nothing but money - smith, greg

... non-securities-related services. ã 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 ... 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, Mr. Khan is responsible...

Ngày tải lên: 15/12/2013, 10:15

... 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 J.P. ... ($50.76) 15 7 Blue Nile, Inc., Underweight, ($23.67) 16 6 Dice Holdings, Neutral, ($4 .11 ) 17 4 eBay, Neutral, ( $13 .96) 18 1 Expedia, Overweight, ($7.80) 19 1 Google...

Ngày tải lên: 15/12/2013, 10:15

... Forecast Units as indicated United States 20 06 20 07 20 08E 20 09E 20 10E 20 11E 08-'11E CAGR Internet Population (M) 20 3 21 1 21 7 22 2 22 7 23 1 2. 2% Queries / Month / User 47 57 68 79 90 ... Internet Population (M) 710 820 924 1, 020 1,113 1 ,20 5 1 ,29 5 1,380 1,471 6.9% Queries / Month / User 17 22 29 36 44 53 60 68 74 12. 1% Number of Queries (M) 1 4...

Ngày tải lên: 15/12/2013, 10:15

... 32 6,900 441 ,31 5 582, 536 728,170 8 73, 804 1, 031 ,089 21.0% RPS (per 1,000 searches) $19.07 $ 23. 19 $25.74 $ 23. 63 $24 .39 $24. 93 -1.1% % Coverage 37 .2% 38 .3% 38 .5% 38 .5% 38 .5% 38 .6% 0.1% % Clickthrough ... $ Revenue / Click 0 .30 0 .33 0 .35 0 .31 0 .32 0 .32 -3. 5% Int'l Search Forecast ($M) 6, 233 10, 235 14,9 93 17,208 21 ,31 5 25,701 19.7% Y/Y Growth 90....

Ngày tải lên: 15/12/2013, 10:15

... 2 ,49 7 2, 847 3,289 3,618 3,878 4, 020 4, 3 24 4,7 24 6.8% Average price / session $39.50 $41 .25 $43 .00 $45 .50 $45 .00 $45 .50 $47 .25 $47 .75 2.0% Total eCommerce revenue (US $M)) 98, 644 117 ,41 9 141 ,43 7 ... 98, 644 117 ,41 9 141 ,43 7 1 64, 612 1 74, 525 182,902 2 04, 302 225, 549 8.9% Product return rate 10.0% 9.0% 9.0% 8.0% 8.0% 8.0% 8.0% 8.0% 0.0% Net Revenue 88,780 106,...

Ngày tải lên: 15/12/2013, 10:15

... 88,780 106, 851 128,708 151 ,443 160 ,56 3 168,270 187, 958 207 ,50 5 8.9% Europe 52 ,430 72,690 96,631 123,698 152 ,53 7 140,740 170,942 198,200 9.1% Asia 31,972 43, 054 55 ,55 6 69,7 05 90 ,58 5 112 ,57 3 127,949 ... 774,9 85. 4 811,714.9 859 ,55 7.7 1.8% % online 19.1% 22.8% 28.1% 34 .5% 40 .5% 44.2% 49.9% 53 .3% 9 .5% Online Travel Spend 127,960.0 159 ,830.0 208,228.8 271,927.8 32...

Ngày tải lên: 24/12/2013, 17:15

... Januar y 2009 Imran Khan (1-212) 62 2 -66 93 imran.t.khan@jpmorgan.com Table 32: Mobile Internet User Projections Millions 2005 20 06 2007 2008E 2009E 2010E Subscribers 207.9 233.0 255.4 263 .1 268 .3 ... Januar y 2009 Imran Khan (1-212) 62 2 -66 93 imran.t.khan@jpmorgan.com Figure 29: Top Mobile Web Channels by Unique Monthly Visitors (May 2008) Millions 14.2 9.1 8 .6 7...

Ngày tải lên: 24/12/2013, 17:15

... 2005 2006 20 07 2008E 2009E 2010E 2011E ’08E – ’11E CAGR US 88 ,78 0 106,851 128 ,70 8 151,443 160,563 168, 270 1 87, 958 2 07, 505 8.9% Europe 52,430 72 ,690 96,631 123,698 152,5 37 140 ,74 0 170 ,942 198,200 ... 9.1% Asia 31, 972 43,054 55,556 69 ,70 5 90,585 112, 573 1 27, 949 139,6 17 15.5% ROW 9,440 13,216 18,502 25,903 34, 970 41,963 55,811 73 ,113 27. 9% Total 182,622 235,811...

Ngày tải lên: 24/12/2013, 17:15

... 9M’07 9M’ 08 Y/Y 9M’07 9M’ 08 Y/Y Yahoo 43,565 41 ,84 2 -4.0% 21,327 21,256 -0.3% Windows Live Hotmail 33,7 58 37,970 12.5% 9,425 10,633 12 .8% AOL Email 12,556 11 ,85 2 -5.6% 12,177 11, 482 -5.7% Google ... visiting a social networking site at least once per month 90% 74% 62% 49% 41% 23% 0% 20% 40% 60% 80 % 100% 18- 25 26-33 34-41 42-49 50-57 58+ Age Source: J.P. Morgan Interne...

Ngày tải lên: 24/12/2013, 17:15

... Google Sites 6, 698 7,105 7,175 12,758 12,655 12,1 39 79. 0% YOUTUBE.COM 6,253 6,710 6,830 12, 493 12,375 11 ,97 9 86.2% 2 MEGAVIDEO.COM 73 1 59 6 09 804 745 8 29. 1% 3 HULU.COM (hybrid) 4 89 537 686 NA ... Sep-08 Yahoo! Sites 28, 898 44,336 AOL LLC 47, 898 22,080 Microsoft Sites 19, 2 29 20, 899 Total Top 3 Properties 96 ,025 87,315 Total Internet 244,121 321,067 % of Total...

Ngày tải lên: 24/12/2013, 17:15

... 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 ... 100 Global Equity 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 usa...

Ngày tải lên: 24/12/2013, 17:15

... 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...

Ngày tải lên: 24/12/2013, 17:15

... 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 ... CNNIC (2007), Pew Internet Study (Aug '06), NDIA Survey on Computer and Internet Use (Dec '06) 119 Global Equity Research 05 Januar y 2009 Imran Khan...

Ngày tải lên: 24/12/2013, 17:15

... particularly from 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 ... driven by: (1) Continued strong Internet user growth in China (2008E-2010E CAGR of 18%). (2) Upside in gamer penetration, which is still less than half of Korea’s penetration...

Ngày tải lên: 24/12/2013, 17:15

... TWENTY CHAPTER TWENTY-ONE CHAPTER TWENTY-TWO CHAPTER TWENTY-THREE CHAPTER TWENTY-FOUR CHAPTER TWENTY-FIVE CHAPTER TWENTY-SIX CHAPTER TWENTY-SEVEN CHAPTER TWENTY-EIGHT CHAPTER TWENTY-NINE CHAPTER THIRTY CHAPTER ... impeccable. He lived top-of-the-line, in a high-rise with a twenty-four-hour doorman in an old -money section of Midtown Manhattan perched over FDR Drive and inhabited by people wh...

Ngày tải lên: 04/11/2014, 11:22