Tài liệu Nothing But Net 2009 Internet Investment Guide 31 docx

... Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Our Estimates and Outlook for 2009 We forecast net revenue of US$652.7MM in 2009, up 27% Y/Y, and GAAP ... expense) of 39.3% for 2009, slightly lower than 41.1% for 2008, and adjusted net margin of 30.6% for 2009, down from 35.7% for 2008 (on higher effective tax rate of ~24% in 2009, du...

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

... 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 ... 17.8 17.8 17.8 Deferred tax assets, net, non-current portion 40.9 35.6 35.6 35.6 Other intangible assets, net 107.7 78.7 78.7 78.7 Goodwill 353.2 315 .5 315 .5 315 .5 Total Assets $1,2...

Ngày tải lên: 26/01/2014, 18:20

... 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 equipment 0.0 0.0 - - Net ... Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Table 175: SFLY Annual Cash Flow Statement $ in millions 2007A 2008E 2009E 2010E OPERATING ACTIVITIES:...

Ngày tải lên: 26/01/2014, 18:20

... 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 0 0 0 Net ... 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...

Ngày tải lên: 26/01/2014, 18:20

... imran.t.khan@jpmorgan.com Table 227: NCTY Annual Cash Flow Statement $ in millions 2007 2008E 2009E 2010E Net Income 31. 99 54 .31 44.21 41.75 Add Non cash Expenses/(income) - - - - Depreciation and Amortization ... 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 Activiti...

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, ... 2008E 2009E 2010E 2011E 08-'11E CAGR Internet Population (M) 817 903 988 1,072 1,153 1,239 7.8% Queries / Month / User 33 41 49 57 63 69 12.2% Number of Queries (M) 326,900 4...

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 ... the 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...

Ngày tải lên: 15/12/2013, 10:15