Tài liệu Nothing But Net 2009 Internet Investment Guide 34 pptx

331
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693





332
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693

Analyst Certification:
The research analyst(s) denoted by an “AC” on the cover of this report certifies (or, where multiple research analysts are primarily
responsible for this report, the research analyst denoted by an “AC” on the cover or within the document individually certifies, with
respect to each security or issuer that the research analyst covers in this research) that: (1) all of the views expressed in this report
accurately reflect his or her personal views about any and all of the subject securities or issuers; and (2) no part of any of the research
analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the
research analyst(s) in this report.
Important Disclosures


• Market Maker: JPMSI makes a market in the stock of Baidu.com, China Finance Online, Netease, Ninetowns Internet Technology

Group Co. Ltd., Shanda Interactive Entertainment Ltd, Sina Corp, Sohu.Com, The9 Limited.
• Market Maker/ Liquidity Provider: JPMSL and/or an affiliate is a market maker and/or liquidity provider in Sina Corp,
Sohu.Com.
• ISE option specialist: An affiliate of JPMSI is associated with a specialist or market maker that makes a market in the options of
Baidu.com, and therefore such specialist may have a position (long or short) in the options of the issuer and may be on the opposite
side of public orders in such options. An affiliate of JPMSI is associated with a specialist or market maker that makes a market in the
options of Shanda Interactive Entertainment Ltd, and therefore such specialist may have a position (long or short) in the options of
the issuer and may be on the opposite side of public orders in such options. An affiliate of JPMSI is associated with a specialist or
market maker that makes a market in the options of The9 Limited, and therefore such specialist may have a position (long or short)
in the options of the issuer and may be on the opposite side of public orders in such options.
• Lead or Co-manager: JPMSI or its affiliates acted as lead or co-manager in a public offering of equity and/or debt securities for
Ninetowns Internet Technology Group Co. Ltd., Shanda Interactive Entertainment Ltd within the past 12 months.
• Beneficial Ownership (1% or more): JPMSI or its affiliates beneficially own 1% or more of a class of common equity securities of
Sina Corp.
• Client of the Firm: China Finance Online is or was in the past 12 months a client of JPMSI. Netease is or was in the past 12 months
a client of JPMSI. NHN is or was in the past 12 months a client of JPMSI; during the past 12 months, JPMSI provided to the
company non-investment banking securities-related service. Ninetowns Internet Technology Group Co. Ltd. is or was in the past 12
months a client of JPMSI; during the past 12 months, JPMSI provided to the company investment banking services. Shanda
Interactive Entertainment Ltd is or was in the past 12 months a client of JPMSI; during the past 12 months, JPMSI provided to the
company investment banking services. Sohu.Com is or was in the past 12 months a client of JPMSI; during the past 12 months,
JPMSI provided to the company non-investment banking securities-related service and 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 Ninetowns Internet Technology Group Co. Ltd., Shanda Interactive Entertainment Ltd.
• Investment Banking (next 3 months): JPMSI or its affiliates expect to receive, or intend to seek, 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 Banking Compensation: JPMSI has received compensation in the past 12 months for products or services other
than investment banking from NHN, Sohu.Com. An affiliate of JPMSI has received compensation in the past 12 months for products
or services other than investment banking from China Finance Online, Ninetowns Internet Technology Group Co. Ltd., Shanda
Interactive Entertainment Ltd, Sohu.Com.

Important Disclosures for Equity Research Compendium Reports: Important disclosures, including price charts for all companies
under coverage for at least one year, are available through the search function on J.P. Morgan’s website
or by calling this U.S. toll-free number (1-800-477-0406)


333
Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693


0
120
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Baidu.com (BIDU) Price Chart
OW $400 OW $380 OW $300
Source: Reuters and J.P. Morgan; price data adjusted for stock splits and dividends.
Initiated coverage Oct 02, 2007. This chart shows J.P. Morgan's continuing coverage of this stock; the current analyst
may or may not have covered it over the entire period.
J.P. Morgan ratings: OW = Overweight, N = Neutral, UW = Underweight.

Date Rating Share Price
($)
Price Target
($)
02-Oct-07 OW 284.81 400.00

14-Feb-08 OW 261.09 380.00
23-Oct-08 OW 249.09 300.00

0
16
32
48
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80
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China Finance Online (JRJC) Price Chart
$13
$11 OW $36 N $8
$5 $5.5 OW $29 OW $26
Source: Reuters and J.P. Morgan; price data adjusted for stock splits and dividends.
Initiated coverage Sep 21, 2007. This chart shows J.P. Morgan's continuing coverage of this stock; the current analyst
may or may not have covered it over the entire period.
J.P. Morgan ratings: OW = Overweight, N = Neutral, UW = Underweight.

Date Rating Share Price
($)
Price Target
($)
21-Sep-07 OW 22.10 29.00
23-Nov-07 OW 23.29 36.00
01-Sep-08 OW 18.75 26.00
16-Dec-08 N 8.00 8.00



334
Global Equity Research
05 January 2009

Imran Khan
(1-212) 622-6693


0
22,764
45,528
68,292
91,056
113,820
136,584
Price(W)
Dec
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Jun
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Mar
08
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08
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08
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Daum Communications (035720.KQ) Price Chart
UW W26,00
Source: Reuters and J.P. Morgan; price data adjusted for stock splits and dividends.
Initiated coverage Nov 10, 2008. This chart shows J.P. Morgan's continuing coverage of this stock; the current analyst
may or may not have covered it over the entire period.
J.P. Morgan ratings: OW = Overweight, N = Neutral, UW = Underweight.

Date Rating Share Price
(W)
Price Target
(W)
10-Nov-08 UW 28300 26000

0
9
18
27
36
45
Price($)
Dec

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Mar
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Netease (NTES) Price Chart
$28
$23.5 N $25
$20 N $25 N $16 N $18 N $21

Source: Reuters and J.P. Morgan; price data adjusted for stock splits and dividends.
Initiated coverage Jul 21, 2006. This chart shows J.P. Morgan's continuing coverage of this stock; the current analyst
may or may not have covered it over the entire period.
J.P. Morgan ratings: OW = Overweight, N = Neutral, UW = Underweight.

Date Rating Share Price
($)
Price Target
($)
21-Jul-06 N 18.67 25.00
07-Nov-06 N 16.32 16.00
08-Nov-07 N 22.28 18.00
22-May-08 N 24.05 21.00
14-Aug-08 N 24.05 25.00


335
Global Equity Research
05 January 2009
Imran Khan
(1-212) 622-6693


0
72,704
145,408
218,112
290,816
363,520
436,224

508,928
Price(W)
Dec
05
Mar
06
Jun
06
Sep
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NHN (035420.KS) Price Chart

W120,000 OW W340,000 N W130,000
W360,000 W210,000 OW W260,000 N W140,00
Source: Reuters and J.P. Morgan; price data adjusted for stock splits and dividends.
Initiated coverage Feb 16, 2007. Break in coverage Feb 16, 2007 - Oct 01, 2007, and Jul 24, 2008 - Nov 10, 2008. This
chart shows J.P. Morgan's continuing coverage of this stock; the current analyst may or may not have covered it over the
entire period.
J.P. Morgan ratings: OW = Overweight, N = Neutral, UW = Underweight.

Date Rating Share Price
(W)
Price Target
(W)
01-Oct-07 OW 215000 260000
30-Oct-07 OW 286400 340000
10-Nov-08 N 122600 140000
09-Dec-08 N 113000 130000

0
1
2
3
4
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6
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9
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12

Price($)
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Ninetowns Internet Technology Group Co. Ltd. (NINE) Price Chart
N $2.8

UW $4.1 UW $3.9 UW $3.2 N $3
Source: Reuters and J.P. Morgan; price data adjusted for stock splits and dividends.
This chart shows J.P. Morgan's continuing coverage of this stock; the current analyst may or may not have covered it
over the entire period.
J.P. Morgan ratings: OW = Overweight, N = Neutral, UW = Underweight.

Date Rating Share Price
($)
Price Target
($)
28-Nov-06 UW 4.38 4.10
23-Mar-07 UW 4.26 3.90
27-Jul-07 UW 3.74 3.20
28-Jun-08 N 2.03 3.00
22-Jul-08 N 2.17 2.80