Tài liệu Nothing But Net 2009 Internet Investment Guide 21 ppt
Tài liệu Nothing But Net 2009 Internet Investment Guide 21 ppt
...
05 Januar
y
2009
Imran Khan
(1 -212 ) 622-6693
imran.t.khan@jpmorgan.com
Table 122: GOOG Annual Income Statement
$ in millions
2007 2008E 2009E 2010E
Gross Revenue 16,594.0 21, 405.2 22,616.7 ... 22,173.8 30 ,211 .6
- -
Non-marketable equity securities 1,059.7 1,100.9 1,100.9 1,100.9
Property, Plant, and Equipment 4,039.3 5,587.2 7,095.2 8,595.2
Goodwill 2,299.4 4, 821. 6 4...
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
... 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 growth continued ... 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 n...
Tài liệu Nothing But Net 2009 Internet Investment Guide 9 pptx
... Equity Research
05 Januar
y 2009
Imran Khan
(1 -212 ) 622-6693
imran.t.khan@jpmorgan.com
The Challenges for Online Video
Online video, like social networking, is an Internet medium that has taken ... 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...
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 ... CNNIC (2007), Pew Internet Study (Aug '06), NDIA Survey on Computer and Internet
Use (Dec '06)
120
Global Equity Research
05 Januar
y 2009
Imran Kh...
Tài liệu Nothing But Net 2009 Internet Investment Guide 15 ppt
... 2007 2008E 2009E 2010E 2011E 2012E
0%
10%
20%
30%
40%
50%
60%
Internet population (lhs) Internet penetration (rhs)
mn
39%
23%
37%
35%
32%
28%
21%
37%
24%
29%
31%
35%
18%
9%
22%
22%
21%
21%
10%
17%
19%
20
25
30
35
40
45
50
2006 ... longer term.
Figure 85: Internet Audience Growth (market share)
Source: Liveinternet.ru
Table 77: Internet Market Breakdown
Revenue breakdown,...
Tài liệu Nothing But Net 2009 Internet Investment Guide 27 ppt
... 35.0 31.5 33.1 39.5 37.6 35.6 30.0 29.1 23.9 26.5 26.0 25.9
% of revenue 22.3% 21. 2% 21. 1% 21. 6% 21. 4% 21. 8% 19.6% 21. 1% 18.7% 20.0% 19.3% 19.9%
Amortization of intangible assets 5.8 5.5 6.7 8.0 ... Januar
y
2009
Imran Khan
(1 -212 ) 622-6693
imran.t.khan@jpmorgan.com
Table 179: VCLK Annual Balance Sheet
$ in millions
2007 2008E 2009E 2010E
Current Assets
Cash &a...
Tài liệu Nothing But Net 2009 Internet Investment Guide 28 pptx
... FLOWS
Capital Expenditures (602.3) (732.9) (750.0) (790.0)
Net Investment 216 .4 (380.4) - -
ST Investment Purch. (112.0) - - -
ST Investments Mat. 899.0 - - -
Acquisitions (973.6) (209.2) ...
05 Januar
y
2009
Imran Khan
(1 -212 ) 622-6693
imran.t.khan@jpmorgan.com
Table 193: BIDU Annual Balance Sheet
$ in millions
2007 2008E 2009E 2010E
Cash & Cash Equivalents 211...
Tài liệu Nothing But Net 2009 Internet Investment Guide 30 pptx
... 288.7 345.7 378.5
Net Interest Income 15.0 19.9 25.4 34.5
Net Other Income -6.8 -21. 1 0.0 0.0
Pre Tax Profit 168.2 260.5 334.0 371.3
Tax Expense/(Credit) -0.4 -62.3 -52.2 -57.8
Net Profit 167.8 ... Research
05 Januar
y
2009
Imran Khan
(1 -212 ) 622-6693
imran.t.khan@jpmorgan.com
Table 204: NTES Annual Cash Flow Statement
$ in millions
2007 2008E 2009E 2010E
Net Income 167...