I think the suspicious self-dealing transaction is the "Allyes" acquisition. The owners of Focus media are the same owners of Allyes. If you look at 20-F. Looks like they acquired the company for 300 million, and they wrote down perhaps 240 million in 2008 and 2009, and sold the 38% to the orginal owners for only around 13 million in Jan 2010, and the rest 62% to a third party in July 2010 for 124 million. The reason for selling to 38% was that they wanted to incentivize the management of "Allyes", essentially to incentivize themselves, so to speak. And even by compare 13 million for 38% against 124 milion for 62%, you see something fishy. How can the value of the 38% increased from 13 million to 76 million in just 6 months, if using the valuation for the 124 million for 62%? A double perhaps makes more sense for that period. At a minimum, the owners of "Allyes" (atlas, the same owners for Focus) pocketed 100 million to their personal gain in detrimental to all other shareholders. Softbank is one of the owners for "Allyes" that gained the most. I think this deal perhaps was pressured by "softbank".
Look at last year's fraud blow ups. Then look at their analysts' ratings. That will put it all into a better perspective.
First, the interests of analysts and those of retail investors are different ...EG, keeping the company in question as a client, increasing readership, aiding an institution, increasing trading activity for the commission fees, ...etc.
Second, if you are not looking for "errors by consensus" you are not really investing. There is no social consensus large enough to fix bad math. Instead what you have is a greater profit available to you if you invest wisely prior to the correction of social perception. It's worth repeating: the best investments are always at odds with the perceptions of the majority. On the other hand, going along with analysts when they are right and where everyone else knows they are right leaves one squinting at razor thin profits.
If you can't study and do the math for yourself you should be investing in index funds and bonds only. If you can think for yourself, forget the analysts. You can't both follow others and get there first.