A Dow Jones report on Yahoo has some numbers in connection with the IPO of Beijing Youth Daily, soon to be known as Beijing Media Corp.
Beijing Media Corp., which is due to hold an initial public offering later December, is expected to post a CNY205 million net profit in 2004, brokerage BNP Paribas Peregrine said Monday.
BNP Paribas Peregrine is a syndicate member of the IPO of Beijing Media Corp., which handles advertisements for newspapers including the Beijing Youth Daily and plans to list on the Hong Kong Stock Exchange Dec. 22, raising up to US$100 million…
…Beijing Media’s 2003 net profit was CNY153 million on revenue of CNY1.07 billion…
…BNP Paribas Peregrine … said Beijing Media’s ‘fair value’ should be about US$383 million to US$387 million.
BNP Paribas Peregrine said Beijing Media derived over 35% of its revenue from the real-estate sector during the past two years. The Chinese government’s credit-tightening measures will suppress property transactions, the brokerage noted.
It also said the circulation growth rate of the flagship newspaper Beijing Youth Daily has slowed, which will make rate rises difficult for Beijing Media Corp…
…Shenzhen Press Group, a dominant publisher in that city, is expected to be the second China media IPO. The size, timing and location of the listing hasn’t been disclosed.
The Yahoo story is here.