over allotment Option million shares Historically EPS HK$0.035 Historically PER x Adjusted NAV per share HK$ HK$0.21 Listing Date May 15, 2002 Stock code 8198 Earnings Summary Year-end 31 Dec 2000A 2001A (HK$M) Turnover Growth (%) N/A 75.3 EBITDA Growth (%) N/A Net Profit Growth (%) N/A EPS (cents) Source: Company Investment Highlights We are initiating coverage of Wafer Systems Limited with Accumulate / Buy ratings. Wafer Systems is one of the leading network infrastructure solutions for large multinational corporations in the PRC with excellent customer base of more than 300 major customers from different industries. Driven by increasing network software and professional services sales, the net profit and EPS grew by 813% and 675% respectively in FY01. Share Data 2000A 2001A Gross Margin 26.9% 26.8% EBITDA margin 6.5% 9.0% Current ratio (x) Receivable turnover 72.4 days 92.4 days Inventory cycle 13.4 days 18.5 days ROE N/A 35.8% ROA 1.2% 7.8% Source: Company, MasterLink 1

2 Company Background Wafer Systems Limited ( Wafer Systems ) commenced operations in The Group is a leading network infrastructure solutions and services provider in Hong Kong and the PRC. Founded by Mr. Ringo Chan, who is now the CEO of the Group, and a team of IT professionals, it used substantial venture capital financing in the past. Applied Research Council from the Hong Kong government, QPL, North 22 Capital Partners Inc., North 22 Nominees Limited and Universal Chinese Limited together still own 47.71% (shareholding after placing) of the Group. Mr. Ringo Chan holds a 20.28% stake (shareholding after placing). Wafer Systems organizes its core businesses under three strategic business units Network Infrastructure, Network Software and Professional Services. Wafer Systems has own dedicated sales and marketing, technical support and customer services teams. The business of Network Infrastructure takes the lion s share of its gross sales, according for almost 92% in both FY00 and FY01. However, this share is expected to gradually decline in coming year since the more profitable network software and Professional Services sides are expected to grow faster. Rooted in Hong Kong, Wafer Systems aims at being a leader total solution provider from analysis, planning and implementation of Internet Infrastructure. Besides, the Group is developing positively the NextG IP Billing Software that caters to the growing demand for IP billing software by communications services. The Group has six offices with over 150 employees in Hong Kong and the PRC, and a strong customers base that comprises of leading multinational corporations from carious sectors such as finance, post and telecommunications and government 2

3 departments. Also, the Group has its own renowned R&D specialists in Xian, China for developing its own proprietary software and complementary products. The Group is intended to expand its coverage in the PRC and the Asia Pacific region as well. Further demonstrating its capability and expertise in the industry and winning customer confidence, Wafer Systems was awarded Gold Partners of Nokia and Cisco Systems in Hong Kong and PRC respectively. The Group formed the solid alliances with leading technology vendors including Cisco, Nokia, NetScout, NAI, Check Point, Radvision and PictureTel. 3

4 Business & Services Wafer Systems Limited Network Infrastructure Network Software Professional Services NextG IP Billing Software Customer Services Network Management Software Expert Services Security Solutions OSS / BSS Software Outsourcing Services Corporate Milestones Year Events 2001 Awarded Nokia Internet Communications Channel of the Year Award 2001 Awarded NAI s Best Performance of Sniffer Reseller of Hong Kong 2001 Certified as Nokia Internet Communications Gold Reseller Award 2001 Certified as Cisco s Gold Partner Award 2000 Establishment of Xian Research and Development Centre 1999 Received the HKSAR Government Funding from Applied Research Council 1998 Recognized by Data Communications as major SI in the PRC 1998 Cisco Partners of the Year in the PRC Source: Company 4

5 Business Overview Network Infrastructure The business of Network Infrastructure contributed major shares of the Group s turnover, accounting for approximately 92% for both the year ended 31 December 2000 and The Group has commenced the business since November 1998 by introducing to its clients value-added engineering services, such as network design and planning and project implementation, by using hardware from various equipment vendors or self-developed software. Through forming business partner with Cisco, PictureTel and other international renowned network equipment vendors, the Group enhanced its Network Infrastructure technology in infrastructure solutions, multimedia solutions and network security solutions. The Group has been conducting research and development of IP Multimedia Collaboration Solutions, together with New Eracom. The solutions are able to carry real time conferencing via data, voice and video transmission between participants at various locations without bottleneck effect. 5

6 Infrastructure Solutions Usage 1. Backbone Data Communication Infrastructure Enabling 2. E-infrastructure Enabling LAN, WAN & MAN accesses, campus backbone, multiple sites connectivity and remote access Multimedia solutions 1. Multimedia IP Network Infrastructure 2. Multimedia Solutions Network Security Solutions 1. VPN 2. Internet Security 3. Token Based Security Solutions Usage integrated solutions covering voice, image and data onto the common IP transport platform Usage integrated solutions to protect the enterprise networks against unauthorized access from internet 6

7 Professional Service The Group provides services to its clients for managing their networks under the Group s supervision and direction. In order to target large enterprises and large communications provider, the Group provides network health checks, such as bandwidth usage, network utilization and error rate. Due to intense market competition, the Group provides a full range of value-added professional services comprising of Customer Services, Expert Services and Outsourcing Services. In addition to providing equipment maintenance, the Group offers technical advice and backup services to customers in the case of any malfunctioning of clients equipments. Through the Group s offices in the PRC, customers are able to reach local technical support from the Group for network maintenance. Also, the Group operates a call center in Beijing, which provides 24-hour technical support. Alternatively, its customers can have assess to technical support through the Group s proprietary online application of its proprietary technical help desk platform called Wafer Help Desk V1.0. 7

8 Professional Services Purpose Customer Services network design and planning, project implementation, maintenance and training Expert Services Outsourcing Services providing skillful networking expertise to manage large enterprises network despite of having their own IT team enabling round-the-clock remote management of customers network from the Group s network monitoring centre 8

9 Network Software To complement and add value to its professional services and network infrastructure, the Group has developed the NextG IP Billing Software, Network Management Software and Operating Support System (OSS) / Business Support System (BSS) Software. Foreseeing that billing software is one of the killing applications in the telecom software world, in January 2001, the Group has developed and launched the first version of its proprietary NextG IP Billing Software. The software is able to identify various types data and its respective time span incurred in the billing process. Further, the software performs various functions such as customer management, card user management, accounting management, statistical analysis and system enquiry. For the purpose of consolidating its research and development on the Network Management Software and on proprietary software and complementary products, the Group established a wholly subsidiary in Xian in the PRC. The Group s proprietary Network Management Software will be launched in the second half of The Group is still developing its OSS/BSS software. With the software, network operators will be able to save manpower on network and system administration. The Group expects to launch the software in the second half of

10 Network Software Usage NextG IP Billing Software identifying different types of data for analytical task, supporting plug-in services such as PSTN, Ethernet and ADSL Network Software Management allowing users to monitor and manage the performance of the whole network, performing bandwidth management, load balancing, security and security management OSS/ BSS Software simplifying various network management tasks, shortening response time of network 10

11 Investment Positives Right Market, Good Management Wafer Systems success, in our view, is closely tied to two factors the market and management. The former is one of the fastest growing in China, driven by such secular trends as Internet user growth, telecom deregulation and network convergence. The latter is the success of the experienced management team, forming business alliances with renowned international networking equipment vendors and contracting with large multinational corporations for business. We believe Wafer Systems is still at a very early stage of growth and hence there might be excessive volatility in its financials and share prices. Valuation may also tend to be high. However, its potential addressable market is large and it offers unique exposure to some of the most profound technology trends in the telecom and internet industries in China. Supplying To Where It Is Most Needed In China s Internet Market IDC has predicted that China s internet users number would increase by a CAGR of 54% from 1999 to The CNNIC, China s semi-government Internet surveying agency, amounted that China s internet users already reached 16.9 million by June These numbers suggested colossal demand for bandwidth. Software Demand Set To Explode Following The Hardware Boom IP billing is the killing software of modern network management and internet. For example, IDC predicts the US wireless and wireless IP billing software markets will grow by CAGRs of 23% and 106% respectively, from 2000 to We believe the same demand for software is occurring in China and Wafer Systems is one of mover in capturing such growth. We also 11

12 believe bandwidth abundance will lead to a rapid increase in IP network users. This, in turn, implies the sale of more billing business. Well Capitalized and Expanding Customer Base Since its establishment, the Group has constructed a solid client base, ranging from large multinational or domestic corporations, communications service providers, government entities to educational institutions in Hong Kong and the PRC. Some of its customers are prestigious corporations are Bank of East Asia, Coca Cola, Motorola, Philips, Sony, Simens, China Unicom and Hutchison Global Crossing. These customers are well capitalized to continue to invest, regardless of the volatility of the technology sector. Concentrating & Moving Higher-End The larger system integration firms are migrating from pure box-moving into the higher value-added services such as whole network design and internet consulting. This is what Wafer System is good at. Customers contract the Group for requirement studies, network design, hardware procurement, implementation as well as ongoing maintenance and training etc. Outsourcing Some larger system integration corporations have started to outsource from the smaller ones in order to handle volume without adding to headcount. Sound Financial Position Due to higher margin for the business of Professional Services, the overall gross margin remained stable at 26.8% in 2001 when compared to 26.9% in Return on asset and return on equity rose to 7.8% and 35.8% respectively in

13 Investment Negatives Readiness of the Market While Wafer Systems addressable market is potentially large and the need for its products and services is proven in other more developed countries, how fast such needs can be translated into business demand and ultimately to sales revenue is not yet completely proven in China. As the Group s business performance is highly dependent on its sales, this may induces adversely affect the group s profitability. Powerful Buyer Group Although the Group s customer base is well diversified, China Unicom accounted for a contract sum of approximately HK$14 million, approximately 92% of which has been recognized during the year ended 31 December Such a highly concentration makes the Group susceptible to regulatory changes or to China Unicom s budgetary changes. Moreover, due to the size of the buyer, it commands strong bargaining power on the negotiation table, which could also affect the group s profitability. Long Account Receivables Long account receivables are common phenomenon in the network infrastructure business in China. The Group offers clients the credit period of about three months after the completion of the project. Hence, the Group s account receivables were as long as 72 days in 2000 and 92 days in We do not believe this situation will change in the near term since extending payment terms has become a major sales tactics to secure orders. Fortunately, we also believe the default risk of the open terms is low thanks to the Group s well-capitalized customer base. Competitive Pressure 13

14 Investors should note that there are many competitors in China, including Datacraft China (a Cisco Gold Partner), Asiainfo, Computer & Technologies (another Cisco Gold Partner), IIN International and Legend Advanced System. Another competitive pressure is from the customers who have sheer size to command almost absolute bargaining power on the negotiation table. They tend to demand long payment term and allow integrations corporations to have only modest profitability unless a large portion of proprietary software is involved. 14

15 Financials Driven by robust volume demand for network software side and improving profitability from network infrastructure side, the net profit tumbled up more than 8 times from FY00 to FY01. Further, thanks to higher margin of professional services side, the overall EBITDA margin was up strongly from 9.0% to 14.2% in the same period. Return on asset and return on equity rose significantly to 7.8% and 35.8% respectively in While the turnover rocketed by 75.3% to HK$137 million from FY00 to FY01, investors should note that receivable turnover cycle and inventory cycle further rose to 92 days and 19 days respectively. However, this is reasonable because certain level of investment in inventories is necessary to meet the Group s increasing level of sales. Most of inventories are in the stages of work-in-progress and in-transit. As mentioned earlier, long account receivables days is a common phenomenon in the industry in China. For large-scale project like Wafer Systems, the ability to extend long payment term is always the key for winning contracts. Hence we believe this practice will continue. However, since the bulk of the Group s customers are large corporations like China Unicom, the default risk should be very low. We believe that FY02 is a critical year since the new products are expected to be launched in the second half of the year. The new products are (i) IP Multimedia Collaboration, (ii) IP Billing Software v3.0, (iii) Network Management Software Phase 1, (iv) OSS/BSS Software v.1, and (v) Remote Monitoring Centre. We forecast that the growth rate of the network software side will be less explosive but still at double digit in FY03. 15

16 Comparison & Valuation Listed Comparable Companies Company Lising market Price (23April, 02) Market Cap. Prospective PER Asiainfo US Nasdaq US$11.50 US$ M 26.7x Datacraft Asia Singapore S$2.07 S$ x Computer & Hong Kong HK$1.95 HK$ M 17.4x Tech IIN Hong Kong HK$0.355 HK$ M 6.8x Vodatel Hong Kong HK$0.86 HK$ M 5.2x Fortune Hong Kong HK$0.42 HK$121 M 7.0x Telecom Average 19.6 Source: Bloomberg We apply PER analysis as our valuation comparison methodology. The peers selected are mainly listed in Hong Kong and the other Asia Pacific Region. As shown in the following table, The Group commands not very demanding prospective PER of 9.0x, (based on high end of its issue price) compared to industrial average of 19.6x. However, it is demanding in comparison to Hong Kong listed networking stocks Computer & Technology, IIN International, Vodatel Network and Fortune Telecom. As mentioned earlier, Wafer Systems is still at a very early stage of growth. As a result, there might be excessive volatility in its financials and share prices. Valuation may also tend to be high. As one of market leader in the market, the Group should have a bit high premium. Recommendation Our analysis shows that Wafer Systems is one of the strongest network services and infrastructure companies in China, and is a sound choice for investing in China s fasting-growing network infrastructure sector. Moreover, the Group has a strong 16

17 management team and has gone well beyond the conceptual debate over the viability of its business model. Although its valuation is a bit demanding compared to local related listed companies, it is very much below the overall market. Nonetheless, we ascribe intermediate-term Accumulate and long-term Buy rating to the stock. 17

18 Reasons for the Offer & Use of Proceeds The Purpose of this Placing is to raise funds to finance the group s expansion plans and business operations in the coming year. The Group plans to offer million New Shares and million Sale Shares, or 20.1% of the enlarged share capital on the condition that the Over-allotment Option is not exercised, at HK$0.50 to HK$0.70 per share. If the Over-allotment Option is exercised in full, the Placing Shares will represent approximately 22.3% of the enlarged share capital of the Group. After the deduction of all the necessary fees and expenses in relation to this Placing exercise, the net proceeds are estimated to be approximately HK$26 million if the maximum Placing Price of HK$0.70 is adopted. Use of Proceeds Strengthen its R&D on network software by recruitment and acquisition Expand its sales and marketing network in Singapore, Taiwan and the PRC Amount (HK$m) Establish a network monitoring center in the PRC 3.0 Form strategic alliances, JV or undertake M&A to be identified of the Group 4.0 Marketing & promotion activities 3.0 General working capital 6.0 Total 26.0 Source: Listing Prospectus 18

19 Income Statement Year-end 31 Dec (HK$m) 2000A 2001A Network Infrastructure Professional Services Network Software Total Turnover Material & Equipment (62.4) (109.5) Gross Profit Operating Expenses (17.4) (26.5) EBITDA Net interest income (3.1) (2.6) Dep. & Amortization (1.9) (2.7) Profit before taxation Taxation 0.4 (0.2) Profit after tax Source: Company Balance Sheet As at 31 Dec (HK$m) 2000A 2001A Cash & cash equivalents Trade & other Receivables Inventories Non Current Assets Current assets L-T Investment Property, plant & equip Software Dev. Cost Total Assets S-T bank borrowings A/C & other payables Current Liabilities Convertible note Total Liabilities Shareholders equity (4.1) 22.4 Source: Company 19

INDUSTRY OVERVIEW SOURCE OF INFORMATION. Report prepared by Euromonitor

INDUSTRY OVERVIEW SOURCE OF INFORMATION. Report prepared by Euromonitor The information that appears in this Industry Overview has been prepared by Euromonitor International Limited and reflects estimates of market conditions based on publicly available sources and trade opinion

More information

TRANSITIONING PCCW David Prince, Group CFO. CLSA Investors Forum Hong Kong - 15 May, 2001

TRANSITIONING PCCW David Prince, Group CFO. CLSA Investors Forum Hong Kong - 15 May, 2001 TRANSITIONING PCCW David Prince, Group CFO CLSA Investors Forum Hong Kong - 15 May, 2001 FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements that involve risks and uncertainties.

More information

Comba Telecom Systems annual report 2003

Comba Telecom Systems annual report 2003 8 Comba Telecom Systems annual report Business Review Turnover of the Group for the year ended 31 December was HK$806,232,000, representing an increase of approximately 39.4% from the previous year. This

More information

http://www.chinaccs.com.hk 2014 Interim Results 28 August 2014

http://www.chinaccs.com.hk 2014 Interim Results 28 August 2014 http://www.chinaccs.com.hk 2014 Interim Results 28 August 2014 Management Present MR. LI PING CHAIRMAN MR. SI FURONG PRESIDENT MS. HOU RUI EXECUTIVE VICE PRESIDENT & CFO MR. CHENG HONGYAN EXECUTIVE VICE

More information

Kingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3.

Kingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3. Equity Research Information Technology Aug 2, 21 Kingdee (28 HK) Buy (maintained) Target price: HK$.8 Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$.8 Lower-than-expected

More information

FUTURE PLANS AND PROSPECTS

FUTURE PLANS AND PROSPECTS FUTURE PLANS The Directors believe that the Group is one of the key leaders of the packaged enterprise application software market in Hong Kong. While the sales of application software in the local market

More information

CHINA MOBILE LIMITED

CHINA MOBILE LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

David Prince, Group CFO. Salomon Smith Barney Global Telecom Media Technology Conference

David Prince, Group CFO. Salomon Smith Barney Global Telecom Media Technology Conference David Prince, Group CFO Salomon Smith Barney Global Telecom Media Technology Conference Hong Kong - 19 June, 2001 1 FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements that

More information

CITIC Telecom CPC, CITIC Networks Successfully Enter High Bandwidth Capacity Market with GDS as its First Strategic Partner

CITIC Telecom CPC, CITIC Networks Successfully Enter High Bandwidth Capacity Market with GDS as its First Strategic Partner For Immediate Release CITIC Telecom CPC, CITIC Networks Successfully Enter High Bandwidth Capacity Market with GDS as its First Strategic Partner Collaborative effort for developing a new service model

More information

Diodes Incorporated Reports Record Fourth Quarter and Full Year 2005 Results

Diodes Incorporated Reports Record Fourth Quarter and Full Year 2005 Results FOR IMMEDIATE RELEASE Diodes Incorporated Reports Record Fourth Quarter and Full Year 2005 Results Annual revenues up 15.6% to a record $214.8 million Annual net income increases 30.4% to a record $33.3

More information

ANNOUNCEMENT OF THIRD QUARTERLY RESULTS (FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2009)

ANNOUNCEMENT OF THIRD QUARTERLY RESULTS (FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2009) (a joint stock limited company incorporated in the People s Republic of China) (Stock Code: 8106) ANNOUNCEMENT OF THIRD QUARTERLY RESULTS (FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2009) CHARACTERISTICS OF

More information

Confirmation Code: 2977298

Confirmation Code: 2977298 DATE: 26 February 2014 Attached is the Presentation regarding Pact s Interim Financial Results for the half-year ended 31 December 2013. The Presentation will occur at 10am (Melbourne time) today. Dial

More information

CITIC 1616 Holdings Limited 中 信 1616 集 團 有 限 公 司

CITIC 1616 Holdings Limited 中 信 1616 集 團 有 限 公 司 Holdings Limited 中 信 1616 集 團 有 限 公 司 (Stock Code: 1883) Annual Results Announcement for the year ended 31 December 29 11 Feb 21 Highlights for the Year Ended 31 December 29 Profit attributable to equity

More information

2015/16 Q1 Results. August 12, 2015 New York August 13, 2015 Hong Kong

2015/16 Q1 Results. August 12, 2015 New York August 13, 2015 Hong Kong 2015/16 Q1 Results August 12, 2015 New York August 13, 2015 Hong Kong Forward Looking Statement This presentation contains forward-looking statements which are statements that refer to expectations and

More information

As Powerful as Water

As Powerful as Water As Powerful as Water With enhanced power by accumulating strengths and taking advantageous terrain, water occupies a leading position when it runs from the peak. Strategy of Maintaining a Leading Position

More information

Investor Presentation

Investor Presentation Investor Presentation June 2015 Safe Harbor Statement Statements in this presentation, which are not historical facts, may be deemed to be "forward looking statements. Actual and anticipated future results

More information

Business Review. Customer-oriented High Quality Customer Service Better Returns to Shareholders. China Mobile (Hong Kong) Limited

Business Review. Customer-oriented High Quality Customer Service Better Returns to Shareholders. China Mobile (Hong Kong) Limited 18 Customer-oriented High Quality Customer Service Better Returns to Shareholders China Mobile (Hong Kong) Limited 19 The table below summarizes selected operating data of the Group for the period from

More information

of Non-GAAP Financial Measures below. 1 For more information about the non-gaap financial measures contained in this press release, please see Use

of Non-GAAP Financial Measures below. 1 For more information about the non-gaap financial measures contained in this press release, please see Use China Distance Education Holdings Limited Reports Financial Results for the First Quarter of Fiscal 2015, and Announces Changes in Management Revenue Up 14.9% Year-over-year to $21.5 Million, Exceeding

More information

SOHO China (410) Buy Nov 20, 2009. Company update. 4 Acquisitions within 6 Months. Samson Man, CFA (852)-2532-1539 samson.man@firstshanghai.com.

SOHO China (410) Buy Nov 20, 2009. Company update. 4 Acquisitions within 6 Months. Samson Man, CFA (852)-2532-1539 samson.man@firstshanghai.com. SOHO China (410) Company update Buy Nov 20, 2009 4 Acquisitions within 6 Months Purchase Nexus Centre in Beijing. SOHO China announced to acquire Nexus Centre in Beijing. Total GFA is 103,340 sqm. Total

More information

MelcoLot Limited (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8198)

MelcoLot Limited (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8198) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Management Discussion and Analysis

Management Discussion and Analysis Sunlink International Holdings Limited FINANCIAL REVIEW Overall Review For the year ended 31 December 2005, the Group continued to record increases in turnover under continuing improvements in the business

More information

CMMB VISION HOLDINGS LIMITED

CMMB VISION HOLDINGS LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

ICO GROUP LIMITED * (Incorporated in the Cayman Islands with limited liability) (Stock code: 8140)

ICO GROUP LIMITED * (Incorporated in the Cayman Islands with limited liability) (Stock code: 8140) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE STOCK EXCHANGE )

CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE STOCK EXCHANGE ) CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE STOCK EXCHANGE ) GEM has been positioned as a market designed to accommodate companies to which a

More information

CMMB VISION HOLDINGS LIMITED

CMMB VISION HOLDINGS LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

MelcoLot Limited (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8198)

MelcoLot Limited (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8198) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

SUN INTERNATIONAL RESOURCES LIMITED

SUN INTERNATIONAL RESOURCES LIMITED SUN INTERNATIONAL RESOURCES LIMITED (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8029) THIRD QUARTERLY RESULTS ANNOUNCEMENT FOR THE NINE MONTHS ENDED 31 DECEMBER 2015 CHARACTERISTICS

More information

CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE STOCK EXCHANGE )

CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE STOCK EXCHANGE ) CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE STOCK EXCHANGE ) GEM has been positioned as a market designed to accommodate companies to which a

More information

CHINA MOBILE LIMITED

CHINA MOBILE LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Forward Looking Statement

Forward Looking Statement Forward Looking Statement This presentation contains forward-looking statements which are statements that refer to expectations and plans for the future and include, without limitation, statements regarding

More information

NEW FOCUS AUTO TECH HOLDINGS LIMITED *

NEW FOCUS AUTO TECH HOLDINGS LIMITED * Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935

Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 For Immediate Release Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 ken.bond@oracle.com deborah.hellinger@oracle.com ORACLE

More information

CHINA DISTANCE EDUCATION HOLDINGS LIMITED ANNOUNCES FISCAL THIRD QUARTER 2008 RESULTS

CHINA DISTANCE EDUCATION HOLDINGS LIMITED ANNOUNCES FISCAL THIRD QUARTER 2008 RESULTS FOR IMMEDIATE RELEASE CHINA DISTANCE EDUCATION HOLDINGS LIMITED ANNOUNCES FISCAL THIRD QUARTER 2008 RESULTS BEIJING, China, August 18, 2008 China Distance Education Holdings Limited (NYSE Arca: DL) ( CDEL,

More information

QSC AG. Company Presentation. Preliminary Results 2013 / Outlook for 2014 Cologne, February 26, 2014

QSC AG. Company Presentation. Preliminary Results 2013 / Outlook for 2014 Cologne, February 26, 2014 QSC AG Company Presentation Preliminary Results 2013 / Outlook for 2014 Cologne, February 26, 2014 AGENDA 1. Strategic Development 2013 2. Financial Development 2013 3. Outlook for 2014 4. Questions &

More information

Hutchison Telecommunications Hong Kong Holdings Limited (Stock Code: 215) 2012 Annual Results Presentation. 19 March 2013

Hutchison Telecommunications Hong Kong Holdings Limited (Stock Code: 215) 2012 Annual Results Presentation. 19 March 2013 Hutchison Telecommunications Hong Kong Holdings Limited (Stock Code: 215) 212 Annual Results Presentation 19 March 213 Disclaimer These materials have been prepared by Hutchison Telecommunications Hong

More information

WuXi PharmaTech Announces Second-Quarter 2014 Results

WuXi PharmaTech Announces Second-Quarter 2014 Results WuXi PharmaTech Announces Second-Quarter 2014 Results SHANGHAI, August 13, 2014 /Xinhua-PRNewswire/ -- WuXi PharmaTech (Cayman) Inc. (NYSE: WX), a leading research and development services company serving

More information

Neo Telemedia Limited 中 國 新 電 信 集 團 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8167)

Neo Telemedia Limited 中 國 新 電 信 集 團 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8167) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

THIRD QUARTERLY REPORT 2015

THIRD QUARTERLY REPORT 2015 (a joint stock company incorporated in the People s Republic of China with limited liability) (Stock Code: 8205) THIRD QUARTERLY REPORT 2015 * For identification purposes only CHARACTERISTICS OF THE GROWTH

More information

MEMORANDUM OF UNDERSTANDING IN RESPECT OF A POSSIBLE ACQUISITION INVOLVING INTERNET MEDICAL BUSINESS

MEMORANDUM OF UNDERSTANDING IN RESPECT OF A POSSIBLE ACQUISITION INVOLVING INTERNET MEDICAL BUSINESS Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Revenue increase of 21% in the first half of 2015

Revenue increase of 21% in the first half of 2015 Press release: 2015 First Half Results Igny, August 7, 2015 First half results of 2015 Consolidated Profit & Loss (in M) Revenue increase of 21% in the first half of 2015 From January 1, 2015 to June 30,

More information

Second Quarter 2007 Results. July 31, 2007

Second Quarter 2007 Results. July 31, 2007 Second Quarter 2007 Results July 31, 2007 Safe Harbor For Forward Looking Statements Except for historical information, all other information in this presentation consists of forward-looking statements

More information

Management forecasts sales and earnings improvements of between 6% and 8% for 2013 as a whole

Management forecasts sales and earnings improvements of between 6% and 8% for 2013 as a whole Press Release HUGO BOSS Nine Months Results 203 HUGO BOSS increases sales and profitability Accelerating growth momentum in Group s own retail business supports sales expansion in third quarter Rise in

More information

IPO Analysis: China Pacific Insurance (2601): The second largest

IPO Analysis: China Pacific Insurance (2601): The second largest QuamResearchPro contains 5-7 daily commentaries on Hong Kong equity market outlook and specific stock analysis by Quam Research team. This is only one of the articles dated on 14 Dec, 2009 for reference.

More information

CHINASOFT INTERNATIONAL LIMITED 中 軟 國 際 有 限 公 司. (Incorporated in the Cayman Islands with limited liability) (Stock Code: 354)

CHINASOFT INTERNATIONAL LIMITED 中 軟 國 際 有 限 公 司. (Incorporated in the Cayman Islands with limited liability) (Stock Code: 354) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Forward Looking Statement

Forward Looking Statement Forward Looking Statement This presentation contains forward-looking statements which are statements that refer to expectations and plans for the future and include, without limitation, statements regarding

More information

MTS Announces Full Year and Fourth Quarter 2014 Financial Results

MTS Announces Full Year and Fourth Quarter 2014 Financial Results MTS Announces Full Year and Fourth Quarter 2014 Financial Results Ra anana, Israel March 20, 2015 MTS Mer Telemanagement Solutions Ltd. (NASDAQ Capital Market: MTSL), a global provider of Telecommunications

More information

FIRST QUARTER RESULTS

FIRST QUARTER RESULTS Mycab Group FIRST QUARTER RESULTS Net sales 2 271 341 1 928 190 8 201 088 EBITDA 27 356 10 129 28 914 Operating Income -273 433-295 505-1 208 931 Net Income -322 899-340 922-1 301 211 EPS -0,001-0,001-0,003

More information

China Distance Education Holdings Limited Reports First Quarter Fiscal Year 2016 Financial Results

China Distance Education Holdings Limited Reports First Quarter Fiscal Year 2016 Financial Results China Distance Education Holdings Limited Reports First Quarter Fiscal Year 2016 Financial Results - Revenue Up 13.5% Year-Over-Year to $24.4 Million, Exceeding Guidance - Cash Receipts From Online Course

More information

Herzogenaurach, Germany, July 27, 2004 PUMA AG announces its consolidated nd

Herzogenaurach, Germany, July 27, 2004 PUMA AG announces its consolidated nd P Quarter P Half-Year For immediate release MEDIA CONTACT: INVESTOR CONTACT: U.S.A.: Lisa Beachy, Tel. +1 617 488 2945 Europe: Ulf Santjer, Tel. +49 9132 81 2489 Dieter Bock, Tel. +49 9132 81 2261 Herzogenaurach,

More information

Corporate Profile. Quarterly Highlights. Financial Review. Operation Highlights

Corporate Profile. Quarterly Highlights. Financial Review. Operation Highlights Your Testing Quality is Our Commitment. CHROMA ATE INC. 2013 4Q. 2012 Investor Conference Paul Ying, CFO Leo Huang, Chairman & CEO 22 nd February, 2013 1 Disclaimer This presentation contains some forward-looking

More information

Acquisition of Lenovo Mobile

Acquisition of Lenovo Mobile Acquisition of Lenovo Mobile Entering into China s MID Market Wong Wai Ming Senior Vice President & Chief Financial Officer Hong Kong November 27, 2009 Transaction Summary Acquiring the entire equity interest

More information

2015 THIRD QUARTERLY REPORT

2015 THIRD QUARTERLY REPORT CHINA TECHNOLOGY SOLAR POWER HOLDINGS LIMITED * (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8111) THIRD QUARTERLY REPORT * For identification purpose only CHARACTERISTICS OF

More information

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) BUY CMP 170.30 Target Price 196.00 GEOMETRIC LTD Result Update (CONSOLIDATED): Q2 FY16 DECEMBER 17 th 2015 ISIN: INE797A01021 12 th h, 2013 Index Details Stock Data Sector IT Consulting & Software BSE

More information

THIRD QUARTERLY RESULTS ANNOUNCEMENT (For the nine months ended 30 September 2015)

THIRD QUARTERLY RESULTS ANNOUNCEMENT (For the nine months ended 30 September 2015) (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8025) THIRD QUARTERLY RESULTS ANNOUNCEMENT (For the nine months ended 30 September 2015) CHARACTERISTICS OF THE GROWTH ENTERPRISE

More information

Diodes Incorporated Reports Record Second Quarter Results

Diodes Incorporated Reports Record Second Quarter Results FOR IMMEDIATE RELEASE Diodes Incorporated Reports Record Second Quarter Results Record revenues of $82.7 million, up 63% Record pro forma earnings of $12.9 million, up 68% Westlake Village, California,

More information

Management s Discussion and Analysis

Management s Discussion and Analysis Management s Discussion and Analysis 6 Financial Policy Sysmex regards increasing its market capitalization to maximize corporate value an important management objective and pays careful attention to stable

More information

DISCLOSEABLE TRANSACTION. in relation to the acquisition of the entire issued share capital and shareholders loans of HPL-Hines Development Pte Ltd

DISCLOSEABLE TRANSACTION. in relation to the acquisition of the entire issued share capital and shareholders loans of HPL-Hines Development Pte Ltd Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

CHINA TECHNOLOGY SOLAR POWER HOLDINGS LIMITED *

CHINA TECHNOLOGY SOLAR POWER HOLDINGS LIMITED * Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited ( Stock Exchange ) take no responsibility for the contents of this announcement, make no representation as to its accuracy

More information

CITIC Dameng Holdings Limited

CITIC Dameng Holdings Limited Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

EQUITY RESEARCH. S&P Sector Information Technology Industry Software/Computer Services. (Million) (Billion) Bloomberg Yield Forward

EQUITY RESEARCH. S&P Sector Information Technology Industry Software/Computer Services. (Million) (Billion) Bloomberg Yield Forward M.A. W M.A. WRIGHT FUND EQUITY RESEARCH Robert J. Schafer Siebel Systems Inc. NYSE: SEBL Buy schafrob@rice.edu March 05, 2002 MARKET DATA Price 3-05- 02 Close $32.94 52-Wk Range Low Mid- Sept. 12.24 to

More information

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold Equity Research Financials Cinda (111 HK) Hold (Initiation) Target price: HK$1.55 Facing intense competition from Chinese brokers in HK; initiate at Hold China Cinda s international business platform Cinda

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS O-I generates second highest free cash flow in the Company s history PERRYSBURG, Ohio (February 2, 2015) Owens-Illinois, Inc.

More information

LENOVO 1 ST QUARTER FY15-16: TOUGH MARKETS, SOLID RESULTS

LENOVO 1 ST QUARTER FY15-16: TOUGH MARKETS, SOLID RESULTS LENOVO 1 ST QUARTER FY15-16: TOUGH MARKETS, SOLID RESULTS Decisive actions being taken to meet challenges and accelerate business transformation Revenue was US$10.7 billion, up 3 percent; excluding foreign

More information

BIOSENSORS INTERNATIONAL GROUP, LTD. (Incorporated in Bermuda with limited liability) (Company Registration Number: EC 24983)

BIOSENSORS INTERNATIONAL GROUP, LTD. (Incorporated in Bermuda with limited liability) (Company Registration Number: EC 24983) BIOSENSORS INTERNATIONAL GROUP, LTD. (Incorporated in Bermuda with limited liability) (Company Registration Number: EC 24983) PLACEMENT OF 216,325,800 NEW ORDINARY SHARES ( PLACEMENT SHARES ) IN THE CAPITAL

More information

CHT First Quarter 2010 Results Conference Call Script April 30, 2010 at 6:00 A.M. (EST)

CHT First Quarter 2010 Results Conference Call Script April 30, 2010 at 6:00 A.M. (EST) CHT First Quarter 2010 Results Conference Call Script April 30, 2010 at 6:00 A.M. (EST) Fufu: Thank You. This is Fufu Shen, Investor Relations Director of Chunghwa. Welcome to our first quarter 2010 results

More information

Q 1 F Y 2 0 1 6 R ES U LT S B R I E F I N G 1 2 M AY

Q 1 F Y 2 0 1 6 R ES U LT S B R I E F I N G 1 2 M AY Q 1 F Y 2 0 1 6 R ES U LT S B R I E F I N G 1 2 M AY 2 0 1 6 AGENDA 1. 2. 3. 4. About the Sat Comms Industry Financial Review Skyware Global Acquisition Group Outlook HOW SAT COMMS WORK 4 Dish & LNB 2

More information

POWERLONG REAL ESTATE HOLDINGS LIMITED

POWERLONG REAL ESTATE HOLDINGS LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

2012 LENOVO CONFIDENTIAL. ALL RIGHTS RESERVED.

2012 LENOVO CONFIDENTIAL. ALL RIGHTS RESERVED. 2 Record Fiscal Year All-time highs in revenue, market share and PTI Revenue $29.6 billion; Market Share 12.9%; PTI 582 million USD, up over 60% YTY Net income of 473 million USD, up over 70% YTY $30 Revenue

More information

China Cord Blood Corporation Reports Financial Results for the Fourth Quarter and Full Year Fiscal 2010

China Cord Blood Corporation Reports Financial Results for the Fourth Quarter and Full Year Fiscal 2010 China Cord Blood Corporation Reports Financial Results for the Fourth Quarter and Full Year Fiscal 2010 Annual Revenue up 34.4% to RMB 261.5 Million Fiscal 2010 New Subscribers grew 30.5% Conference Call

More information

2015 FIRST QUARTERLY REPORT

2015 FIRST QUARTERLY REPORT CHINA TECHNOLOGY SOLAR POWER HOLDINGS LIMITED * (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8111) 2015 FIRST QUARTERLY REPORT * For identification purpose only CHARACTERISTICS

More information

CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE STOCK EXCHANGE )

CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE STOCK EXCHANGE ) CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE STOCK EXCHANGE ) GEM has been positioned as a market designed to accommodate companies to which a

More information

LSEG Information Services Division. Investor and Analyst presentation. Mark Makepeace Group Director of Information Services, CEO of FTSE

LSEG Information Services Division. Investor and Analyst presentation. Mark Makepeace Group Director of Information Services, CEO of FTSE LSEG Information Services Division Investor and Analyst presentation Mark Makepeace Group Director of Information Services, CEO of FTSE 1 Table of Contents SECTION 1) Introduction by Xavier Rolet (CEO,

More information

ICO GROUP LIMITED * (Incorporated in the Cayman Islands with limited liability) (Stock code: 8140)

ICO GROUP LIMITED * (Incorporated in the Cayman Islands with limited liability) (Stock code: 8140) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

SJTU SUNWAY SOFTWARE INDUSTRY LIMITED *

SJTU SUNWAY SOFTWARE INDUSTRY LIMITED * SJTU SUNWAY SOFTWARE INDUSTRY LIMITED * (incorporated in the Cayman Islands with limited liability) (Stock Code: 8148) THIRD QUARTERLY RESULTS ANNOUNCEMENT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2004 CHARACTERISTICS

More information

ASMPT ANNOUNCES 2013 INTERIM RESULTS * * * Net Profits Surged 28 Times Over The First Quarter

ASMPT ANNOUNCES 2013 INTERIM RESULTS * * * Net Profits Surged 28 Times Over The First Quarter [For Immediate Release] ASMPT ANNOUNCES 2013 INTERIM RESULTS * * * Net Profits Surged 28 Times Over The First Quarter Highlights Second Quarter of 2013 Group turnover of US$367.1 million, a significant

More information

Goldenmars Technology Holdings Limited 晶 芯 科 技 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (Stock code: 8036)

Goldenmars Technology Holdings Limited 晶 芯 科 技 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (Stock code: 8036) Goldenmars Technology Holdings Limited 晶 芯 科 技 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (Stock code: 8036) Third Quarterly Report 2015 CHARACTERISTICS OF THE GROWTH ENTERPRISE

More information

Goldenmars Technology Holdings Limited 晶 芯 科 技 控 股 有 限 公 司

Goldenmars Technology Holdings Limited 晶 芯 科 技 控 股 有 限 公 司 Goldenmars Technology Holdings Limited 晶 芯 科 技 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (Stock code: 8036) THIRD QUARTERLY RESULTS ANNOUNCEMENT 2015 CHARACTERISTICS OF THE

More information

Alibaba.com Announces Full Year 2008 Results. Strong performance despite global economic crisis Paying members up 41%, revenue up 39%, EPS up 31%

Alibaba.com Announces Full Year 2008 Results. Strong performance despite global economic crisis Paying members up 41%, revenue up 39%, EPS up 31% Alibaba.com Announces Full Year 2008 Results Strong performance despite global economic crisis Paying members up 41%, revenue up 39%, EPS up 31% Hong Kong, March 19, 2009 Alibaba.com Limited (HKSE:1688)

More information

Telecommunications and e-commerce

Telecommunications and e-commerce Telecommunications and e-commerce Hutchison Global Center integrates the world class connectivity of Global Crossing s fibre optic network with state-of-the-art data centre architecture and professional

More information

The ReThink Group plc ( ReThink Group or the Group ) Unaudited Interim Results. Profits double as strategy delivers continued improved performance

The ReThink Group plc ( ReThink Group or the Group ) Unaudited Interim Results. Profits double as strategy delivers continued improved performance The ReThink Group plc ( ReThink Group or the Group ) Unaudited Interim Results Profits double as strategy delivers continued improved performance The Group (AIM: RTG), one of the UK s leading recruitment

More information

Financial Analysis Project. Apple Inc.

Financial Analysis Project. Apple Inc. MBA 606, Managerial Finance Spring 2008 Pfeiffer/Triangle Financial Analysis Project Apple Inc. Prepared by: Radoslav Petrov Course Instructor: Dr. Rosemary E. Minyard Submission Date: 5 May 2008 Petrov,

More information

1.1 Role and Responsibilities of Financial Managers

1.1 Role and Responsibilities of Financial Managers 1 Financial Analysis 1.1 Role and Responsibilities of Financial Managers (1) Planning and Forecasting set up financial plans for their organisations in order to shape the company s future position (2)

More information

Vaughan Bowen, MD/CEO

Vaughan Bowen, MD/CEO M2 Results Presentation (1H11) For the half year ended 31 December 2010 For the half year ended 31 December 2010 Vaughan Bowen, MD/CEO Disclaimer The release, publication or distribution of this presentation

More information

How To Profit From Mining

How To Profit From Mining [For Immediate Release] China Mining Resources announces 2006 Annual Results HONG KONG, April 10 China Mining Resources Group Limited ( China Mining or the Group ; HKSE: 340) has announced its annual results

More information

UNIVERSAL OUTDOOR MEDIA GROUP PLC SEMI- ANNUAL ACCOUNTS STATEMENT AND MANAGEMENT REPORT (Unaudited) 31 DECEMBER 2014

UNIVERSAL OUTDOOR MEDIA GROUP PLC SEMI- ANNUAL ACCOUNTS STATEMENT AND MANAGEMENT REPORT (Unaudited) 31 DECEMBER 2014 UNIVERSAL OUTDOOR MEDIA GROUP PLC SEMI- ANNUAL ACCOUNTS STATEMENT AND MANAGEMENT REPORT (Unaudited) INTERIM MANAGEMENT REPORT Chairman Statement Your Board announces the Group s unaudited interim results

More information

Crown International Corporation Limited

Crown International Corporation Limited Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

BUSINESS REVIEW. The following table sets out our key operating data in 2002, 2003 and 2004.

BUSINESS REVIEW. The following table sets out our key operating data in 2002, 2003 and 2004. PIONEERING The following table sets out our key operating data in 2002, 2003 and 2004. Key Operating Data Change 2004 over Unit 2002 2003 2004 2003 Local wireline access lines in service thousand 133,056

More information

Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935

Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 For Immediate Release Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 ken.bond@oracle.com deborah.hellinger@oracle.com ORACLE

More information

Case Study: Global MPLSbased. Network

Case Study: Global MPLSbased. Network Welcome Wednesday, May 18 2005 Case Study: Global MPLSbased Outsourced Network Presented by: Markos Moya, Vice President Commercial Enterprises Hyatt International Corporation Operates, manages or franchises

More information

Phoenix New Media Reports Second Quarter 2015 Unaudited Financial Results

Phoenix New Media Reports Second Quarter 2015 Unaudited Financial Results Phoenix New Media Reports Second Quarter 2015 Unaudited Financial Results 2Q15 Mobile Advertising Revenues Up 124.2% YOY Live Conference Call to be Held at 9:00 PM U.S. Eastern Time on August 11 BEIJING,

More information

Chinese Energy Holdings Limited

Chinese Energy Holdings Limited Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

2015/2016 2015/2016 INTERIM REPORT. RM Group Holdings Limited. RM Group Holdings Limited. (incorporated in the Cayman Islands with limited liability)

2015/2016 2015/2016 INTERIM REPORT. RM Group Holdings Limited. RM Group Holdings Limited. (incorporated in the Cayman Islands with limited liability) 御藥堂集團控股有限公司 御藥堂集團控股有限公司 (incorporated in the Cayman Islands with limited liability) (incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) (於開曼群島註冊成立之有限公司) Stock Code 股份代號 : 8185

More information

China Cord Blood Corporation Reports Financial Results for the Second Quarter and First Half of Fiscal 2016

China Cord Blood Corporation Reports Financial Results for the Second Quarter and First Half of Fiscal 2016 China Cord Blood Corporation Reports Financial Results for the Second Quarter and First Half of Fiscal 2016 2Q16 Added 16,744 New Subscribers 2Q16 Revenue Up 12.7% YOY to RMB171.5 Million ($27.0 Million)

More information

Hydrogenics Reports Fourth Quarter and Full Year 2015 Results

Hydrogenics Reports Fourth Quarter and Full Year 2015 Results PRESS RELEASE Hydrogenics Reports Fourth Quarter and Full Year 2015 Results Kolon, Alstom, and China Wins Highlight 2015 Achievements Mississauga, Ontario. March 9, 2016 Hydrogenics Corporation (NASDAQ:

More information

GREATERCHINA PROFESSIONAL SERVICES LIMITED *

GREATERCHINA PROFESSIONAL SERVICES LIMITED * GREATERCHINA PROFESSIONAL SERVICES LIMITED * (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8193) THIRD QUARTERLY RESULTS ANNOUNCEMENT FOR THE NINE MONTHS ENDED 31 DECEMBER 2015

More information

MAJOR TRANSACTION RELATING TO THE ACQUISITION OF THE ENTIRE ISSUED SHARE CAPITAL OF JOYUNITED INVESTMENTS LIMITED

MAJOR TRANSACTION RELATING TO THE ACQUISITION OF THE ENTIRE ISSUED SHARE CAPITAL OF JOYUNITED INVESTMENTS LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

BUY. KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16. CMP 226.50 Target Price 260.00. JANUARY 9 th 2015 SYNOPSIS ISIN: INE164B01022

BUY. KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16. CMP 226.50 Target Price 260.00. JANUARY 9 th 2015 SYNOPSIS ISIN: INE164B01022 BUY CMP 226.50 Target Price 260.00 KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16 JANUARY 9 th 2015 ISIN: INE164B01022 Index Details Stock Data Sector IT Software Products BSE Code 519602

More information

The relationship of accounting ratios in balance sheets

The relationship of accounting ratios in balance sheets The relationship of accounting ratios in balance sheets Accounting Ratios are the ratios show the relationship between accounting data in a balance sheet, profit and loss account in a particular organization.

More information

Please find attached an announcement and supplementary information for release to the market.

Please find attached an announcement and supplementary information for release to the market. QBE INSURANCE GROUP LIMITED ABN 28 008 485 014 Head Office 82 Pitt Street Sydney NSW 2000 AUSTRALIA 14 August 2008 The Manager Company Announcements ASX Limited Level 6 Exchange Centre 20 Bridge Street

More information

G REATER CHINA FINANCIAL HOLDINGS LIMITED

G REATER CHINA FINANCIAL HOLDINGS LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information