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Nothing But Net 2009 Internet Investment Guide 32

Nothing But Net 2009 Internet Investment Guide 32. Leading J.P. Morgan Internet industry analyst Imran Khan provides a comprehensive look at key Internet industry characteristics, drivers, and trends in his seminal industry outlook, Nothing But Net. Geared toward Internet investing novices and experienced professionals, this book provides a detailed look at data points and trends that should be considered when investing in the Internet space. With almost 8 years of technology banking and investing experience, Khan provides a detailed analysis of multiple Internet sectors including online advertising, e-commerce, online travel, and social networking. This book is a must have for. | J.p Morgan Imran Khan 1-212 622-6693 imran.t.khan@jpmorgan.com Global Equity Research 05 January 2009 Table 218 SINA Annual Cash Flow Statement in millions 2007 2008E 2009E 2010E Net Income Add Non cash Expenses lncome 58 89 112 139 Depreciation and Amortization 15 16 21 27 Extraordinaries 0 0 1 3 Other Non-Cash Items Share base comps Changes in Working Capital 9 15 16 16 Increase Decrease Receivables -12 -19 -17 -24 Increase Decrease Inventories 0 0 0 0 Increase Decrease Other Current Assets 1 -17 -6 -8 Increase Decrease Payables -1 5 1 2 Increase Decrease Other Current Liabilities 17 8 17 23 Net Cash from Operations Cash Flow from Investing 87 95 145 178 Purchase of Property Plant Equipment -13 -12 -30 -35 Purchase Sale of Other LT assets Goodwill -1 0 0 0 Others incl Chg in short-term investment -6 0 0 0 Net Cash from Investing Activities Cash Flow from Financing -19 -12 -30 -35 Issuance Repayment of Debt -1 0 0 0 Change in other LT liabilities 1 -1 0 0 Change in Common Equity - net 20 10 11 11 Payment of Cash Dividends 0 0 0 0 Other Financing Charges Net 21 0 -1 -3 Net Cash from Financing Activities 41 8 9 8 Net Change in Cash and Cash Equivalents 108 92 124 152 Cash at End of Period 272 363 487 639 Source Company reports and J.P. Morgan estimates. 311 J.p Morgan Imran Khan 1-212 622-6693 imran.t.khan@jpmorgan.com Global Equity Research 05 January 2009 Sohu Overweight 46.22 We maintain our Overweight rating on Sohu which also remains our top pick in the online advertising sector in China. Our Jun-09 price target is US 100 which implies 26.6x FY08E and 20.9x FY09E GAAP EPS or 24.8x FY08E and 19.8x FY09E adjusted diluted EPS. Sohu remains among the leading Internet portals in China and is likely to remain among the key beneficiaries of the continued uptrend in online advertising in China. Although China GDP growth is likely to slow to 8-9 in 2009 we expect Internet penetration currently 20 to grow to 24 in 2009 and drive online ad revenue growth by at least 20 .