Citigroup 花旗：亚太地区传媒行业深度研究报告

MEDIAsia：Don’t Panic: A Hitchhiker’s Guide to Asia Media

189页 03.14 2.25M 14 March 2007 | 189 pages

Citigroup Global Markets | Equity Research

Contents
MEDIAsia 3
Investment Summary 5
Select Recent Publications by the Citi Asia Media Team 6
Asia Media Universe: 2007 Winners and Losers 7
Regional Valuation Comparisons 8
MEDIAsia 11
Growth Dashboard 12
MEDIAsia: Top Picks 24
Stock-Specific Answers to the 4 Key Questions 26
Don't Panic: Corrections Frequently Occur in the Spring 40
China 50
51job (JOBS.O) 56
Baidu.com (BIDU.O) 58
Beijing Media Corporation (1000.HK) 60
Clear Media (0100.HK) 62
Ctrip.com (CTRP.O) 64
Focus Media (FMCN.O) 66
Global Sources (GSOL.O) 68
Hurray! (HRAY.O) 70
NetEase.com (NTES.O) 72
Sina Corp (SINA.O) 74
Sohu.com (SOHU.O) 76
Tencent Holdings Ltd (0700.HK) 78
The9 Ltd. (NCTY.O) 80
Tom Group (2383.HK) 82
Shanda (SNDA.O, Not Rated) 84
Hong Kong 88
i-CABLE Communications Ltd (1097.HK) 92
Next Media (0282.HK) 94
SCMP Group (0583.HK) 96
Television Broadcasts Ltd (0511.HK) 98
TOM Online (8282.HK) 100
India 104
HT Media (HTML.BO) 108
Info Edge (INED.BO) 110
Zee Telefilms (ZEE.BO) 112
Adlabs (ADLF.BO, Not Rated) 114
NDTV (Not Rated) 116
Sun TV (SUTV.BO, Not Rated) 118
Television Eighteen (TVET.BO, Not Rated) 120
TV Today (TVTO.BO, Not Rated) 122
Korean Internet & Online Gaming 126
CJ Internet (037150.KQ) 132
Gmarket (GMKT.O) 134
Hanbit Soft (047080.KQ) 136
NCsoft (036570.KS) 138
NeoWiz Corp (042420.KQ) 140
NHN (035420.KQ) 142
Webzen (069080.KQ) 144
Daum (035720.KQ, Not Rated) 146
Interpark (035080.KQ, Not Rated) 148
Malaysia 152
Star Publications (STAR.KL) 156
Media Prima Bhd (MPRM.KL) 158
NSTP (NSTP.KL) 160
Astro (AAAN.KL - RM5.60; Not Rated) 162
Singapore 166
Singapore Press (SPRM.SI) 170
Thai TV Broadcasting 174
BEC World (BEC.BK) 176
MCOT (MCOT.BK, Not Rated) 178
Major Cineplex (MAJO.BK, Not Rated) 180
GMM Grammy (GRAM.BK, Not Rated) 182
Appendix A-1 185