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Focus Media Holding Ltd. Message Board

  • paultradestoday paultradestoday Aug 18, 2008 12:06 PM Flag

    MS Update

    Below is an excerpt of a VERY bullish report by MS:
    Reiterating OW-V rating: We consider Focus Media a
    ‘franchise business’ and its stock undervalued, as: 1)
    our DCF fair value of US$53.5 implies over 100% upside
    potential. 2) Focus is a de facto ‘toll-bridge’ (borrowing
    Warren Buffett’s term) for office building and
    supermarket adv, with 90%+ market share in China. Its
    core media assets are hard to replace due to their scale
    (~120,000 adv displays in 50+ cities) and scarcity. 3)
    Focus enjoys pricing power with 10-15% adv rate hikes
    every six months. In our view, relative to adv peers,
    Focus may be less prone to a post-Olympics slowdown,
    as: 1) by focusing on ‘indoor adv’, Focus enjoys few
    direct benefits from and has no dedicated sales force for
    the Olympics. 2) It targets high-end consumers, whose
    spending power is more resilient than the general public
    (90% of the professionals in the office buildings covered
    by Focus hold college degrees, vs. below 5% for
    Chinese public; SinoMonitor). 3) While others compete
    fiercely (such as the case for Sina and Sohu), Focus
    faces minimal competition in its ‘vertical’ market.

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