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Asia Pacific Equity Research 06 January 2011 Nothing But Net - Asia 2011 Internet Investment Guide

by Working at james klein on Jan 09, 2011


China Top Predictions for 2011 ...

China Top Predictions for 2011
(1) eCommerce to see wider adoption, driven by convenience, lower-price
alternatives to traditional retail, and improved trust & safety. Gross merchandise
volume (GMV) is expected to reach Rmb723B in 2011, or less than 4% of retail
(2) Social commerce. Expect social sites to be an emerging and important traffic
generator for eCommerce companies. Synergistic relationship between social
networks and commerce merchants will fuel growth for both segments.
(3) Game segment likely to see re-rating with good game titles launch. Highly
anticipated games in 2011 include Duke of Mountain Deer, World of Warcraft
Cataclysm, etc., which could generate greater player interest and, as such, sector rerating.
(4) Video advertising to prompt ad dollar shift from TV to internet. With the
recent IPO of Youku, a broader range of online video content, growing online video
user base, and a familiar ad format, TV advertisers are likely to accelerate the ad
budget shift from offline to online.
(5) Mobile internet to see increased competition. We expect internet leaders like
Baidu and Tencent to formally launch middle-ware products that could include thirdparty
application distribution platforms; compete with existing players OLNHUCWeb
DQGother mobile game platforms.
(6) Search continues to see solid growth, with wider market adoption. Baidu still
maintains dominance, other players such as Soso and Sogou still unlikely to gain
meaningful market share.
(7) Solid consumer spending trend supports good advertising segment growth.
Expect continued good macro environment to support consumer spending. We
believe the sector growth story remains intact: internet usage growth, particularly in
lower-tier cities, to drive ad budgets online.
(8) Expect transition from time-base pricing to CPM-base pricing t



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Asia Pacific Equity Research 06 January 2011 Nothing But Net - Asia 2011 Internet Investment Guide Asia Pacific Equity Research 06 January 2011 Nothing But Net - Asia 2011 Internet Investment Guide Document Transcript