Zacks Analyst Blog Highlights: Excel Maritime Carriers Ltd., Maxim Integrated Products Inc., China Life Insurance, Satyam Computer Services and McGraw-Hill Companies.

Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Excel Maritime Carriers Ltd. (NYSE: EXM), Maxim Integrated Products Inc. (NASDAQ: MXIM), China Life Insurance (NYSE: LFC), Satyam Computer Services (NYSE: SAY) and McGraw-Hill Companies (NYSE: MHP).

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Here are highlights from Thursday’s Analyst Blog:

Excel Maritime Holds Steady

Excel Maritime Carriers Ltd. (NYSE: EXM) is a shipping company specializing in the worldwide seaborne transportation of dry bulk cargoes. The company is expected to post fourth-quarter results in March. We are continuing our diluted EPS estimates at $4.45 for 2008 and $1.25 for 2009. These estimates reflect sharply lower spot market rates and declining trade patterns from China.

In the third quarter of 2008, EXM posted a 21% increase in diluted cash operating EPS to $1.16, below consensus of $1.62 our $1.31 estimate due to lower-than-expected revenue growth. Revenues advanced 240% year over year to $147 million, reflecting a 194% increase in fleet operating days (due to the Quintana acquisition) and a 15% gain in average TCE [time charter equivalent] rates.

Maxim Semi a Good Value

Maxim Integrated Products Inc. (NASDAQ: MXIM) is an OEM [original equipment manufacturer] of semiconductor analog and mixed signal ICs [integrated chips].

September quarter revenue was inline with the consensus, although the EPS missed by a penny. Forward guidance is for a revenue decline of 12-18%. Management has announced a significant reduction in the capex for 2009, in response to the broad macro weakness.

China Life with a Better Outlook

China Life Insurance (NYSE: LFC) is scheduled to release its FY08 financial results on March 26, 2009. 1H08 results were disappointing due to the stock market decline.

Despite growing competition as well as volatile capital market, China Life seems to be in a better position than its peers due to the current regulatory environment and its geographical positioning. Further, it has not yet successfully completed its conversion to higher margin products and its current valuation (more so after the recent sell-off) does not fully reflect its growth prospects, which we think have further improved in view of the China's stimulus package, as also the regulator's decision to allow the insurers to invest directly in the infrastructure projects.

The Sad Saga of Satyam Computers

What began as a corporate governance issue back in December has now turned into a major financial scandal for the ages in India. The shares of Satyam Computer Services (NYSE: SAY) has plummeted more than 90% in trading here at the NYSE today, a stark reminder that investors must always cover their backs or else get racked by the likes of Enron, Bernie Madoff or Ramalingam Raju.

Early today, Ramalingam Raju, the chairman of troubled Indian IT outsourcing company Satyam Computers (on which I had a Hold rating), sent a startling letter to his board and the Securities & Exchange Board of India. Raju acknowledged his culpability in hiding news that he had inflated the amount of cash on the balance sheet of India's fourth-largest IT company by nearly $1 billion, incurred a liability of $253 million on funds arranged by him personally, and overstated Satyam's September 2008 quarterly revenues by 76% and profits by 97%. Raju also resigned as the Chairman/CEO of Satyam, and left a trail of dust that may cover other Indian IT outsourcing companies as well in the near-term.

McGraw-Hill Outlook Murky

The outlook for McGraw-Hill Companies' (NYSE: MHP) Financial Services segment is murky as the mortgage-backed securities and CDO markets have dried up. Financial Services operating income is shrinking at high-teens rate (down 18% in 3Q08) and we don't think it will trough until at least 4Q08, and will likely remain weak through 2009. Rising mortgage defaults and the resultant drop-off in the U.S. residential mortgage-backed securities market will not likely reverse itself for many quarters.

The Education segment is also declining in the low single-digit range, driven by lower discretionary spending by schools facing budgetary pressures. This weakness in Financial Services (down 12% in 2008) and Education segment (down 2%) should be slightly tempered by mid-to-high single-digit growth in the Information & Media segment (6% to 8%), and the company's increased focus on non-transaction revenue.

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