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MSFT.O

ISIN: US5949181045
SEDOL: 2588173

Rating:

BUY

Target Price:

31.25 USD

Investment Horizon:

6 to 12 months
26th Oct 2009 View Report   Download

1Q 10 Earnings Update

Bing's increasing market share driven by continued innovations has strengthened its position in the search space. Moreover following a commercial agreement with Yahoo! Inc. (Yahoo!), Bing is expected to further gain scale and momentum in the search business. We believe in the long run, increasing PC shipments and robust demand for Window 7 will drive revenues from the Windows division. Microsoft's strategy to continue to invest in innovation and the expected launch…

24th Jul 2009 View Report   Download

4Q 09 & FY 2009 Earnings Update

Microsoft reported weak top-line performance below our expectations, which reflects difficult operating scenario in the still prevailing macroeconomic slowdown. We don't expect the launch of Window 7 to reverse the company’s near term fortune. However, Sequential increase in Windows and Window server volumes points towards a reduction in the rate of decline. Hence in the long run bottoming out PC shipments after the recovery in global economy, which…

14th Jul 2009 View Report   Download

Company News Alert

Microsoft Corporation (Microsoft) has announced plans to launch a free online version of its Office software next year. We believe the move is a direct response to Google Corporation’s (Google) free online suite of software - Google Apps. The move also signifies the company increasing focus on software business on the Internet. We believe the core corporate base of existing users of Microsoft’s paid Office product, will not switch over to a free online version, making it…

3rd Jul 2009 View Report   Download

Supplement Initiation Report

The economic slowdown has significantly impacted PC shipments in developed and emerging markets (EM), leading to lower Client revenues. Concerns such as declining Average Selling Prices (ASPs) and weak economic figures remain a threat to long term performance of the company, forcing Microsoft to adopt cost cutting measures. However, we believe an anticipated global economic recovery by 2H 10 will improve PC shipments and, therefore, Windows 7 shipments....

3rd Jun 2009 View Report   Download

Initiation Report

Decline in PC shipments due to weak macro factors affecting Client revenues: Microsoft Corporation’s (Microsoft) Client revenues have been adversely impacted by weak Personal Computer (PC) shipments and suppressed consumer spending on account of the severity of global economic pressures. We expect a recovery by 2H 10 when revenues will receive a boost from the launch of Windows 7....