2009 internet investment guide

... the past 12 months compensation for investment banking services from Ninetowns Internet Technology Group Co. Ltd., Shanda Interactive Entertainment Ltd. • Investment Banking (next 3 months): ... compensation for investment banking services in the next three months from China Finance Online, Ninetowns Internet Technology Group Co. Ltd., Shanda Interactive Entertainment Ltd. • Non -Investment ... Partners, where he was a Managing Director in Equity Research covering Internet and Software. Prior to Fulcrum, Mr. Khan worked as an investment banker at ING covering Telecom. Before ING, he worked...

Ngày tải lên: 15/12/2013, 10:15

... Inc., to this 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 ... introducing 2009 price targets for the remainder of our Internet coverage. All data and valuation priced as of 30 December 2008. 10 Global Equity Research 05 Januar y 2009 Imran ... the ’70s. The Internet industry is not immune from this recession. We expect significant revenue growth deceleration (in some cases negative growth) for Internet companies in 2009. However,...

Ngày tải lên: 15/12/2013, 10:15

... mobile Internet services, according to Nielsen Mobile data. Even within this small subset of mobile Internet users, usage drastically trails that on PCs. Nielsen Online reports that the PC Internet ... nearly $40B in FCF generated in the broader Internet space. Table 3: We Project $10B+ in FCF at Large Internet Companies $ in millions 2007 2008E 2009E GOOG 2,272 4,825 6,086 YHOO 1,352 1,699 ... lone significant deal in the Internet and Internet- related sector; compared to 13 such deals in F’07 (see chart below). 19 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693...

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, ... Presentation Figure 13: Internet Now Ranks Second in Time Consumption but Trails Significantly in Ad Spend 37% 7% 19% 8% 9% 29% 0% 5% 10% 15% 20% 25% 30% 35% 40% TV Internet Magazine Radio New ... and drive volume. 25 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com 2009 Graphical Advertising Outlook 2008 was a difficult year, as...

Ngày tải lên: 15/12/2013, 10:15

... Traditional 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 ... major Internet players should become ad exchange operators as they strive to provide a one-stop solution to all of an advertiser’s needs. 34 Global Equity Research 05 Januar y 2009 Imran ... network space. 40 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com 2009 eCommerce Outlook 2008 saw Amazon, the standard-bearer of eCommerce,...

Ngày tải lên: 15/12/2013, 10:15

... J.P. 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 Internet ... total payment volume). 47 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com 2009 Online Travel Outlook In 2008, online travel agency companies ... friends / relatives 20.7% 23.5% -2.9% Source: J.P. Morgan Internet Team 2008 Consumer Survey 41 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com...

Ngày tải lên: 24/12/2013, 17:15

... Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Table 32: Mobile Internet User Projections Millions 2005 2006 2007 2008E 2009E 2010E Subscribers 207.9 ... encouraged mobile Internet use. Probably the most recognizable of phones, the iPhone, increased awareness of mobile Internet capabilities. With a handset geared toward improving mobile Internet use, ... mobile Internet usage will accelerate in the future. Specifically, we are looking for a 37% 3-year CAGR for active mobile Internet users. 60 Global Equity Research 05 Januar y 2009 Imran...

Ngày tải lên: 24/12/2013, 17:15

... ement 0% Satisfactory 6% Source: J.P. Morgan Internet Team 2008 Consumer Survey 62 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com 2009 Online Payment Outlook ... and its Merchant business continues to grow at a faster rate. We expect 2009 to 69 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Table 37: ... Source: payments.amazon.com Google Checkout Google Checkout is now available on hundreds of Internet retail sites. Google AdWords advertisers are offered discounted processing rates. Google...

Ngày tải lên: 24/12/2013, 17:15

... spent on email sites are growing, though not as quickly as overall Internet usage: 78 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Online ... The growth rate of email category is below industry growth rate, 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 ... where total minutes were up 39% Y/Y in the quarter. 77 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com as well as a variety of other perks....

Ngày tải lên: 24/12/2013, 17:15

... Equity 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 ... 2009. 81 Global 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 ... 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Table 45: Top US Web Widget Viewing Audiences, November 2007 units as indicated Widget Unique Viewers (000) Penetration of US Internet...

Ngày tải lên: 24/12/2013, 17:15

... 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 usage of Internet sites and communications ... Source: Company releases 95 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com 2009 Virtual Online Worlds Primer Key Takeaways • ’08 growth somewhat ... 98 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com In the area of trust, we think the...

Ngày tải lên: 24/12/2013, 17:15

... preferred place for 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 ... Postgraduate and above Internet café Total Internet Source: CNNIC (2007). 105 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com China Internet Market ... 70%). We 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 and...

Ngày tải lên: 24/12/2013, 17:15

... 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com June 2008, the number of Internet users in China was 253 million (or 20% of the population). By the end of 2009, we expect the Internet ... 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 ... portals could possibly see 28% Y/Y growth in 2009. With a low % of budget being allocated to the Internet now, we believe our minimum case of ~18% Y/Y 2009 ad growth is still achievable. (3) For...

Ngày tải lên: 24/12/2013, 17:15

... 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com directory listing). We believe the IT outsourcing companies will be key players in the future to drive Internet adoption ... 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 of game ... cities spending more on entertainment like Internet/ games, with the trend being replicated in smaller cities. 123 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com...

Ngày tải lên: 24/12/2013, 17:15

... (vs. 0.58%) in 2009. Internet ‘09E growth estimate cut to 33% from 53%. We cut our Internet market forecasts by 5% for ‘08, 18% for ‘09 and 23% for ‘10. We forecast 33% growth in 2009 and 30% ... 2.5% in 2009 and 5.0% in 2010 (changed over the last three months from our earlier estimate of 6.0% for 2009 and 7.0% for 2010), we cut our forecasts for Russia’s ad market by 19% for 2009 and ... search vs. our current estimates (51.8% in 2009E and 54.7% in 2010E). We note that advertising remains de facto the only on-line revenue source for Russian internet companies, while online commerce...

Ngày tải lên: 24/12/2013, 17:15

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