Tài liệu Nothing But Net 2009 Internet Investment Guide 15 ppt
Tài liệu Nothing But Net 2009 Internet Investment Guide 15 ppt
...
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 2014E 2015E
Yandex ... Snapshots
19%
25%
54%
48%
43%
37%
31%
15
25
35
45
55
65
75
85
2006 2007 2008E 2009E 2010E 2011E 2012E
0%
10%
20%
30%
40%
50%
60%
Internet population (lhs) Internet penetration (r...
Tài liệu Nothing But Net 2009 Internet Investment Guide 34 pptx
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 6 ppt
... increased awareness of mobile Internet
capabilities. With a handset geared toward improving mobile Internet use,
consumers significantly increased their use of mobile Internet services. Nielsen
Mobile ... users access the mobile Internet, making them
5x as likely to do so as the average mobile user.
Table 31: Top Devices Amongst Mobile Internet Users
% of mobile Internet user...
Tài liệu Nothing But Net 2009 Internet Investment Guide 7 pptx
... print, TV, radio, Internet, or in-venue. This product
helps leverage existing ads with an interactive call to action and a method for success
reporting.
mSnap
mSnap is a mobile ad network, enabled ... feature sets.
70
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
2009 Social Networks Primer
Key Takeaways
• Runaway usage gro...
Tài liệu Nothing But Net 2009 Internet Investment Guide 9 pptx
...
Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Current
Shutterfly 39c 29c 19c 19c 19c 15c
Kodak Gallery 29c 25c 15c 15c 15c 15c
SnapFish 25c 19c 12c 12c 9c 9c
Source: Company reports
... Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
2009 Cloud Computing Outlook
Why “Cloud”?
The name serves as a metaphor for the Internet, with processing ... platform, th...
Tài liệu Nothing But Net 2009 Internet Investment Guide 12 ppt
... 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 ... thousand) based price for Internet is around Rmb15-20, vs. Rmb50-100 for TV.
Therefore, from a cost and reach basis (Internet can reach the whole nation, vs. local
TV), the...
Tài liệu Nothing But Net 2009 Internet Investment Guide 21 ppt
... term investments (15, 997.1) (7,814.3) - -
Maturities and sale of short term investments 15, 659.5 9,634.9 - -
Investments in non-marketable equity securities (34.5) (45.9) - -
Acquisitions, net ... outstanding 155 .1 154 .4 152 .3 149.7 146.5 146.2 140.1 140.1 140.1 140.1 140.1 140.1
Source: Company reports and J.P. Morgan estimates.
201
Global Equity Research
05 Januar
y...
Tài liệu Nothing But Net 2009 Internet Investment Guide 27 ppt
...
Intangible assets, net 611.5 556.5 556.5 556.5
Other assets, net 503.9 226.1 226.1 226.1
Investments in equity interests 2,180.9 3,114.9 3,114.9 3,114.9
Total assets 12,229.7 14,858.9 15, 835.6 16,974.0 ... 3,237.7 5,312.2 6,419.0 7,667.3
-
LT investments in marketable securities 362.0 85.1 85.1 85.1
Restricted long-term investments - - - -
Property and equipment, net 1,331.6...
Tài liệu Nothing But Net 2009 Internet Investment Guide 28 pptx
... 307.1 449.7
Net Interest Income 6.4 6.6 11.3 18.7
Net Other Income 2.7 1.4 0.0 0.0
Pre Tax Profit 81.8 169.8 233.1 338.7
Tax Expense/(Credit) 1.7 -15. 2 -24.5 -35.0
Net Profit 83.5 154 .6 208.6 ... 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 &a...
Tài liệu Nothing But Net 2009 Internet Investment Guide 30 pptx
... 26.5 22.5 19.4 18.0
Preferred stock - - - -
Total equity 143.4 150 .1 147.4 147.5
Total liabilities and equity 156 .6 159 .7 154 .4 155 .0
Source: Company reports and J.P. Morgan estimates.
... 7.9 10.4 12.3 10.1 13.9 15. 2 16.4 15. 0 16.3 17.6 18.5
Online Games
60.3 60.4 60.5 67.2 79.2 86.6 99.3 102.7 106.2 111.3 115. 0 117.8
COGS -13.0 -12.4 -13.6 -14.4 -15. 6 -18.5 -23...
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