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Tài liệu Nothing But Net 2009 Internet Investment Guide 34 pptx

Tài liệu Nothing But Net 2009 Internet Investment Guide 34 pptx
... non-securities-related services Investment Banking (past 12 months): JPMSI or its affiliates received in the past 12 months compensation for investment banking services from Ninetowns Internet Technology Group ... Equity Research 05 January 2009 Imran Khan and the J.P Morgan Internet, Media and Entertainment Team Imran Khan Imran Khan is a Managing Director and the Head of Global Internet Research at J.P Morgan ... Market Maker: JPMSI makes a market in the stock of Baidu.com, China Finance Online, Netease, Ninetowns Internet Technology Group Co Ltd., Shanda Interactive Entertainment Ltd, Sina Corp, Sohu.Com,...
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Tài liệu Nothing But Net 2009 Internet Investment Guide 1 docx

Tài liệu Nothing But Net 2009 Internet Investment Guide 1 docx
... 1. 32 1. 20 1. 54 18 % -9% 28% 38.4 42.4 33 .1 1.9 2 .1 1.7 1, 398 1, 419 1, 734 28% 2% 22% 14 .8 14 .5 11 .9 18 , 711 21, 694 26 ,16 5 26% 16 % Blue Nile NILE UW 23.67 360 333 0.94 0.76 0.95 -10 % -19 % 25% 25.3 31. 2 ... 30.96 14 .27 14 .46 3,724 646 2,589 3 ,19 4 720 2,344 0.32 1. 36 1. 61 0.52 1. 41 1. 71 0.85 1. 52 69% 3% 50% 10 % 0% 0% 59.6 10 .2 39.7 NA 39.7 NA 1. 5 0.7 1. 0 NA 1. 0 NA 15 9 13 8 229 12 4 218 13 0 31% 12 6% ... 0.5 58 33 71 49 72 62 1% 1% 21% 49% 2% 26% 1. 7 3.9 1. 4 2.6 1. 4 2 .1 607 209 595 224 609 266 7% 12 % -2% 8% 2% 19 % 24.0 19 .7 15 .8 1. 4 1. 1 0.9 18 % 9% 18 % 6.9 6.5 5.3 17 % 4% 13 % 0.3 0.3 13 % Group Average...
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Tài liệu Nothing But Net 2009 Internet Investment Guide 2 docx

Tài liệu Nothing But Net 2009 Internet Investment Guide 2 docx
... Large-Cap Internet Y/Y Growth 20 08E 2, 2 72 1,3 52 1,184 2, 187 4,045 3,8 32 2,8 02 1,539 1,983 19,6 52 40,848 21 ,196 6,994 20 09E 4, 825 1,699 661 2, 351 5,135 3,868 2, 4 82 1,608 1, 324 15, 528 39,4 82 -3% 23 ,954 ... Growth 20 03 710 17 1 42, 017 $19.04 35.3% 16.3% $0.33 2, 704 123 .4% 20 04 820 22 22 0, 128 $23 . 42 38.7% 17.3% $0.35 5,156 90.7% 20 05 924 29 323 , 827 $28 .17 41.7% 18.8% $0.36 9, 121 76.9% 20 06 1, 020 36 ... $74.86 62. 8% 26 .2% $0.46 8,6 02 47 .2% 20 07 21 1 57 144,080 $81.65 63.5% 27 .3% $0.47 11,764 36.8% 20 08E 21 7 68 177,938 $81.59 62. 0% 28 .0% $0.47 14,518 23 .4% 20 09E 22 2 79 21 1,746 $75.33 62. 0% 27 .0%...
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Tài liệu Nothing But Net 2009 Internet Investment Guide 3 pdf

Tài liệu Nothing But Net 2009 Internet Investment Guide 3 pdf
... 33 32 6,900 $19.07 37 .2% 17.2% 0 .30 6, 233 90.1% 2007 9 03 41 441 ,31 5 $ 23. 19 38 .3% 18.4% 0 .33 10, 235 64.2% 2008E 988 49 582, 536 $25.74 38 .5% 19.1% 0 .35 14,9 93 46.5% 2009E 1,072 57 728,170 $ 23. 63 ... 2009E 1,072 57 728,170 $ 23. 63 38.5% 19.8% 0 .31 17,208 14.8% 2010E 1,1 53 63 8 73, 804 $24 .39 38 .5% 19.8% 0 .32 21 ,31 5 23. 9% 2011E 1, 239 69 1, 031 ,089 $24. 93 38.6% 20.5% 0 .32 25,701 20.6% 08-'11E CAGR ... 2 03 45 3, 341 0.50 1,671 $3. 50 $1.75 5,847 23. 0% 2007 211 47 3, 608 0.60 2,165 $3. 31 $1.99 7,166 22.6% 2008E 217 49 3, 868 0.62 2 ,39 8 $3. 32 $2.06 7,950 10.9% 2009E 222 51 4,120 0.61 2,492 $3. 39...
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Tài liệu Nothing But Net 2009 Internet Investment Guide 4 doc

Tài liệu Nothing But Net 2009 Internet Investment Guide 4 doc
... rate Net Revenue Y/Y Growth 20 04 186 1 04 2.00 2 ,49 7 $39.50 98, 644 10.0% 88,780 2005 195 117 2.03 2, 847 $41 .25 117 ,41 9 9.0% 106,851 2006 203 130 2.11 3,289 $43 .00 141 ,43 7 9.0% 128,708 2007 211 143 ... 2.10 3,618 $45 .50 1 64, 612 8.0% 151 ,44 3 2008E 217 153 2.11 3,878 $45 .00 1 74, 525 8.0% 160,563 2009E 222 160 2.09 4, 020 $45 .50 182,902 8.0% 168,270 2010E 227 170 2.12 4, 3 24 $47 .25 2 04, 302 8.0% 187,958 ... 2011E 231 176 2. 24 4,7 24 $47 .75 225, 549 8.0% 207,505 20 .4% 20.5% 17.7% 6.0% 4. 8% 11.7% '08-'11E CAGR 2.2% 4. 8% 1.9% 6.8% 2.0% 8.9% 0.0% 8.9% 10 .4% Source: Department of Commerce, Internet World Stats,...
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Tài liệu Nothing But Net 2009 Internet Investment Guide 5 pdf

Tài liệu Nothing But Net 2009 Internet Investment Guide 5 pdf
... 742,040.0 28.1% 208,228.8 787 ,52 4.4 34 .5% 271,927.8 813,340.6 40 .5% 329,233.7 774,9 85. 4 44.2% 342,199 .5 811,714.9 49.9% 4 05, 074.0 859 ,55 7.7 53 .3% 457 , 955 .0 4 .5% 24.9% 5. 9% 30.3% 6.1% 30.6% 3.3% ... 12.0% 5. 0% 5. 0% 3.7% 2.7% 2.7% 5. 8% 2.1% #2 factor 19 .5% 25. 3% 8.7% 10.2% 7.9% 9.9% 5. 9% 4.9% 5. 0% 2.6% In top 91.0% 79.1% 57 .3% 50 .9% 50 .0% 42.8% 39.0% 33.4% 32 .5% 21.0% Source: J.P Morgan Internet ... 20 05 2006 2007 2008E 2009E 2010E 2011E 233,000.0 38.0% 88 ,54 0.0 253 ,000.0 41.0% 103,730.0 267,000.0 46.0% 122,820.0 282,000.0 51 .0% 143,820.0 290,460.0 54 .0% 156 ,848.4 2 75, 937.0 58 .0% 160,043.5...
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Tài liệu Nothing But Net 2009 Internet Investment Guide 6 ppt

Tài liệu Nothing But Net 2009 Internet Investment Guide 6 ppt
... 2008E 263 .1 87.4% 55.8 21.2% 2009E 268 .3 89.1% 76. 9 28.7% 2010E 271.0 90.0% 104 .6 38 .6% 12.1% 32 .6% Y/Y Growth Subscribers Active Mobile Internet Users 20 06 233.0 77.7% 29.7 12.7% 9 .6% 36. 0% 3% ... s/Politics Weather Email Portals 6. 8 11.8 13.0 16. 8 26. 1 35.7 0.0 Source: Nielsen Mobile data 54 8 .6 9 .6 9.7 9.9 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 Imran Khan (1-212) 62 2 -66 93 imran.t.khan@jpmorgan.com ... Yahoo! Mail 4.0 4.1 4 .6 5.3 6. 2 6. 5 7.5 7.9 8 .6 9.1 14.2 0.0 2.0 4.0 6. 0 8.0 10.0 12.0 14.0 16. 0 Source: Nielsen Mobile data Tech Improvements Likely to Push Mobile Internet Usage In our opinion,...
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Tài liệu Nothing But Net 2009 Internet Investment Guide 7 pptx

Tài liệu Nothing But Net 2009 Internet Investment Guide 7 pptx
... 90,585 34, 970 438,655 2009E 168, 270 140 ,74 0 112, 573 41,963 463,546 2010E 1 87, 958 170 ,942 1 27, 949 55,811 542,660 2011E 2 07, 505 198,200 139,6 17 73,113 618,435 29.1% 27. 0% 23.8% 18.3% 5 .7% 17. 1% ’08E ... 2004 88 ,78 0 52,430 31, 972 9,440 182,622 2005 106,851 72 ,690 43,054 13,216 235,811 2006 128 ,70 8 96,631 55,556 18,502 299,3 97 20 07 151,443 123,698 69 ,70 5 25,903 370 ,74 9 2008E 160,563 152,5 37 90,585 ... ement 0% Source: J.P Morgan Internet Team 2008 Consumer Survey 68 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Global Equity Research 05 January 2009 Table 37: Google Checkout Fees Description...
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Tài liệu Nothing But Net 2009 Internet Investment Guide 8 pdf

Tài liệu Nothing But Net 2009 Internet Investment Guide 8 pdf
... email All Internet Worldwide US 9M’07 9M’ 08 Y/Y 9M’07 9M’ 08 Y/Y 43,565 41 ,84 2 -4.0% 21,327 21,256 -0.3% 33,7 58 37,970 12.5% 9,425 10,633 12 .8% 12,556 11 ,85 2 -5.6% 12,177 11, 482 -5.7% 6,351 7 ,81 4 23.0% ... Career networking % choosing 78. 1% 50.5% 36 .8% 29.9% 17.7% 15.2% 14.2% 10.9% Source: J.P Morgan Internet Team 20 08 Consumer Survey When it comes to filling this user need, we believe social networks ... visiting a social networking site at least once per month 100% 90% 74% 80 % 62% 60% 49% 41% 40% 23% 20% 0% 18- 25 26-33 34-41 Age 42-49 50-57 58+ Source: J.P Morgan Internet Team 20 08 Consumer Survey...
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Tài liệu Nothing But Net 2009 Internet Investment Guide 9 pptx

Tài liệu Nothing But Net 2009 Internet Investment Guide 9 pptx
... LLC Microsoft Sites Total Top Properties Total Internet % of Total Min Sep-03 28, 898 47, 898 19, 2 29 96,025 244,121 39% Sep-08 44,336 22,080 20, 899 87,315 321,067 27% Source: comScore data and ... Widget Unique Viewers (000) 147 ,90 4 57,747 39, 213 39, 1 59 32,557 26,434 19, 436 16,123 15,844 15,586 14 ,96 7 Penetration of US Internet Audience 81.1% 31.7% 21.5% 21.5% 17 .9% 14.5% 10.7% 8.8% 8.7% 8.5% ... Source: Company reports 88 Jan-04 39c 29c 25c Jan-05 29c 25c 19c Jan-06 19c 15c 12c Jan-07 19c 15c 12c Jan-08 19c 15c 9c Current 15c 15c 9c Imran Khan (1-212) 622-6 693 imran.t.khan@jpmorgan.com Global...
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Tài liệu Nothing But Net 2009 Internet Investment Guide 10 doc

Tài liệu Nothing But Net 2009 Internet Investment Guide 10 doc
... Reliance on Internet connection Lose your link to the network, and you lose your documents – a tradeoff some may not be willing to risk Some providers let users edit documents offline – but doing ... imran.t.khan@jpmorgan.com Global Equity Research 05 January 2009 Internet for Social Good We feel it is important to recognize the increased usage of Internet sites and communications by the non-profit sector ... sometimes touted as representative of the mainstreaming of virtual worlds, had 0.2% penetration of US Internet users in 10/ 08, according to comScore data, a level that could easily grow by a factor of...
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Tài liệu Nothing But Net 2009 Internet Investment Guide 11 pdf

Tài liệu Nothing But Net 2009 Internet Investment Guide 11 pdf
... for most users to access the Internet, with over two-thirds of all Internet users accessing the Internet from home Access from an Internet café lost share to the home, but still grew almost 61% ... expect Internet users to grow by around 20% Y/Y in 2009 to reach ~320M, or the penetration rate to reach ~24% of the population by the end of 2009 Figure 57: China Internet Users and Penetration ... Equity Research 05 January 2009 Global Equity Research 05 January 2009 China Internet Market Overview Number of Internet Users Continues Strong Uptrend China’s Internet population grew at a rapid...
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Tài liệu Nothing But Net 2009 Internet Investment Guide 12 ppt

Tài liệu Nothing But Net 2009 Internet Investment Guide 12 ppt
... Perspective Internet Usage Growth – Same Old Story, But Is That What Is Driving the Online Ad Spending Growth Expected in 2009? We expect China's Internet user base to grow around 20% Y/Y in 2009 to ... etc As of 112 Global Equity Research 05 January 2009 June 2008, the number of Internet users in China was 253 million (or 20% of the population) By the end of 2009, we expect the Internet population ... and turn more to Internet advertising The CPM (cost per thousand) based price for Internet is around Rmb15-20, vs Rmb50-100 for TV Therefore, from a cost and reach basis (Internet can reach the...
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Tài liệu Nothing But Net 2009 Internet Investment Guide 13 pdf

Tài liệu Nothing But Net 2009 Internet Investment Guide 13 pdf
... particularly from lower-tier cities (3) Increasing broadband penetration, with 214M broadband Internet users as of Jun08, or 85% of total Internet users; CAGR of ~100% over the last years (4) Efforts ... January 2009 directory listing) We believe the IT outsourcing companies will be key players in the future to drive Internet adoption growth and search usage for SMEs China Enterprise (ce .net) (fully-owned ... driven by: (1) Continued strong Internet user growth in China (2008E-2010E CAGR of 18%) (2) Upside in gamer penetration, which is still less than half of Korea’s penetration (also below HK and Taiwan),...
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