10. China's KongZhong (KONG) is a mobile Internet company delivering value-added services through multiple technology platforms.
For 2010 third quarter, revenue increased 7% year-over-year to $37.7 million, above the company's guidance range of $35 million-$36 million. Similarly, gross profit of $15.6 million for the quarter surpassed the guidance of $14.5 million-$15.5 million. Commenting on the results, the KongZhong's chairman and CEO, Leilei Wang said in a press release, "Against a more stable Wireless value-added services (WVAS) environment, KongZhong continued to make long-term investments to become a diversified digital entertainment player in the mainland China market. In 3Q, we streamlined our Wireless internet service (WIS) and WVAS business to more efficiently address the coming consolidation we foresee in the China WVAS market, we continued to lead the mobile game market and we made significant progress in our Internet game strategy to develop a robust and differentiated online game pipeline for 2011."
For 2010 fourth quarter, the company guides revenue and gross profit within the ranges of $35.5 million-$36.5 million and $15.5 million-$16.5 million, respectively.
Of the five analysts covering the stock, three recommend buying and two rate holding, representing 60% buy ratings. In comparison, China Mobile (CHL), Indosat Tbk PT (IIT), China Unicom (CHU) and SK Telecom (SKM) have buy ratings of 20%, 0%, 0% and 33%, respectively.The average price target of analysts surveyed by Bloomberg is $7.8, 11% higher than the stock's current level.
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