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....We’re maintaining a HOLD rating on JRJC following the company’s announcement last night of soft results due to continued weakness in Chinese equities in 2Q05. Both subscriber growth and pricing were below expectations. With Chinese equities hovering around an 8-year low and lack of visibility into a turnaround, management’s ability to show sustained robust growth in this environment is limited. We’re revising our revenue and EPADS estimates for FY05 and FY06 to $7.3M and $0.20, and $7.42M and $0.21, respectively, down from $8.0M and $0.24, and $9.9M and $0.30, respectively. We carry a $6.10 fair market value.
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