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9850505 JPMorgan Nothing but Net Internet Investment Guide 2009 2

9850505 JPMorgan Nothing but Net Internet Investment Guide 2009 2

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JPMorgan - Nothing but Net Internet Investment Guide 2009
Download at www.gazhoo.com
JPMorgan - Nothing but Net Internet Investment Guide 2009
Download at www.gazhoo.com

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05/25/2012

 
Global Equity Research
05 January 2009
Nothing But Net
2009 Internet Investment Guide
Global InternetImran Khan
AC
(1-212) 622-6693imran.t.khan@jpmorgan.comJ.P. Morgan Securities Inc.
Bridget Weishaar
(1-212) 622-5032bridget.a.weishaar@jpmchase.comJ.P. Morgan Securities Inc.
Lev Polinsky, CFA
(1-212) 622-8343lev.x.polinsky@jpmchase.comJ.P. Morgan Securities Inc.
Vasily Karasyov
AC
(1-212) 622-5401vasily.d.karasyov@jpmorgan.comJ.P. Morgan Securities Inc.
China InternetDick Wei
AC
(852) 2800-8535dick.x.wei@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited
Russia InternetElena Bazhenova
AC
(7-495) 937-7314elena.bazhenova@jpmorgan.comJ.P. Morgan Bank International LLC
Korea InternetAngela Hong
AC
(82-2) 758-5719angela.s.hong@jpmorgan.comJ.P. Morgan Securities (Far East) Limited
See page 332 for analyst certification and important disclosures, including non-US analyst disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm mayhave a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Customers of J.P. Morgan in the United States can receive independent, third-party research on the company or companiescovered in this report, at no cost to them, where such research is available. Customers can access this independent research atwww.morganmarkets.com or can call 1-800-477-0406 toll free to request a copy of this research.
Please see our separate notes out todaychanging ratings for Amazon and Dice Holdings. We also have a separate noteout today changing estimates and introducing 2009 price targets for theremainder of our Internet coverage. Alldata and valuation priced as of 30 December 2008.
 
 2
Global Equity Research
05 January 2009Imran Khan(1-212) 622-6693imran.t.khan@jpmorgan.com
Table of Contents
Korean Internet Outlook......................................................150
 
U.S. Company Previews.......................................................155
 
Amazon.com, Overweight, ($50.76)....................................157
 
Blue Nile, Inc., Underweight, ($23.67).................................166
 
Dice Holdings, Neutral, ($4.11)............................................174
 
eBay, Neutral, ($13.96).........................................................181
 
Expedia, Overweight, ($7.80)...............................................191
 
Google, Overweight, ($303.11)............................................198
 
IAC, Neutral, ($15.77)............................................................205
 
MercadoLibre, Overweight, ($15.69)...................................213
 
Omniture, Overweight, ($9.85).............................................222
 
Orbitz Worldwide, Neutral, ($3.65)......................................229
 
 
 3
Global Equity Research
05 January 2009Imran Khan(1-212) 622-6693imran.t.khan@jpmorgan.com
Priceline, Overweight, ($70.82)............................................235
 
RealNetworks, Inc, Neutral, ($3.55).....................................243Shutterfly, Inc., Overweight ($6.75).....................................249
 
ValueClick, Neutral, ($6.56)..................................................257
 
Yahoo!, Overweight, ($11.97)..............................................264
 
International Company Outlooks........................................273
 
Baidu, Overweight, ($126.93)...............................................275
 
China Finance Online, Neutral, ($7.05)...............................282
 
NetEase, Neutral, ($22.10)....................................................289
 
Ninetowns, Neutral, ($0.83)..................................................295
 
Shanda, Overweight, ($30.75)..............................................300
 
Sina, Overweight, ($22.89)...................................................306
 
Sohu, Overweight, ($46.22)..................................................312
 
The9, Overweight, ($13.68)..................................................318
 
UOL, Neutral, R$7.3..............................................................324
 
Note: ValueClick is covered by U.S. Advertising & Marketing Services analyst Townsend Buckles. UOL is covered byLatin American Media & Internet analyst Andre Baggio. RealNetworks is covered by Vasily Karasyov.
The authors acknowledge the contribution of Jigar Vakharia of J.P. Morgan Services India Private Ltd., Mumbai, and Shelby Taffer, of J.P. Morgan Securities, Inc., tothis report.

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