Susquehanna Maintains a 'Positive' on AsiaInfo Holdings (ASIA); Raises Price Target & Estimates
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Susquehanna maintains a 'Positive' on AsiaInfo Holdings (Nasdaq: ASIA), raises price target to $24.
Susquehanna analyst says, "Most important about ASIA results in our view were: 1) the blowout operating margins (all-time high of 23.2% versus our 19.1% estimate, how high can they go?); and 2) the sharp increase in Deferred Revenue (up 17% Q/Q, the highest sequential growth since late 2008). While investors have become accustomed to ASIA's rapid revenue growth (up 42% Y/Y), the quality of revenue was healthy. Hardware resales were negligible (a nominal 0.2% of revenue), and while concentration is still high (there are only three telcos in China), ASIA showed steady progress diversifying its customer base, as China Mobile was 60% of revenue, improving from 63% last quarter). We are raising Q4 and 2010 estimates, and believe at 16.8x EPS, ASIA offers one of the most attractive GARP investments in our universe."
To see more analyst ratings on ASIA Click Here.
AsiaInfo Holdings, Inc. provides telecommunications software solutions, and information technology (IT) security products and services for telecommunications service providers, as well as to other major enterprises in China.
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