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Sina.com (ticker: SINA) reports Q1 2005 earnings results on Thursday. Here is what Piper Jaffray analyst Safa Rashtchy is advising clients to expect:


Piper expects Sina to meet the following estimates:

  • Revenue of $45.2 million.
  • Advertising revenue of $16.4 million.
  • Wireless revenue of $26.0 million (or slightly lower).
  • GAAP EPS of $0.19.

Also expect:

  • Sina to provide conservative guidance.
  • Neutral to negative investor reaction.
  • Wireless business likely bottomed in Q1.
  • Stable wireless revenues which could bode well for other China wireless value added services companies.

Conclusion:

  • Sina shares are fairly valued at current levels and Piper would need to see
    better than expected numbers for investors to get more excited.

Comment: This note was published on May 2nd, and does not account for today's Sina rally. Keep this in mind when reading Piper's comment regarding Sina's shares being fairly valued. Piper's estimates compare to consensus revenue estimate of $46.3 million, and consensus GAAP EPS estimate of $0.18. For management guidance, see here.

Source: Piper on Sina's (SINA) upcoming Q1 2005 earnings results