Tài liệu Nothing But Net 2009 Internet Investment Guide 11 pdf

... 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

... the global Internet population growth to remain strong at 7% Y/Y, reaching 1.3B in 2009. We expect the global graphical advertising market to grow at an 11% CAGR through 2 011. Table 11: J.P. ... indicated Global 2002 2003 2004 2005 2006 2007 2008E 2009E 2010E 2011E 08-'11E CAGR Internet Population (M) 593 710 820 924 1,020 1 ,113 1,205 1,295 1,380 1,471 6.9% Pages Viewe...

Ngày tải lên: 15/12/2013, 10:15

... Bookings 58% penetration 37% penetration 13% penetration 17% penetration 20% penetration 23% penetration 40% penetration Source: PhoCusWright reports and J.P. Morgan estimates But Eastern Europe ... Morgan Internet Team 2008 Consumer Survey 42 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Takeaways from the J.P. Morgan Inte...

Ngày tải lên: 24/12/2013, 17:15

... 286.4% All Social Nets 23.9% 32.1% 9.3% 9.3% All Internet 14.3% 9.9% 5.6% 4.5% Source: comScore Networks, J.P. Morgan estimates Key Sites Some of the notable social networking sites worldwide ... both in US and Worldwide All Internet 1,160,692 1,275,400 9.9% 310,837 324,762 4.5% Source: comScore Networks, J.P. Morgan estimates High User Engagement Social network sites excel in...

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

... Amortization 19.1 16.8 16.4 17.0 Impairment of intangibles Total reported operating expenses 110 .4 114 .6 110 .6 115 .7 Total proforma operating expenses 81.4 88.4 82.9 86.1 Pro Forma EBITDA 62.5 67.1 ... Property and equipment, net 7.6 7.4 5.7 8.6 Intangible assets, net 0.3 0.3 0.3 0.3 Deferred income taxes, net 3.5 4.7 2.0 2.0 Other assets 0.1 0.1 0.1 0.1 Total Long...

Ngày tải lên: 21/01/2014, 23:20

... 70.0 60.0 60.0 60.0 Total Operating Expenses 906.6 960.7 2380.4 1048.5 111 4.0 1088.2 1032.493 117 0.7 117 2.7 115 2.9 117 5.6 1280.4 Pro forma op ex adjustments: Sales & marketing (19.2) ... $728.1 $723.3 $712.8 $643.3 $681.0 $692.9 $735.6 $790.9 Income Taxes 116 .1 112 .3 33.6 140.6 119 .8 107.8 70.4 103.1 114 .2 116 .7 119 .5 131.3 Pro forma adjustment 42.3 42.5 31.7 4...

Ngày tải lên: 21/01/2014, 23:20

... (0.3) - - - Net income (loss) available to common 9.5 16.0 24.2 33.7 Pro Forma Net Income to common 11. 4 16.0 24.2 33.7 Net Attributable to preferred 1.9 - - - Net income ex. attributable to ... (4.7) (10.6) (14.8) (20.7) Net Income before disc. 9.8 16.0 24.2 33.7 Net income (loss) 9.8 16.0 24.2 33.7 Add back non-cash effect of warrants 2.0 Pro forma Net Income 11. 7 16.0...

Ngày tải lên: 21/01/2014, 23:20

... 13.5 13.2 11. 2 12.7 12.6 13.6 Information Technology 2.9 3.2 3.3 4.4 4.1 5.1 4.4 5.4 4.0 4.9 5.5 5.6 Depreciation & Amortization 8.5 9.0 9.1 10.4 10.4 11. 1 10.9 11. 1 11. 0 11. 0 11. 5 11. 5 FAS123R ... 121 114 205 220 Other current liabilities 18 - - - Total current liabilities 422 494 526 563 - - - - Intercompany debt - - - - OWW debt 593 573 513 453 Tax sharing lia...

Ngày tải lên: 21/01/2014, 23:20

... 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 to net forex ... significant revenue contributors in 2009. Our price target is US$25 (Jun-09), which implies 16.3x FY08E and 11. 7x FY09E GAAP EPS, or 15.4x FY08E and 11. 1x FY09E adjusted EPS. • NetEase...

Ngày tải lên: 26/01/2014, 18:20