Tài liệu Nothing But Net 2009 Internet Investment Guide 30 pptx

291

Global Equity Research

05 January 2009

Imran Khan

(1-212) 622-6693

[email protected]

Table 201: NTES Annual Income Statement

$ in millions

INCOME STATEMENT

2007 2008E 2009E 2010E

Revenue 293.9 433.5 529.7 589.2

Wireless & other 8.7 10.7 11.9 13.0

Advertising 37.1 55.5 67.4 83.7

Online Games 248.2 367.3 450.4 492.5

COGS -53.2 -78.2 -92.6 -111.1

Gross Profit 240.7 355.3 437.0 478.1

Operating Expense -80.6 -93.5 -128.5 -141.4

Sales & Mktg. expenses -29.3 -31.1 -45.6 -50.8

G&A expenses -18.9 -23.5 -31.8 -35.3

R&D expenses -19.7 -27.3 -37.1 -41.2

Other expenses 0.0 0.0 0.0 0.0

Share-based compensation -12.7 -11.7 -14.0 -14.0

EBIT 160.1 261.8 308.6 336.7

Adjusted EBIT (excl share-based comps) 172.8 273.4 322.6 350.7

EBITDA 185.9 288.7 345.7 378.5

Net Interest Income 15.0 19.9 25.4 34.5

Net Other Income -6.8 -21.1 0.0 0.0

Pre Tax Profit 168.2 260.5 334.0 371.3

Tax Expense/(Credit) -0.4 -62.3 -52.2 -57.8

Net Profit 167.8 198.3 281.8 313.5

Net Profit (excl 123R option expense) 180.5 209.9 295.8 327.5

Pre Tax EPS (US$) 1.36 2.11 2.68 2.91

After Tax EPS (US$) 1.36 1.61 2.26 2.46

After Tax EPS Diluted (US$) 1.27 1.54 2.14 2.33

After Tax EPS Diluted (US$ excl 123R option exp.) 1.37 1.63 2.25 2.44

Margins (%)

Gross Margin 81.9 82.0 82.5 81.1

Operating Margin (excl 123R option expense) 58.8 63.1 60.9 59.5

EBITDA Margin 63.3 66.6 65.3 64.2

Net Margin 57.1 45.7 53.2 53.2

Net Margin excl 123R option expense 61.4 48.4 55.8 55.6

Sequential Growth (%)

Revenue 9.5 47.5 22.2 11.2

Gross Profit 8.2 47.6 23.0 9.4

Adjusted EBIT 1.8 58.3 18.0 8.7

Pre Tax Profit -0.4 54.9 28.2 11.2

Net Profit (excl 123R exp) 9.4 16.3 40.9 10.7

After Tax EPS 16.6 20.6 39.7 8.8

After Tax EPS excl 123R option expense 15.7 18.8 38.5 8.3

Source: Company reports and J.P. Morgan estimates.