Shenzhen Stock Exchange, 10/29/11
On October 28, Shenzhen-based developer and manufacturer of satellite receivers and cable and terrestrial set-top boxes (STBs) Coship Electronics (002052.SZ) received orders for direct-broadcast satellite (DBS) TV receivers cumulatively worth nearly USD 27 mln from Brazillian telecom and cable TV provider Embratel and Indian direct broadcast satellite service provider Sun Direct TV. Combined, the two orders are equivalent to approximately 7.4% of Coship's total 2010 sales revenue.
The Embratel contract is for shipment of 300,000 DSB receivers, valued at USD 11.29 mln, payable no later than October 17, 2011. Sun Direct TV's contract amounts to USD 15.38 mln for an order of 500,000 units, with a March 31, 2012 payment deadline.
Embratel, currently Brazil's largest operator of direct broadcast services, is a subsidiary of Mexican telecommunications giant Telmex, and remains in good standing with Coship, which previously supplied Embratel with RMB 746.42 mln worth of set-top boxes between October 2008 and December 2010.
Sun Direct TV, one of India's largest DBS service providers, also offers a range of digital satellite TV services. Coship has been supplying Sun Direct TV with set-top boxes since 2008, and between January that year and December 2010, the two companies successfully negotiated a total of USD 55.4 mln in business.