SNDA.
SNDA issued its Q1 Results on the 3rd. June '09.
Here are several highlights. I took an initial position on the day .....
"Net Revenues. In the first quarter of 2009, Shanda (SNDA) reported net revenues of RMB1,107.1 million (US$162.0 million), representing an increase of 42.0% from RMB779.8 million year-over-year and 9.1% from RMB1,015.2 million in the fourth quarter of 2008.
Other revenues in the first quarter of 2009 increased 99.6% year-over-year and 3.1% quarter-over-quarter to RMB44.7 million (US$6.6 million).
Gross Profit.Gross profit for the first quarter of 2009 was RMB801.0 million (US$117.2 million), representing a 47.8% increase from RMB542.1 million in the first quarter of 2008 and a 9.5% increase from RMB731.7 million in the fourth quarter of 2008. Gross margin was 72.3% in the first quarter of 2009, compared with 69.5% in the first quarter of 2008 and 72.1% in the fourth quarter of 2008.
Income from Operations. Operating income for the first quarter of 2009 was RMB455.7 million (US$66.7 million), representing a 46.0% increase from RMB312.1 million in the first quarter of 2008 and a 10.3% increase from RMB413.1 million in the fourth quarter of 2008. Operating margin was 41.2% in the first quarter of 2009, compared with 40.0% in the first quarter of 2008 and 40.7% in the fourth quarter of 2008.
Non-Operating Income. Net non-operating income for the first quarter of 2009 was RMB0.6 million (US$0.09 million), compared with RMB5.5 million in the first quarter of 2008 and RMB6.4 million in the fourth quarter of 2008. The quarter-over-quarter difference was primarily due to the difference in government financial incentives between the first quarter of 2009 compared with the fourth quarter of 2008. Non-operating income contributed from government financial incentives amounted to RMB1.6 million (US$0.2 million) in the first quarter of 2009, compared with RMB1.8 million in the first quarter of 2008 and RMB14.5 million in the fourth quarter of 2008.
Income Tax Expense. Income tax expense for the first quarter of 2009 was RMB 95.3 million (US$13.9 million), as compared with income tax expenses of RMB28.7 million in the first quarter of 2008 and RMB93.0 million in the fourth quarter of 2008.
Effective as of January 1, 2008, the Chinese government adopted a new income tax law that unified the enterprise income tax payable by domestic and foreign-invested enterprises at 25%.
Net Income. Net income for the first quarter of 2009 was RMB361.0 million (US$52.8 million), compared with RMB288.8 million in the first quarter of 2008 and RMB326.5 million in the fourth quarter of 2008. Earnings per diluted ADS in the first quarter of 2009 were RMB5.28 (US$0.78), compared with RMB3.94 in the first quarter of 2008 and RMB4.70 in the fourth quarter of 2008."
It will be interesting to see how the Market reacts going forward.
There's no doubt that the stock has done very well since the beginning of 2009, where its price has risen over 86% from $33.44 to its current $62.26.
The P/E is still reasonably on the higher side, based on what we currently see in the stock market. Maybe there'll be some profit taking etc... |
