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Internet - Sina "3Q Results Beat Expectations"

Key Points:
◆     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. 
◆     Healthy top-line guidance for 2Q, a slight retreat from spike in 3Q.
◆     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.
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.
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