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China Digital TV Holding Co. Ltd.

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STV.N

ISIN: US16938G1076
SEDOL: B2889J1

Rating:

BUY

Target Price:

11.55 USD

Investment Horizon:

6 to 24 months
13th May 2009 View Report   Download

1Q 09 News Alert

China Digital TV Holding Co. Ltd. (China Digital TV) reported a significant decline in 1Q 09 revenues, attributable to erosion of smart card Average Selling Prices (ASPs) and seasonality. Rising operating expenses further augmented the impact on declining revenues on operating and net income during the quarter. Although Management guidance continues to indicate lower revenues y-o-y, on a sequential basis it implies flattish to marginal growth....

12th Mar 2009 View Report   Download

4Q 08 & FY 2008 Update Report

Despite the difficult operating environment, the company has guided for 20% y-o-y growth in smart card shipments in FY 2009, mainly expected to be driven by China’s target for mass migration to digital of 2015, and the Chinese State Council’s approved IT industry revitalization plans, with digital TV migration as one of the six top priorities. The company expects the number of cable TV households to increase to…

2nd Dec 2008 View Report   Download

Company News Alert

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China Digital TV Holding Co. Ltd.’s (China Digital TV) ADR has declined significantly since our 3Q 08 update report, which we believe is on account of weak Management guidance for 4Q 08 and the worsening state of equity markets and economic downturn worldwide. However, our long term outlook for the company remains positive, based on its leading position in the Chinese Conditional Access systems market and we believe that this…

7th Nov 2008 View Report   Download

3Q 08 Update Report

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Although China Digital TV Holding Co. Ltd.’s (China Digital TV) 3Q 08 top-line witnessed healthy y-o-y growth in revenues, on a sequential basis it declined, led by lower smart card sales volumes as well as Average Selling Price (ASPs). Profitability during the quarter was severely impacted by rising cost of operations and higher tax expenses 3Q 08 revenues surpassed Management guidance as well as our expectations,...

29th Oct 2008 View Report   Download

Company News Alert

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China Digital TV Holding Co. Ltd.’s (China Digital TV) ADR has declined significantly since our 2Q 08 update report led by the worsening state of equity markets worldwide on account of a challenging global economic environment and the financial markets crisis. However, we believe that this decline has left the company significantly undervalued and therefore maintain our current BUY rating for the ADR based on the company’s leading…