Nothing But Net 2009 Internet Investment Guide 29. Leading . 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. | Morgan Imran Khan 1-212 622-6693 Global Equity Research 05 January 2009 Table 194 BIDU Annual Cash Flow Statement in millions 2007 2008E 2009E 2010E Net Income Add Non cash Expenses lncome 84 155 209 304 Depreciation and Amortization Extra-ordinaries 24 - 45 - 74 - 118 - Other Non-Cash Items 5 12 12 12 Changes in Working Capital Increase Decrease Receivables Increase Decrease Inventories 5 - 6 - 6 - 9 - Increase Decrease Other Current Assets 5 15 10 15 Increase Decrease Payables 27 34 33 49 Increase Decrease Other Current Liabilities 16 38 30 48 Net Cash from Operations Cash Flow from Investing 146 263 342 506 Purchase of Property Plant Equipment 88 78 185 217 Purchase Sale of Other LT Assets 6 8 - - Purchase Sale of Investments 2 1 - - Net Cash from Investing Activities Cash Flow from Financing 96 86 185 217 Issuance Repayment of Debt Change in other LT liabilities 1- 0 -- -- Change in Common Equity - net 1 0 18 22 Payment of Cash Dividends Other Financing Charges Net -- -- -- - 0 Net Cash from Financing Activities 1 0 18 22 Net Change in Cash Cash Equivalents 57 197 179 311 Cash Cash Equivalents at end of period 211 409 588 899 Source Company reports and . Morgan estimates. 281 Morgan Imran Khan 1-212 622-6693 Global Equity Research 05 January 2009 China Finance Online Neutral We maintain our Neutral rating on China Finance Online JRJC due to the greater customer demand uncertainty in the near term and the continuing challenging domestic stock market environment. Our Jun-09 price target is US 8 which implies FY08E and FY09E GAAP EPS or FY08E and FY09E adjusted diluted EPS. We had downgraded our rating on JRJC to Neutral on 15 Dec 2008 due to a greater uncertainties around customer demand in the near term especially with TopView 20 of cash revenue in 2H08 as per our estimate discontinuation from Jan 1 09 b JRJC s individual subscribers core business segment turning cautious .
