2009 internet investment guide
Tài liệu Nothing But Net 2009 Internet Investment Guide 34 pptx
Ngày tải lên :
15/12/2013, 10:15
... the past 12 months compensation for investment banking
services from Ninetowns Internet Technology Group Co. Ltd., Shanda Interactive Entertainment Ltd.
• Investment Banking (next 3 months): ... compensation for investment
banking services in the next three months from China Finance Online, Ninetowns Internet Technology Group Co. Ltd., Shanda
Interactive Entertainment Ltd.
• Non -Investment ... Partners, where he was a Managing Director in
Equity Research covering Internet and Software. Prior to Fulcrum, Mr. Khan worked as an investment banker at ING
covering Telecom. Before ING, he worked...
- 10
- 343
- 0
Tài liệu Nothing But Net 2009 Internet Investment Guide 1 docx
Ngày tải lên :
15/12/2013, 10:15
... Inc., to
this report.
Global Equity Research
05 January 2009
Nothing But Net
2009 Internet Investment Guide
Global Internet
Imran Khan
AC
(1-212) 622-6693
imran.t.khan@jpmorgan.com ...
introducing 2009 price targets for the
remainder of our Internet coverage. All
data and valuation priced as of 30
December 2008.
10
Global Equity Research
05 Januar
y 2009
Imran ... the ’70s.
The Internet industry is not immune from this recession. We expect significant
revenue growth deceleration (in some cases negative growth) for Internet companies
in 2009. However,...
- 10
- 282
- 0
Tài liệu Nothing But Net 2009 Internet Investment Guide 2 docx
Ngày tải lên :
15/12/2013, 10:15
...
mobile Internet services, according to Nielsen Mobile data. Even within this small
subset of mobile Internet users, usage drastically trails that on PCs. Nielsen Online
reports that the PC Internet ... nearly $40B in FCF generated in
the broader Internet space.
Table 3: We Project $10B+ in FCF at Large Internet Companies
$ in millions
2007 2008E 2009E
GOOG 2,272 4,825 6,086
YHOO 1,352 1,699 ... lone significant deal in the Internet and Internet- related sector; compared to 13
such deals in F’07 (see chart below).
19
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693...
- 10
- 296
- 0
Tài liệu Nothing But Net 2009 Internet Investment Guide 3 pdf
Ngày tải lên :
15/12/2013, 10:15
... will be
driven by an increase of 2.5% in Internet users and an increase of 3.9% in usage per
Internet user. We are modeling RPMs to be roughly flat in 2009, driven by a 2%
decline in sell-through, ... Presentation
Figure 13: Internet Now Ranks Second in Time Consumption but Trails Significantly in Ad Spend
37%
7%
19%
8%
9%
29%
0%
5%
10%
15%
20%
25%
30%
35%
40%
TV Internet Magazine Radio New ... and drive
volume.
25
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
2009 Graphical Advertising Outlook
2008 was a difficult year, as...
- 10
- 268
- 0
Tài liệu Nothing But Net 2009 Internet Investment Guide 4 doc
Ngày tải lên :
15/12/2013, 10:15
... Traditional media companies have also moved onto
the Internet by offering TV episodes online and with Internet designed webisodes.
However, monetization of Internet videos has trailed its growth. Various ... major Internet players should become ad exchange operators as they strive to
provide a one-stop solution to all of an advertiser’s needs.
34
Global Equity Research
05 Januar
y 2009
Imran ... network space.
40
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
2009 eCommerce Outlook
2008 saw Amazon, the standard-bearer of eCommerce,...
- 10
- 271
- 0
Tài liệu Nothing But Net 2009 Internet Investment Guide 5 pdf
Ngày tải lên :
24/12/2013, 17:15
... J.P. Morgan Internet Team 2008 Consumer Survey
42
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
Takeaways from the J.P. Morgan Internet ... total payment volume).
47
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
2009 Online Travel Outlook
In 2008, online travel agency companies ... friends / relatives 20.7% 23.5% -2.9%
Source: J.P. Morgan Internet Team 2008 Consumer Survey
41
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com...
- 10
- 323
- 0
Tài liệu Nothing But Net 2009 Internet Investment Guide 6 ppt
Ngày tải lên :
24/12/2013, 17:15
... Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
Table 32: Mobile Internet User Projections
Millions
2005 2006 2007 2008E 2009E 2010E
Subscribers 207.9 ... encouraged mobile Internet use. Probably the most
recognizable of phones, the iPhone, increased awareness of mobile Internet
capabilities. With a handset geared toward improving mobile Internet use, ... mobile Internet usage will accelerate
in the future. Specifically, we are looking for a 37% 3-year CAGR for active mobile
Internet users.
60
Global Equity Research
05 Januar
y 2009
Imran...
- 10
- 276
- 0
Tài liệu Nothing But Net 2009 Internet Investment Guide 7 pptx
Ngày tải lên :
24/12/2013, 17:15
... ement
0%
Satisfactory
6%
Source: J.P. Morgan Internet Team 2008 Consumer Survey
62
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
2009 Online Payment Outlook ... and its Merchant business continues to grow at a faster rate. We expect 2009 to
69
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
Table 37: ...
Source: payments.amazon.com
Google Checkout
Google Checkout is now available on hundreds of Internet retail sites. Google
AdWords advertisers are offered discounted processing rates. Google...
- 10
- 303
- 0
Tài liệu Nothing But Net 2009 Internet Investment Guide 8 pdf
Ngày tải lên :
24/12/2013, 17:15
... spent on email sites
are growing, though not as quickly as overall Internet usage:
78
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
Online ...
The growth rate of email category is below industry growth rate, both in US and Worldwide
All Internet 1,160,692 1,275,400
9.9% 310,837 324,762 4.5%
Source: comScore Networks, J.P. Morgan ... where total minutes were up 39%
Y/Y in the quarter.
77
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
as well as a variety of other perks....
- 10
- 278
- 0
Tài liệu Nothing But Net 2009 Internet Investment Guide 9 pptx
Ngày tải lên :
24/12/2013, 17:15
... Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
2009 Cloud Computing Outlook
Why “Cloud”?
The name serves as a metaphor for the Internet, with processing ... 2009.
81
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
The Challenges for Online Video
Online video, like social networking, is an Internet ... 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
Table 45: Top US Web Widget Viewing Audiences, November 2007
units as indicated
Widget Unique Viewers (000) Penetration of US Internet...
- 10
- 285
- 0
Tài liệu Nothing But Net 2009 Internet Investment Guide 10 doc
Ngày tải lên :
24/12/2013, 17:15
... Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
Internet for Social Good
We feel it is important to recognize the increased usage of Internet sites and
communications ...
Source: Company releases
95
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
2009 Virtual Online Worlds Primer
Key Takeaways
• ’08 growth somewhat ...
98
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
In the area of trust, we think the...
- 10
- 238
- 0
Tài liệu Nothing But Net 2009 Internet Investment Guide 11 pdf
Ngày tải lên :
24/12/2013, 17:15
... preferred place 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 ... Postgraduate
and above
Internet café Total Internet
Source: CNNIC (2007).
105
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
China Internet Market ...
70%). We 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...
- 10
- 230
- 0
Tài liệu Nothing But Net 2009 Internet Investment Guide 12 ppt
Ngày tải lên :
24/12/2013, 17:15
... 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
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 ... 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 ...
portals could possibly see 28% Y/Y growth in 2009. With a low % of
budget being allocated to the Internet now, we believe our minimum case of
~18% Y/Y 2009 ad growth is still achievable.
(3) For...
- 10
- 418
- 0
Tài liệu Nothing But Net 2009 Internet Investment Guide 13 pdf
Ngày tải lên :
24/12/2013, 17:15
...
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
directory listing). We believe the IT outsourcing companies will be key players in the
future to drive Internet adoption ...
lower-tier cities.
(3) Increasing broadband penetration, with 214M broadband Internet users as of Jun-
08, or 85% of total Internet users; CAGR of ~100% over the last 5 years.
(4) Efforts of game ... cities spending more on
entertainment like Internet/ games, with the trend being replicated in smaller cities.
123
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com...
- 10
- 347
- 0
Tài liệu Nothing But Net 2009 Internet Investment Guide 14 doc
Ngày tải lên :
24/12/2013, 17:15
... (vs. 0.58%) in 2009.
Internet ‘09E growth estimate cut to 33% from 53%. We cut our Internet market
forecasts by 5% for ‘08, 18% for ‘09 and 23% for ‘10. We forecast 33% growth in
2009 and 30% ... 2.5% in 2009 and
5.0% in 2010 (changed over the last three months from our earlier estimate of 6.0%
for 2009 and 7.0% for 2010), we cut our forecasts for Russia’s ad market by 19% for
2009 and ... search vs. our current estimates (51.8% in 2009E and 54.7% in 2010E). We
note that advertising remains de facto the only on-line revenue source for Russian
internet companies, while online commerce...
- 10
- 248
- 0
