2009 internet investment guide

... 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 ... 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 In addition to his Internet coverage,

Ngày tải lên: 15/12/2013, 10:15

... eCommerce growth than slower forms of Internet access Other factors include: (1) continued rises in online shopping penetration in Western Europe, (2) continued investments by online retailers in ... 2004 2005 2006 2007 2008E 2009E 2010E 2011E ’08E – ’11E CAGR Total 182,622 235,811 299,397 370,749 438,655 463,546 542,660 618,435 12.1% Source: Department of Commerce, Internet WorldStats, UK ... classified site Sold on a classified site Age 18-41 Age 42+ Source: J.P Morgan Internet Team 2008 Consumer Survey Internet Sales Tax: In US, the Action Will Be in the States In 2008, the state

Ngày tải lên: 24/12/2013, 17:15

... Facebook Launched February 2004, the site remains independent but in October 2007 drew a $240M investment from Microsoft, which acquired a 1.6% equity stake Microsoft also sells ads on Facebook ... among users of social network sites; respondents could choose multiple answers Source: J.P Morgan Internet Team 2008 Consumer Survey When it comes to filling this user need, we believe social networks ... nine months of 2008, minutes spent on email sites are growing, though not as quickly as overall Internet usage: Trang 3Table 40: comScore Data Indicates Users Are Spending a Smaller Share of Their

Ngày tải lên: 24/12/2013, 17:15

... 10Internet for Social Good We feel it is important to recognize the increased usage of Internet sites and communications by the non-profit sector More and more non-profits are adopting the Internet ... sufficient, and the lack of bells and whistles may not be a significant drawback • Reliance on Internet connection Lose your link to the network, and you lose your documents – a tradeoff some ... medium- and larger-sized companies, which have generally bought much of their own hardware Trang 52009 Virtual Online Worlds Primer Key Takeaways • ’08 growth somewhat tepid Unique users at several

Ngày tải lên: 24/12/2013, 17:15

... chess games—are also low-cost alternatives to offline entertainment Internet in general is a low-cost form of entertainment—Internet café access costs about Rmb2-3 per hour vs Rmb40 for a movie ... 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 companies ... number of SMEs (with small ad budgets) turning to search advertising (due to the higher ROI) For 2009, we expect the search advertising market in China to witness ~42% Y/Y growth to reach Rmb 6.6B

Ngày tải lên: 24/12/2013, 17:15

... longer term. Figure 85: Internet Audience Growth (market share) Source: Liveinternet.ru Table 77: Internet Market Breakdown Revenue breakdown, $ mn 2007 2008E 2009E 2010E 2011E 2012E 2013E ... 2008E 2009E 2010E TV Print Outdoor Radio Internet Source: Video International; AKAR; Zenith Optimedia; J.P. Morgan estimates. Table 76: Russian Advertising Market Breakdown 2007 2008E 2009E ... 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Figure 86: Russian Internet Market Breakdown by Key Providers 0 100 200 300 400 500 600 700 2007 2008E 2009E 2010E 2011E

Ngày tải lên: 21/01/2014, 23:20

... and 40-80x for Daum Figure 92: Korean Internet Sector Relative to KOSPI Performance -40% -30% -20% -10% 0% 10% Dec-07 Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Internet sector to KOSPI NHN to KOSPI ... Valuations for Korean Internet companies remained at a 20-30% discount to their global peers until 1H07, but the gap almost disappeared in late 2007 and early 2008 when Korean Internet share prices ... implementation of regulations will dampen sentiment on the Internet sector as it reflects the government’s strong intent to apply stricter rules on portals and Internet users’ activities More importantly,

Ngày tải lên: 21/01/2014, 23:20

... in Sales and Marketing, appropriate to the revenue stream • 2009 drivers In our view, the following factors will drive shares in 2009: (1) the employment outlook in the US and UK, (2) the health ... reports and J.P Morgan estimates Trang 2Table 95: NILE Annual Balance Sheet $ in millions 2007 2008E 2009E 2010E Assets Liabilities Shareholder Equity Source: Company reports and J.P Morgan estimates ... Snapshot $ in millions, except per share data JPM Consensus Trang 5Our Estimates and Outlook for 2009 We think the employment market is likely to remain pressured through F’09 We are modeling a

Ngày tải lên: 21/01/2014, 23:20

... expenses • 2009 drivers In our view, the following factors will drive EXPE shares in 2009: (1) advertising and other non-transaction performance, (2) cost savings returns on prior investments, ... estimate of $756M, hence our Overweight rating We are introducing a $12 December 2009 price target • We think 2009 gross bookings will decline 3% on a Y/Y basis We expect domestic gross bookings ... valuation of 5x our F’09 estimate) and thus arrive at our December 2009 price target of $12 Trang 3Table 113: Growth Outlook $ in millions 2009E 2010E 2011E 2012E 2013E 2014E Revenues 2,919.1 3,287.6

Ngày tải lên: 21/01/2014, 23:20

... repurchases of IAC stock • 2009 drivers In our view, the following factors will drive EXPE shares in 2009: (1) possible share buybacks, (2) reduction in the emerging businesses investment, and (3) ... thus arrive at our December 2009 price target of $16 The parameters of our EV/EBIT multiple analysis are in the table below: Table 129: Growth Outlook $ in millions 2009E 2010E 2011E 2012E 2013E ... the weak consumer environment, we think it is unlikely that IAC can continue to raise prices in 2009, and it may have to start being more promotional • We believe management will begin to allocate

Ngày tải lên: 21/01/2014, 23:20

... cash investments With almost $600M in debt, Orbitz is leveraged at over 4x our F’09E EBITDA We are concerned that this could limit the company's ability to make strategic investments • 2009 ... however, we continue to believe 25% EBITDA margins are achievable • 2009 drivers In our view, the following factors will drive shares in 2009: (1) the IT spending environment, (2) impact from changes ... favor Omniture has the scale to continue investing in product and a paid customer base for such investments to yield positive returns • Profitability growth likely to be muted until revenue growth

Ngày tải lên: 21/01/2014, 23:20

... their bond portfolios This should limit future dilution • 2009 drivers In our view, the following factors will drive PCLN shares in 2009: (1) lower dilution effects to share count, (2) careful ... thus arrive at our December 2009 price target of $86 The parameters of our EV/EBIT multiple analysis are in the table below: Table 157: Growth Outlook $ in millions 2009E 2010E 2011E 2012E 2013E ... estimate of $336M, we find Priceline’s valuation attractive and are introducing a $86 December 2009 price target As such, we maintain our Overweight rating • Long-term margin expansion is likely

Ngày tải lên: 21/01/2014, 23:20

... December 2009 price target • Fully outsourcing search operations makes strategic sense, in our view We think Yahoo!’s increased investment in search has come at the expense of display investment ... in 2009, we think Yahoo!’s top-line growth will be challenged In 2008, we began to see a shift in advertising spend to performance-based models, and we expect this trend to accelerate in 2009 ... manage their marketing ROI We are modeling 2009 Yahoo! display ad revenue growth of only 4% Y/Y • We expect continued market share losses in search In 2009, we are forecasting only 11% Y/Y growth

Ngày tải lên: 26/01/2014, 18:20

... diluted EPS of US$1.27, down 14% Q/Q but up 37% Y/Y • 2009 Drivers: In our view, the following factors will drive shares in 2009: (1) more clarity on 2009 impact from medical & pharmaceutical customer ... Equity Research 05 January 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com International Company Outlooks Trang 5275 Global Equity Research 05 January 2009 Imran Khan (1-212) 622-6693 ... excludes share-based compensation expense Our Estimates and Outlook for 2009 We forecast net revenue of US$667.2M in 2009, up 42% Y/Y, and GAAP diluted EPS of US$5.92, up 33% Y/Y, or adjusted

Ngày tải lên: 26/01/2014, 18:20

... expense) of 36.9% for 2009, down slightly from 37.4% for 2008, and adjusted net margin of 39.0% for 2009, down from 43.9% for 2008 (partly due to higher tax rate of ~8% in 2009 vs ~0% in 2008 due ... (ex-share-based expense) of 60.9% for 2009, down from 63.1% for 2008 (due to expected higher SG&A and R&D expenses in 2009), and adjusted net margin of 55.8% for 2009, up from 48.4% for 2008 (due ... adjusted EPS Y/Y change of -2% / -13%, respectively • 2009 drivers: In our view, the key share price driver (on the upside and the downside) in 2009 will be a meaningful recovery, or further deterioration,

Ngày tải lên: 26/01/2014, 18:20

... B2G revenues and early stage of B2B monetization • Potential 2009 drivers: In our view, the following factors could drive shares in 2009: (1) return to profitability (upside risk) or larger operating ... 75.1% for 2009, up from 72.4% for 2008 (due to expected lower gross loss in B2B segment) We expect adjusted operating margin (ex-share-based expense) of -34.9% (operating loss) for 2009, narrowing ... among peers, which should continue to benefit the company • 2009 drivers: In our view, the following factors will drive shares in 2009: (1) Shanda consistently delivering good results, (2) new

Ngày tải lên: 26/01/2014, 18:20

... revenue in 2009, up 19% Y/Y We forecast gross margin at 61.3% for 2009, up from 60.4% for 2008 (due to lower content-related costs in 2009) Our online ad gross margin forecast is 64.6% in 2009, up ... view, the following factors will drive shares in 2009: (1) better visibility on 2009 ad budget growth by early ‘09, (2) continued solid growth in Internet usage in China, (3) potential upside from ... for 2009 We forecast net revenue of US$437.6MM in 2009, up 19% Y/Y, and GAAP diluted EPS of US$1.84, up 26% Y/Y, or adjusted EPS (ex-share-based expense) of US$2.11, up 26% Y/Y We forecast 2009

Ngày tải lên: 26/01/2014, 18:20

... expected to contribute incremental revenue • 2009 drivers: In our view, the following factors will drive shares in 2009: (1) slightly better visibility on 2009 ad budget growth by early ‘09, (2) ... for 2009 We forecast net revenue of US$527.6MM in 2009, up 23% Y/Y, and GAAP diluted EPS of US$4.78, up 27% Y/Y, or adjusted EPS (ex-share-based expense) of US$5.05, up 25% Y/Y We forecast 2009 ... lower content costs in 2009) We expect adjusted operating margin (ex-share-based expense) of 42.2% for 2009, up from 40.8% for 2008, and adjusted net margin of 38.1% for 2009, up from 37.0% for

Ngày tải lên: 26/01/2014, 18:20

... Backend Products? 69 Your Next Online Venture 70 Internet Business Tools and Resources 72 Contact Author 77 Trang 5Internet Business Beginners’ Guide Day One In the very first day, I would ... and marketing an Internet business from Corey Rudl - the most successful online business expert today Internet millionaire Corey Rudl has built up his successful business, the Internet Marketing ... Trang 2Internet Business Beginners’ Guide Zac Hewlett Working-At-Home-Business 2002 Copyright Feel free to use any

Ngày tải lên: 14/02/2014, 05:20

... Trang 1Q1 2009 Internet Threats Trend Report Q1 2009 Internet Threats Trend Report Conficker Worm Infects Millions Around the World April 14, 2009 Introduction The major ... 5Q1 2009 Internet Threats Trend Report CBS and Pizza Hut now selling your favorite meds Spammers continued to exploit legitimate sites to host their materials during the first quarter of 2009 ... Source: Commtouch Labs Trang 7Q1 2009 Internet Threats Trend Report Targeting Twitter: A new wave of phishing Web 2.0 applications are becoming more vulnerable to Internet security threats as culprits

Ngày tải lên: 18/02/2014, 02:20