Internet - Sina "3Q Results Beat Expectations"
Key Points:<br/>◆ Sina reported strong 3Q results. Advertising growth was strong, driven by the Olympic Games. However, net profit declined 13% QoQ due to large incremental costs for the Olympics of around US$10mn. Despite this disappointing short-term financial impact, however, the Olympics were still a long term positive to online advertising and to Sina. <br/>◆ Healthy top-line guidance for 2Q, a slight retreat from spike in 3Q.<br/>◆ Due to the gloomy economy outlook, concerns over online advertising increased. However, there are still some positive signs such as revenue diversification, and positive feedback from channel and advertiser checks. <br/>Our 2008 revenue forecast is US$366 and net profit forecast is US$87mn. Our 2008 EPS estimate is US$1.44. We cut our 2009 revenue forecast from US$470mn to US$444mn and our net profit forecast from US$107mn to US$102mn. 2009 EPS is estimated to be US$1.70. <br/> [attach]9854[/attach]<br/>页:
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