500.com
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Eröffnet am: | 14.01.14 22:28 | von: Balu4u | Anzahl Beiträge: | 46 |
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Along with its Q1 results, 500.com (NYSE:WBAI) has announced Man San Law has resigned as CEO, while remaining chairman. President Zhengming Pan is the company's new CEO.
Also: Director Qi Li has resigned for "personal reasons." Pan will be taking his board seat.
Though Q1 results officially missed estimates, soft numbers were expected given the provincial online lottery suspensions that occurred during the quarter; 500.com fully suspended its lottery sales near the beginning of Q2. Purchase volume fell 25.7% Q/Q and 23.8% Y/Y to $210.6M; active users fell 12.9% Q/Q to 857K. PC active users totaled 548K, mobile app users 365K, and mobile site users 193K.
Excluding an RMB30.3M bad debt provision, operating expenses rose 102% Y/Y to RMB122.2M ($19.7M). 500.com ended Q1 with $79.9M in cash, $41M in time deposits, and $2M in restricted cash.
Due to its sales suspension, zero purchase volume is expected in Q2 (in-line with past commentary). Shares are near their 2015 highs.
500.com Ltd. (WBAI) reported a first quarter non-GAAP operating loss of RMB14.6 million Tuesday morning, compared to the profit of RMB36.6 million last year. Net revenues decreased by 32.4 percent, to RMB98.8 million.
500.com has been rising for the majority of early trade Tuesday and is now up 3.45 at $20.19 on above average volume. The stock has broken out to a 4-month high.
Read more: http://www.nasdaq.com/article/...th-high-20150519-00769#ixzz3abjr2dqO
http://www.zerohedge.com/sites/default/files/...05/20150519_500_0.jpg
Since March 2015, all provincial sports lottery administration centers to which the Company provides sports lottery sales services have temporarily suspended accepting online purchase orders for lottery products, in response to the Notice related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales, or the Self-Inspection Notice, which was jointly promulgated by the Ministry of Finance, or the MOF, the Ministry of Civil Affairs and the General Administration of Sports of the People's Republic of China on January 15, 2015.
On February 24, 2015, the Company was informed by certain provincial sports lottery administration centers that as part of their respective self-inspection processes, such provincial sports lottery administration centers planned to temporarily suspend accepting online purchase orders for lottery products starting from February 25, 2015. On March 2, 2015, the Company was further informed by the remaining provincial sports lottery administration centers to which it provides sports lottery sales services that such provincial sports lottery administration centers also planned to temporarily suspend accepting online purchase orders for lottery products, in response to the Self-inspection Notice.
As a result of the provincial sport lottery administration centers' decision to temporarily suspend accepting online lottery orders, or the temporary suspension, 500.com's transaction volume decreased significantly. The Company recorded operating loss for the first quarter of 2015 and is currently not generating any revenue due to the temporary suspension.
Even the bullish analysts have given up on this one...
*500.COM RATING SUSPENDED AT PIPER JAFFRAY
500.com expects total purchase amount to be zero in 2Q; says “there is no clear indication” how long temporary suspension of online lottery purchases will last.
http://www.zerohedge.com/news/2015-05-19/...ry-firm-stocks-rallies-25
so schnell kommt ihr da nicht raus sobald es dreht und drehen wird es!
Disclosure: The author is short WBAI. (More...)
Summary
The Chinese online sports lottery service has been shut down by Beijing (jointly by multiple national agencies) for almost 2 months now, yet the stock has rallied 130% since!
Since reporting earnings on the morning of 5/19 that were entirely negative, the stock has run up over 40% in two days.
.......
the company would currently trade at approximately 7.7x EV/Revenue and 22x Non-GAAP EPS for roughly flattish Y/Y growth. These numbers indicate that WBAI is at least modestly overvalued, even if it were currently still operating!
Conclusion
We believe some combination of anomalous factors have contributed in recent days to one of the sillier short squeezes we've seen. Even in a bull case, WBAI is overvalued. In the real world (where its business is currently non-existent due to interventions by the Chinese authorities), we believe WBAI is, at best, worth a slight premium to the current $4/share of cash on its balance sheet (to give the company credit for a modest call option on its business coming back), or 80% down from current levels. We thus recommend a short position in WBAI.
Umsätze riesig. Papier liegt in starken Händen.
Die Umsätze sind riesig, sodass kein Abgabedruck sondern reine Gier zu jedem Preis vorherscht. Trotzdem hat WBAI enormes Nachholpotential, wenn man die anderen chinesischen Aktien vergleicht. Außerdem kommen die China Aktien bald in den Weltindex. Also weiter bullisch and squezze out aller Shorties. Bluddy