Friday, February 24, 2006

SINA Q405 Update

SINA reported a not so good quarter, guidance is even worse.

Meanwhile, as we witnessed, we are never lack of cheerleaders of this so called No. 1 online media in China. They screwed up last quarter, investors did not care, stock did not go down, it went up. They screwed up again, investors showed their amazing tolerance again. I guess this kind of phenomenon will keep going until people are fed up with the pains or the company management actually kicks to execute, or being taken over (an old rumor in the past year or two, I guess it will keep buzzing down the road).

Anyway, bottom line is SINA is still a leader in online advertising in China, dragged back by wireless exposure. It is a good asset to acquire for bidders, and could be a wise investment for those who have investment horizon more than a year or two. However, I don't think 2006 will be a good year for SINA. I hold my previous 'Neutral' view and cut back 12 month target from 27$ to 25$.

If you have followed my posts, I have yelled to sell SINA and buy SOHU in the past, after SINA went down and SOHU shoot up, I still believe SOHU will outperform SINA this year.



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1 Comments:

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