China Internet: Online Advertising Now >50% of Total Chinese Ad Spend.
Listed Chinese Internet companies posted 26% YoY revenue growth in 4Q16, a modest rebound from 22% growth in 3Q but still below the low 40s growth...
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Alibaba: Room to Grow from ECommerce and Cloud Services
We have been relatively cautious on Alibaba (BABA US) since prior to listing. Our concerns have centered on corporate governance issues...
314 Views
Tencent Invests USD 1.78 Billion for 5% Stake of Tesla
Tencent became the fifth-largest shareholder of Tesla Motors Inc (TSLA US). According to Tesla’s public filings, Tencent acquired 8,167,544 shares...
184 Views
Netmarble Games IPO (Part 3): Valuation Sensitivity Analysis
Our base case valuation for the company is 170,000 won per share (using 2018 EV/EBITDA), which suggests implied market cap of 14,658 billion won...
376 Views
Netmarble Games IPO (Part 2): A Human, Elf, Dark Elf, and A Dwarf on Its Way to $1Billion+ in Sales
We estimate Netmarble Games to generate sales of 2,961 billion won in 2017, up 97.4% YoY. We expect L2R to generate 1,125 billion in sales in...
277 Views