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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 In...
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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...
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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...
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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...
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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,...
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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%...
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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...
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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 ,...
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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 ne...
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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...
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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 b...
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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 a...
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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 th...
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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...
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