SINA Corp. Shows Olympic Bump
Sat. September 27, 2008; Posted: 07:10 AM
Sep 27, 2008 (Zacks Investment Research via COMTEX) --
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PowerRating -- SINA Corporation (SINA) is one of the most well-known online brands in China. The company is a leading provider of online media and value-added information services to global Chinese community. The company continues to do well in its online brand advertising, and is increasing the gap between it and its closest competitor in the online brand ad market.
Sina has released its estimate of the impact of the Beijing Olympics. The company reported that on-line advertising (70% of total revenue) growth was enhanced by about fifteen percentage points from the rate experienced in 2007, for an annual growth of 55% year over year.
Chinese Internet penetration has reached 20%, and it has accelerated over the past six months. We are maintaining our Buy rating for SINA with a target price of $45 a share.
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