Fung Choi Media Group : Keeping Faith With Value, Ignore The Noise.

Highlights:

· Broad-based demand, leading to strong contributions from existing and new
businesses: Group revenue grows +47% to HK$843.7 million.

· Robust demand for printing and packaging services and products:
Printing and packaging revenue +31.8% to HK$618.2 million.

· Higher circulation and advertising revenue from magazine portfolio:
Newly acquired Flying Media records advertising and distribution revenue growth of
88.3% to HK$197.7 million.

· Part year contribution from newly formed display marketing business:
Display marketing revenue contribution of HK$27.8 million.

· Net Profit attributable to shareholders +28% to HK$163.1 million.

· Strong foundation for growth amid buoyant economic conditions:
Group is optimistic of business prospects in FY2007

Media Release

Full Year Financial Statement And Dividend Announcement.


I released to some readers my analysis on Fung Choi. I felt it was inappropriate to release my analysis here as it would warrant unwanted attention.

Rumours were wild, false accounting practices, accounting irregularities and huge provisions made for such actions.


I held my stand based on value DCF evaluation, my personal experience in the printing industry and past stock market knowledge. I dont see any rumours of the sort I have hearing recently. Average down , average down was ringing loud in my ears. The discount was too attractive for a value investor like me to ignore.


"Buy on rumours, sell on facts."




I just reached home and am delighted on first glance the results that were released. As usual, I will do the sums and come up with the revised analysis on Fung Choi.





Cheers
Niversphere.
p.s: I hate Mondays!!!






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Please read the prospectus and perform your analysis before making any investment decision. The above does not constitute a recommendation to apply for this company. I will not be liable for any losses incurred by anyone who invests based solely on the above-mentioned information.

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