In its analysis, Citigroup kept a bullish view on Clear Media Limited (0100 HK) thanks to its comparatively low P/E value, and a 'Buy' rating is maintained, but with a trimmed target price of HKD 9.00 from HKD 10.50 to reflect the risk of market re-valuation.

Citigroup claimed Clear Media's 1H performance is satisfactory, as it booked HKD 600 mln in revenue and HKD 68 mln in net profit, increasing respectively to 44% and 24% of annualized estimates made by Citigroup. The Wall Street investment bank expects Clear Media to pick up its growth in the second half.

Clear Media focuses on the Beijing market, which has generated 26% of its first-half revenue. Management of the company indicated that the company would use discounts to attract more small- and mid-sized customers.


Source: www.aastocks.com.cn

Date: 1 Aug 2008

CN01/ZZ/SW/BT/KM