China Tracker - Details for ChinaNet Online (CNET)

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 ChinaNet Online
Shares Outstanding (MRQ): 20.90 mill
New Shares / Dilution (TTM): 6.07 mill40.95%
New Shares / Dilution (since Dec 31, 2008): 7.11 mill51.52% 
Cash (MRQ): 15.59 mill0.00%
Account Receivables (MRQ): 4.32 mill0.00%
Account Receivables (Q/Q): -0.14 mill  
Long-Term Debt (MRQ): 0.13 mill0.00%
Revenue Growth (Q/Q): 17.03% 
Revenue Growth (Y/Y): -0.08%
Net Income Growth (Q/Q): 21.41% 
Net Income Growth (Y/Y): 19.80% 
EPS Growth (Y/Y): -15.00%
Net Margin (Q/Q): 45.2% (43.6%)1.60% 
Net Margin (Y/Y): 45.2% (37.7%)7.50% 
EPS | P/E (2 MRQ Projection): $0.820.00 
CFPS | P/CF (2 MRQ Projection): $0.520.00 
Price/Sales (2 MRQ Projection): 0.00
Price/Book (MRQ): 0.00 
Auditor: Marcum Bernstein & Pinchuk 
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2011-03-31): $0.850.00 
 Basic Facts and History (show more)
Reporting Type: U.S. Company (10-K Filings) 
Going Public: Reverse Merger on 2009-06-26 
Uplisting to Senior Exchange: on 2010-03-04 at $3.99 (-100.00% since Uplisting)

 Business Outlook

"The significant slowdown in the SME market overshadowed the underlying progress we continue make in our strategic vision. We believe our decision to diversify our customer base and expand our service offerings will allow us to navigate this downturn better than our competitors. With more than $16 million in cash and no debt, we are able to maintain investments in attractive opportunities such as our social networking services information platform,, and advertising and marketing platform, Regardless of the depth and duration of the slowdown, we remain confident we will emerge as a more resilient and competitive company."

Due to uncertainties surrounding the economic environment and monetary policies in China and its impact on small business customers, ChinaNet will no longer provide financial guidance. The Company will continue to communicate relevant news to investors as they occur.

(Source: Globe Newswire, 2011-08-16)

Management reaffirms its full year 2011 forecast for revenues to be between $50 and $54 million for 2011 and net income of $17.5 to $18.2 million. This guidance represents 20%-30% and 19%-24% growth in revenues and net income, respectively.

(Source: Globe Newswire, 2011-05-17)

Management expects revenues to be between $50 and $54 million for 2011, and net income guidance of $17.5 million to $18.2 million, which represents year-over-year growth of 20%-30% and 19%-24%, respectively. The Company's strategy is aimed at gaining market share by exclusively targeting the SME market. The Company expects branded customers to drive higher revenue per customer across its advertising platform while value added services generate incremental higher margin revenue from the installed customer base.

(Source: Globe Newswire, 2011-03-31)

    see all Business Outlook notes

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 Analyst Coverage (show less)
2011-05-20Roth CapitalDowngradeNeutral$2.50
2011-04-01Ladenburg ThalmannReiterationBuy$7.00
2011-04-01Roth CapitalReiterationBuy$5.00

We are revising our CY11/CY12 revenue and EPS estimates to reflect mgt's guidance, slower branded client acquisition, TV strategy change, higher OPEX, and a lower effective tax rate. We are lowering our CY11 revenue estimate to $50.1 million from $55.2 million. We assume gross margin of 61.0% (vs. 54.4% previously) and operating margin of 38% (vs. 40.0% previously), a 7.5% tax rate, resulting in pro-forma EPS of $0.84 (previously $0.90). For CY12, we lower our revenue estimate to $59.6 million from $69.1 million and EPS to $1.00 from $1.11.

We maintain BUY on CNET, but lower out PT to $5.00, which reflects reduced estimates, limited earnings visibility, and concerns over insufficient internal controls.

2011-02-22Ladenburg ThalmannInitiationBuy$7.00
2010-11-16Roth CapitalReiterationBuy$9.00

We analyze the market value of each CNET business segment. We project the Internet segment will generate 98% of the firm's profit while the TV business is primarily a cost center for marketing and branding purpose. The Chinese online advertising and B2B companies listed in the U.S., Hong Kong and Shenzhen trade at (cash-adjusted) 28x 2011 earnings. We believe a 9x to FY11 earnings is appropriate for CNET due to its much smaller operation than its peers, its new listing status, insufficient communication with investors and lack of research coverage. Applying a 9x to the segment profit, we believe the online operation is worth $8.10. Adding back $0.85 cash per share, we reach a price target of $9.00.

CNET is currently followed by 2 analysts. 1 give the stock a positive rating, 1 rate it neutral and 0 give it a negative rating. The average price target is 4.75.

    see all Analyst Ratings

 Investor Presentations
2011-05-05 (HTML)   VIEW
2011-03-08 (HTML)   VIEW
2010-07-19 (HTML)   VIEW
2010-04-01 (PDF)   DOWNLOAD (right click, save as)
Media & Advertising
READ: Score Cards Explained
DETAILS: Safety/Risk Model for CNET
Current Price:  n/a
F10k Day (2009-09-22): -100.00%$4.20
2009 Close: -100.00%$5.40
2010 Close: -100.00%$4.53
2011 Close: -100.00%$1.10
High (2012-04-13): -100.00%$1.30
Low (2012-09-20): -100.00%$0.33
Market Capitalization: n/a
Total Shares: 20.90 mill
Float: n/a
Avg Volume: 13.10 k
Short Interest: 19.50 k
Short Ratio: 0.09%1.5 d
Last Quarter: 2010-12-31
Revenue (MRQ): 10.41 mill
Net Income (MRQ): 4.71 mill
Op. Cash Flow (MRQ): 0.35 mill
all financial data provided without warranty