Brean Murray Carret & Co. Maintains a 'Hold' on Youku.com (YOKU); Q4 Results Above Expectation
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Price: $27.54 --0%
Rating Summary:
5 Buy, 11 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
5 Buy, 11 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Brean Murray Carret & Co. maintains a 'Hold' on Youku.com (NYSE: YOKU).
Brean analyst sa id, "YOKU reported 4Q11 net revenues of RMB309.3 million (+103% YoY, +18% QoQ), above consensus of RMB305 million, mainly driven by ARPU growth of 9% QoQ while the number of advertisers remained flat at 296 from 3Q. Non-GAAP EPADS loss was RMB0.30, three cents above consensus. Gross margin declined to 21% in 4Q11 from 25.8% in 3Q11 and vs. 33% in 4Q10. Largely In-line 1Q12 guidance. YOKU guided 1Q12 revenue growth of 95%-105% YoY, largely in-line with consensus of 101% YoY. The company expects negative gross margin for 1Q12 due to seasonality. Despite macro uncertainties in 2012, we expect online video advertising will continue to show strong growth momentum, driven by higher advertiser adoption and increasing budget shift from TV. YOKU, given its leadership position in the sector, should benefit from this upward trend and continue to outgrow the market."
For an analyst ratings summary and ratings history on Youku.com click here. For more ratings news on Youku.com click here.
Shares of Youku.com closed at $31.85 yesterday.
Brean analyst sa id, "YOKU reported 4Q11 net revenues of RMB309.3 million (+103% YoY, +18% QoQ), above consensus of RMB305 million, mainly driven by ARPU growth of 9% QoQ while the number of advertisers remained flat at 296 from 3Q. Non-GAAP EPADS loss was RMB0.30, three cents above consensus. Gross margin declined to 21% in 4Q11 from 25.8% in 3Q11 and vs. 33% in 4Q10. Largely In-line 1Q12 guidance. YOKU guided 1Q12 revenue growth of 95%-105% YoY, largely in-line with consensus of 101% YoY. The company expects negative gross margin for 1Q12 due to seasonality. Despite macro uncertainties in 2012, we expect online video advertising will continue to show strong growth momentum, driven by higher advertiser adoption and increasing budget shift from TV. YOKU, given its leadership position in the sector, should benefit from this upward trend and continue to outgrow the market."
For an analyst ratings summary and ratings history on Youku.com click here. For more ratings news on Youku.com click here.
Shares of Youku.com closed at $31.85 yesterday.
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