EFTA01457515.pdf

18 May 2015 Software & Services Saldu Model updated:304prd 2015 Racal gar end 31-Dec 2012 2013 2014 2015E 20113E 2017E liurining the nunitime. ł ntanced Surmeater Asia 08 EPS 'Cetel 30.50 31 49 40 24 4954 8884 83.23 Reported PS IWO 2989 30 02 37 60 4526 61 SO 77 06 China WSIOM 000 000 000 000 000 000 I3VPS (CNY) 74.6 109.8 147.1 198 8 268.7 352.0 Software & Services Weighted average same Ind 349 350 350 351 351 352 Bardu Average market cap (Elami 284,914 259.733 417.178 419.557 419057 416557 Enterprise 'Mug (CNYm) 235.005 242.209 387/48 367.724 3421191 312.263 Reuters: 131DU 00 Bloomberg: BIDU US Valuatlinn Menem PIS (oB/ IM 20.9 23.5 29.6 24.2 17.9 14,4 Buy P/E (Reported) ex) 25 4 248 31 7 285 194 15.5 Price (15 May 15) USD 192.98 PailV (0) 8.49 990 9.55 599 440 3.40 Tingel Pnco USD 239.00 FCF Yield OM 30 4.2 3.2 52 0.1 7.7 Dividend Yield MI 00 0.0 0.0 00 0.0 0.0 52 Week range USD 154.77 - 250.34 EV/Salas 105 7.6 7.9 54 39 2.7 Mai kot Cap Cm) EURm 58.972 EY/EBITDA 18.7 17.5 23.1 190 138 97 EV/EBIT 21.3 21.8 30.3 230 15.0 104 USDm 67.453 Inimnue Siatiuri..in (CNY rei Sales morsa 22.300 31,944 49.051 61.165 owns 113.996 gad.. is a lead.n; internat search engine operatu in Gron prole 17.383 23,148 34,139 43.919 56.201 71,681 China The company offers a variety of search ‚emcee EMMA 12.567 13.844 18.778 19.384 25.129 32.248 including sagemthme math. enterprise search, and music. DepretketiOn 1.515 2.852 3.972 3.387 2.216 2.280 news and image search The company generates mytnie Amortisation O O O O 0 0 horn selling pey4or-perlormence keyword mks EMT 11,051 11,192 12.904 15.996 22.913 29.908 Net interest incornegexPenme) 759 $51 1.304 1.022 1.935 2.100 illissocatestatfilietes O O O O O O Exceptionalstextraorclinanes O 0 0 0 0 0 Other pre am incomMexpemel 156 132 307 366 364 364 Probi before tar 11.965 12.193 16475 17.993 25.211 32,492 i Proch Fenkom:Inc° Income let expense 1.574 1.829 2.231 3.014 9008 0.777 Wormer* -65 -163 -044 -1.524 -1.524 -1.524 290 Other post-tax incometteMensel O O O O O O 240 Net profit 10,456 10,519 13,197 15,993 21.727 27,238 200 160 08 adjustments (nieludna dilution) 212 516 928 1.503 1.773 2.102 120 08 Net profit 10.1388 11.034 14,115 17,397 23.500 29.420 80 [Gash Fiow (CNYm) 40 18.091 May 'Aug 'Nov • 3Fab '4I4y ‚ alg/ 1810v .440 18 Caen flow trem operations 11.908 13.657 24.741 29.334 36.873 Net Caws -2.311 -2.757 4.927 -2.710 -3.548 -4.559 —be HMO SEW INDEX fRaftiall Free cash flow 9.597 10,901 13.263 22.031 25.789 32.313 Emory raded/Mought beck) 157 1.554 2.040 0 0 0 11.4bigill 1re talc Dividends paid 0 0 -338 -CO 419 -709 Net inctideci in borrowings 9.389 6025 7.708 0 0 0 60 Other investing/teaming ciba tows -11.478 -20.903 45269 4 0 0 50 Net cash flow 7.665 -2.324 0 21.622 25,270 31.604 Change in *irking end's! 696 1,119 3300 2,928 3,887 5,831 40 gaia: ice Sheet 30 Cash and other liquid MINIS 32.880 38488 59.084 79.706 104,976 138,580 20 Tanga:le axed mea 3.938 5,370 8,705 8.028 9,357 11,637 '2 '3 14 ISE 166 17E Goodweentangble assets 5.465 20695 20993 20423 20.993 20993 teeTIMilmon mn iwon Associateshnvestrnents 803 835 2979 2.871 2,871 2.871 Other assets 2.632 5.900 9.000 10.188 12.909 15.622 Clieeeth & h olthank!? TOW Meta 45.669 70.986 99.661 121.767 151.107 187.703 Imereet bearing debt 2.615 20.556 28.553 30.298 32,249 34.749 00 9 r g° Other liabilities 15.838 9,764 18.603 19.965 24,811 93.654 i. 00 Tota/ I watrIrtoes 18.451 30,321 45,156 50.253 56,860 85,403 s wo IN..ss.„..........„._.„.• . 40 Shareholders' equity 26.065 38.425 51.528 70,058 94.315 123.892 30 i 1 I'• W Minorities 1.160 2.240 2.990 1.456 .69 -1.592 20 i- 20 Total Owaholden' ewie 27.215 40.665 54,508 71.514 94.247 172.300 10 O ill li i i:it 10 O MR debr 44265 -14130 -24531 -090178 .74726 -101,831 12 13 m USE teE 17E (KEY Company Matt its Sean growth Cal 53.8 43.2 53.6 38.1 30.8 29.6 tialeagreweiCUISI --11/— ROE Melia 08 EPS growth 57.0 3.3 279 23.1 34.9 24.5 Solvent:: EBRDA Margin Wei 583 43.3 34.2 28 8 28.4 283 EMT Margin eM 49.5 35.0 26.1 23.6 25.9 26.3 O Payout ratio (151 0.0 0.0 00 00 0.0 0.0 -20 ROE 60 506 32.6 29.3 261 20.4 25.0 -40 Cepodealee 104 8.8 91 40 40 4.0 Capexklepreeemen IS 1.0 1.2 08 1.6 2.0 60 Net death:only OM .1112 44.8 -54.1 !01 -772 413.3 -100 Net interest cover (x) nn nn net net nn net -120 Satre Company dera Deutsche Bant °samara 12 13 la I% 1114 I7E INNOMIONg h1.1bSIMEY 11.149 ~al Wew freer Alan 110!lay.,e11 Ill .852 2203 6240 sten helswellt54bcom Page 2 Deutsche Bank AG/Hong Kong CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SONY-0117088 CONFIDENTIAL SDNY_GM_00263272 EFTA01457515