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Technology Stocks : Gemstar Intl (GMST)
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To: Uncle Frank who wrote (764)11/10/1999 10:23:00 AM
From: Glen2  Read Replies (2) of 6516
 
BBRS publishes report on GMST

Analyst Michael Graham of Robertson Stephens today issued a report on Gemstar. Key points include:

1. Q2:00 revenues of $47.2M and EPS of $0.19, v. estimates of $47.0M and $0.18.

2. Advertisers on the EPG now include NBC, ABC, A&E, and the History Channel. We believe there is considerable upside to our model from future advertising revenues.

3. We believe deployment of the guide is tracking on schedule and believe that by next year the EPG could reach 5M viewers, generating over 400M daily page views.

4. We believe near-term deployment could be enhanced by a strong holiday quarter, as consumer electronics manufacturers have begun to incorporate the guide into lower end TV models.

5. In the quarter, Gemstar announced plans to acquire TV Guide and positively settled its first phase of arbitration with General Instrument helping clear the path for open-ended growth.

6. We are maintaining our Q3:00 and FY:00 estimates reflecting the upside in the quarter, although we anticipate reviewing our model once the S-4 related to the TV Guide acquisition is filed later this quarter.

7. We believe Gemstar's EPG business can grow rapidly to an installed base of 30M in a few years. We believe this would be worth approximately $50 billion, providing upside to GMST stock. Our rating is Strong Buy.

Good trading, Glen2
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