IPO FILING: China Time Share Media (CTSM)

247wallst — Tue, 09 Sep 2008 15:26:27 +0000

China Time Share Media Co. Ltd has filed to raise up to $75 million in an initial public offering. The Chinese advertising service provider has applied to take "CTSM" as its NASDAQ stock ticker. No share count nor any share price was given. Morgan Stanley and UBS are the lead underwriters, and China International Capital and Susquehanna Financial Group are co-managers.

China Time Share Media’s operations include ownership of and representation of anetwork of outdoor advertisements from billboards to LCD’s to streetfurniture transit displays. Its 2007 revenue was $41.9million, representing CAGR of 93.9% from 2005. In the six months endedJune 30, 2008, its revenue increased to $40.0 million and net income jumped to $4.1 million.

Jon C. Ogg
September 9, 2008

Traders Chasing e-Future (EFUT)

247wallst — Tue, 09 Sep 2008 08:03:25 +0000

e-Future Information Technology (NASDAQ: EFUT) is indicated up about 15% after the Chinese supply chain management software and services company posted earnings last night. It posted revenues of $3.5 million and gross profit was $2 million, with non-GAAP income at $1.1 million. While this is small, it is more than a 100% gain in revenues. It also listed its deferred revenue as of June 30 as being $8.9 million and said it sees 2008 total revenues of $19 to $20 million with adjusted EBITDA of $5 to $6 million on a non-GAAP basis.

What is interesting here is not just the size. The market cap beforethis morning’s pop is only about $33 million. That number may actuallybe higher now as it noted that a recent convertible note privateplacement of $10 million had been converted by 90% into equity. Thereare also no research analysts that follow the stock. This is still atiny company but it is gapping up more than 12% to $12.40 in pre-market trading.

The other issue to watch is that its 52-week trading range is $9.35 to$34.00. If there has ever been a cult stock that traders chase aroundon news it is this type of stock. This is thin volume as we have onlyseen about 9,900 shares trade so far this morning and average daily volume isclose to 59,000 shares and its most recent short interest is about206,000 shares. It also has no stock options.

Let the games begin.

Jon C. Ogg
September 9, 2008

24/7 Wall St. » Chinese stocks

IPO FILING: China Time Share Media (CTSM)

Traders Chasing e-Future (EFUT)