China Tracker - Details for Universal Travel Group (UTRA)

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 Universal Travel Group
 Analyst Coverage
2010-08-23Brean MurrayDowngradeHoldn/a

Given our concerns following our further review of the company’s 2Q10 financials, we are downgrading our rating on the company to Hold from Buy. Our decision to downgrade the stock is mainly based on the company’s deteriorating margins of its existing, or organic packaged tour business, lack of visibility for near-term margin improvement, and the impending impact of recent airline industry changes on the company’s business. Nonetheless, we believe the company’s current valuation supports limited downside risk, justifying our Hold rating.

2010-08-12Brean MurrayReiterationBuy$12.00
2010-07-14Brean MurrayReiterationBuy$12.00
2010-05-12Brean MurrayReiterationBuy$14.00

While keeping our forecasts for 2010 revenue unchanged, we are raising our 2010 GAAP EPS by $0.02 to $1.43 from $1.41 previously, as a result of a higher gross margin assumption of 31.6%, up from 30.3% previously. We also took the SG&A expenses slightly higher to reflect our expectation for higher operating costs in 2010 as sociated with acquisition integration.

2010-03-23Brean MurrayInitiationBuy$14.00

International events setting stage for substantial growth in 2010. Shanghai Expo will kick-start on May 1 and run until October 31 for a total duration of 180 days. It is expected to attract about 70 million visitors from 200 nations and international organizations to partake in this exhibition, ensuring the largest participation in the history of the World Exposition. Among those 70 million participants , 90% are expected from domestic travelers. We expect the Expo will not only boost sales in air tickets but also hotel reservations, as well as packaged tours. Additionally, the Asian Games will be held in Guangzhou this November.

READ: Score Cards Explained
DETAILS: Safety/Risk Model for UTRA
Current Price:  n/a
F10k Day (2006-09-05): -100.00%$2.40
2009 Close: -100.00%$10.14
2010 Close: -100.00%$6.12
2011 Close: -100.00%$3.96
High (2012-05-25): -100.00%$1.45
Low (2012-07-18): -100.00%$0.33
Market Capitalization: n/a
Total Shares: 20.37 mill
Float: n/a
Avg Volume: n/a
Last Quarter: 2010-09-30
Revenue (MRQ): 46.29 mill
Net Income (MRQ): 6.97 mill
Op. Cash Flow (MRQ): 12.52 mill
all financial data provided without warranty