Tài liệu Nothing But Net 2009 Internet Investment Guide 25 docx

... Interest income, net 30.9 13.7 10.8 12.1 Equity in net loss of investments (0.4) (0.4) 0.0 0.0 Gain on sale of equity investments 0.1 0.2 0.0 0.0 Impairment of equity investments 0.0 0.0 ... Interest income, net 9.1 8.1 7.3 6.4 5.0 3.4 2.9 2.5 2.6 2.7 2.7 2.8 Equity in net loss of investments (0.1) 0.0 (0.3) (0.1) (0.1) (0.2) 0.0 0.0 0.0 0.0 0.0 Gain on sale of equity investm...

Ngày tải lên: 26/01/2014, 18:20

... 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 ... 12/30 2008E 2009E 2010E '07/'08E '08/09E 09/10E 2008E 2009E 2010E 2008E 2009E 2010E 2008E 2009E 2010E '07/'08E '08/09E '09/10E 2008E 2009E 2010E 2008E 2009E 2010E...

Ngày tải lên: 15/12/2013, 10:15

... subset of mobile Internet users, usage drastically trails that on PCs. Nielsen Online reports that the PC Internet user visits more than 100 domains per month, whereas mobile Internet users visit ... We think mobile Internet adoption will not accelerate until the introduction of better phones and technologies. 3G networks perform up to 6x faster than prior mobile Internet netwo...

Ngày tải lên: 15/12/2013, 10:15

... 24.9 25. 0 25. 1 27.1 26.1 26.4 26.7 27.5 Shares outstanding - basic 23.9 24.1 24.5 24.5 24.9 25. 0 25. 1 25. 4 26.1 26.4 26.7 27.0 Shares outstanding - diluted 23.9 24.1 24.5 26.8 24.9 25. 0 25. 1 ... business, net of cash (2.9) (10.1) - - Purchase of short term investment (3.0) 3.0 - - Purchase of long term investment - (52.3) - - Proceeds from sale of property and equi...

Ngày tải lên: 26/01/2014, 18:20

... for 2009, up from 24.7% for 2008, and adjusted net margin of 29.5% for 2009, up from 27.8% for 2008. Our Estimates and Outlook for 2010 For 2010, we forecast net revenue of US$547.5MM, up 25% ... implies 36.2x 2008E and 28.9x 2009E GAAP PE, or 31.5x 2008E and 25. 1x 2009E adjusted PE; on the back of our 50.6% and 25. 6% earnings growth forecast for 2008 and 2009. This is above o...

Ngày tải lên: 26/01/2014, 18:20

... China. Although China GDP growth is likely to slow to 8-9% in 2009, we expect Internet penetration (currently ~20%) to grow to ~24% in 2009, and drive online ad revenue growth by at least 20%. ... Equity - net 19 28 16 18 Payment of Cash Dividends 0 0 0 0 Other Financing Charges, Net 0 0 0 0 Net Cash from Financing Activities -41 31 16 18 Net Effect of Exchange Rate Changes 0...

Ngày tải lên: 26/01/2014, 18:20

... Equity - net 163.20 (11.06) 1.76 1.92 Payment of Cash Dividends - - - - Other Financing Charges, Net (6.46) (13.41) (0.00) 0.00 Net Cash from Financing Activities 166.04 (39.98) 1.76 1.92 Net ... Latin American Media & Internet Andre Baggio AC (55-11) 3048-3427 andre.baggio@jpmorgan.com Banco J.P. Morgan S.A. 325 Global Equity Research 05 Januar y 2009 Imran...

Ngày tải lên: 26/01/2014, 18:20

... 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, ... 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 Ninetow...

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, ... 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com 2009 (down from 7.2% in 2008) as social networking sites and blogs begin to mature and reach saturated penet...

Ngày tải lên: 15/12/2013, 10:15

... 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 ... publisher network will likely limit its scale, this premium network will offer a point of differentiation from competitive networks. Figure 18: DRIVEpm Ad Network DRIVEpm Network Top 250...

Ngày tải lên: 15/12/2013, 10:15