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Sky-mobi Limited (MOBI) Message Board

  • lawstuff22 lawstuff22 Oct 3, 2011 9:18 AM Flag



    Sky-mobi upgraded to Buy from Hold at Citigroup
    Citigroup upgraded Sky-mobi citing .

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    • Sky-mobi (MOBI)
      Upgrade to Buy; Progress in Smartphone Services and Ecosystems
       Upgrade to Buy (1H) from Hold on smartphone services progress and market
      overreaction on Chinese ADRs — MOBI made progress in smartphone services
      and we see more certainty that white-box companies will enter into the smartphone
      market. Although MOBI still has near term revenue growth challenges due to
      slowdown of White-Box shipments, we believe smartphone service progress and
      the recent sell down of Chinese ADRs on VIE and accounting concerns (which we
      think is overdone) provide entry opportunities for MOBI, still a well-positioned mobile
      Internet pure play in China. We upgrade MOBI to Buy (1H) from Hold. Maintain TP
      US$7.5, on 1.5x EV/Revenue. Any major progress in smartphone services, SNS
      services and strategic partnerships will likely be key catalysts.
       Progress of smartphone services — MOBI launched an Android-based Card &
      Board game platform in September, which can connect with its feature phone users
      based on MOBI’s existing account and billing systems. MOBI plans to launch an
      Android-based apps store in December. We believe progress of MOBI’s smartphone
      based services and smartphone user growth will be more meaningful from yearend,
      although revenue opportunities from smartphone will likely be limited within the
      year due to low smartphone penetration and prevalence of pirated apps in China.
       Early signs of MTK’s success in low-cost smartphone chipset solution,
      benefiting White-Box and MOBI — Lenovo has launch a popular 3G smartphone
      A60 priced at Rmb1,000 (US$150) based on MTK single-chip solution. We believe
      MTK will gain a meaningful share in the 3G smartphone chipset solution, and
      smarphone costs will decline fast as Chinese telecom operators are aggressively
      promoting low-cost smartphones (priced below US$150). We expect White-Box
      companies (MOBI’s key partners and service marketing channels) will be able to
      ship smartphone in large scale by the end of 2012, as MOBI finds new catalysts for
      smartphone services growth.

    • TheFlyOnTheWall:
      News Breaks
      October 3, 2011
      06:04 EDT MOBI Sky-mobi upgraded to Buy from Hold at Citigroup
      Citigroup upgraded Sky-mobi citing the recent pullback in shares and the company's progress in smartphone services. The firm thinks the sell-off along with other Chinese ADRs on accounting concerns is overdone and keeps a $7.50 price target for shares.

    • tingmur Oct 3, 2011 9:39 AM Flag


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