2005.03.15 Tel: 021-68634518-8606 E-mail: haj1086@xcsc.com 04
2005.03.15 1 500 bloomberg, 2
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2005.03.15 6 02 140 40 1 03 SARS 30 1020 5
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2005.03.15 3 02 500 100 02 470 90 04 293 140 7
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2005.03.15 11 P/EP/B/P/EBITP/FCFP/SALES P/E P/E
2005.03.15 P/E P/B P/B bloomberg, 12
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2005.03.15 P/SALSE P/EBITDA EBITDA/SHARE bloomberg, 15
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2005.03.15 Ticker Name P/E P/B P/S P/CF P/EBITDA AVERAGE: 27.16 6.70 3.29 21.09 13.64 600880 CHENGDU 31.89 5.81 5.56 35.15 14.57 000504 BEIJING CCID 71.50 5.31 9.04 53.68 37.70 1000 BEIJING 20.82 8.00 3.29 19.22 12.97 685 MING PAO 14.36 1.04 0.62 8.14 6.69 DJ DOW JONES & 31.44 25.58 1.86 14.00 11.63 GCI GANNETT CO 15.98 2.59 2.83 13.17 8.74 NYT NEW YORK 18.58 3.78 1.62 12.15 8.13 LEE LEE 23.11 2.30 2.94 14.92 10.79 DJCO DAILY 16.79 5.86 1.85 19.35 11.55 5 3 4 1 3 Ticker Name P/E P/B P/S P/CF P/EBITDA AVERAGE: 34.21 2.20 3.51 8.22 7.98 600037 BEIJING GEHUA 29.85 3.75 10.85 15.18 19.70 CMCSA COMCAST 154.86 1.74 3.59 12.30 9.69 1097 I-CABLE 19.15 3.24 2.30 7.58 6.17 035210 QRIX 11.87 1.76 1.64 5.96 4.53 066790 KOREA CABLE TV 7.12 0.68 1.44 3.30 3.04 034750 DONGJAK CABLE 7.85 1.96 1.85 6.33 6.36 6184 DAH FUNG CATV 8.78 2.25 2.93 6.91 6.37 Ticker Name P/E P/B P/S P/CF P/EBITDA AVERAGE: 48.83 7.03 5.62 20.79 19.76 000917 HUNAN TV & 50.85 1.49 3.88 4.10 33.77 600831 SHAANXI 60.85 7.21 5.43 61.94 27.79 600832 SHANGHAI 47.60 4.61 19.11 25.98 35.38 TWX TIME 22.68 1.34 1.92 12.20 6.28 DIS THE WALT 25.97 2.17 1.90 12.93 11.00 511 TELEVISION 34.26 4.60 4.58 18.91 19.60 SKY SKY 76.11 29.17 7.02 15.63 13.78 GREY GREY GLOBAL 38.26 5.64 1.08 14.66 10.46 bloomberg, 17
2005.03.15 20 CN: Revenue: Total RM B m n 110000 100000 90000 80000 70000 60000 50000 40000 30000 20000 10000 0 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 CEIC 18
2005.03.15 1000 HK 685 HK DJ US The Wall Street Journal DowJones NewswiresBarron's G C I U S """USA TODAY""""USA WEEKEND" N Y T U S International Herald Tribune L E E U S Lee Enterprises, Incorporated owns various daily newspapers and a joint interestin several others. The Company also owns various weekly newspapers, shoppers,and specialty publications. In addition, Lee provides related Internet services, primarily from the Midwest to the Pacific Northwest United States. D J C O U S Daily Journal Corporation publishes newspapers and Web sites coveringcalifornia, Arizona, and Nevada, as well as the "California Lawyer" magazine. The Company also produces several specialized information services. In addition. Daily Journal serves as a newspaper representative specializing in public notice advertising. C M C S A U S 1 0 9 7 H K 0 3 5 2 1 0 K S Qrix Communication Inc. provides cable television services in Korea. TheCompany's cable television network offers news, sports, movies, and music 19
2005.03.15 channels. Qrix also provides Internet services. 0 6 6 7 9 0 K S Korea Cable T.V Chung-buk System Co., Ltd. (CCS) operates a cable televisionsystem for Chungbuk area. The Company also provides high-speed Internetservices. 0 3 4 7 5 0 K S Dongjak Cable & Communications, Inc. operates a cable television system withexclusive rights in the Dongjak-gu district of Seoul. The Company provides broadcasting and high speed Internet services as well. 6 1 8 4 T T Dah Fung CATV Co., Ltd. operates and provides cable TV services in Taiwan.The Comppany installs and maintains cable television systems for subscribers as well as provides advertising and publishing services. T W X U S (America Online) (AOL Time Warner Book Group) (Time Inc.) (Time Warner Cable)HBO (Home Box Office)(Turner Broadcasting System)(Warner Bros. Entertainment) D I S U S ABC 5 1 1 H K S K Y N Z Sky Network Television Limited is a pay-television operator in New Zealand. TheCompany broadcasts various pay networks via UHF and Digital satellite platformsand offers a variety of programming including news, sports, movies, digitalradio and pay-per-view events. G R E Y U S Grey Global Group Inc. provides a full range of advertising and communications services to clients on an international or local basis. The Company plans, creates, supervises, and places advertising via media such as television, radio, magazines, direct mail, and the Internet. Grey also provides public relations, direct marketing, media services, Internet communications, and other services. 20