Jiang Zhang

Jiang Zhang
Contributor since: 2011
When you get a chance, i recommend that you do a comparison of the Qihoo search and Baidu. Based on my experience, both engines produce comparable results on general and broad topics. However, on specific/technical topics, Baidu produces more relevant results than Qihoo.
User experience and relevance is what differentiates search engines. In this case, Baidu has the better search technology and will ultimately win in the search engine battle.
What's the difference between an Abercrombie t-shirt and a t-shirt from Wal-Mart other than the fact that A&F added its name and a higher price tag? If consumers are so smart, then I guess we should all go for the 100% cotton t-shirt from wal-mart and not A&F
If you end up buying the mini, then Apple's revenue growth will be slower due to lower ASP. On top of that you are driving up Apple's cost since the mini carries lower margin. While you alone will not have material impact on Apple's Q1 earnings next year, millions of other mini buyers and you will.
Well it all depends, single-serve coffee maker is still underpenetrated. Overtime, the Starbucks patrons who previously didn't get a single-serve coffee maker might consider getting one after starbucks starts to promote it in their stores.
I am talking about gross margins, which excludes advertising and R&D...you're talking about operating margins, which includes those line items. Please read carefully.
You have a good point, send me an email (see my profile) when you get a chance.
I'm staying on the sideline
The key question is: Will the user notice the difference?
If the user can't notice the difference then there is no point in overshoot the technology and Apple is just wasting money on R&D. That extra money is better spent on paying dividend.
Something to think about...
AT&T's iPhone sales share has fallen from 60% in 1Q11 (when Verizon started selling iPhones) to 47% in 2Q12.
AT&T is still selling iPhones, but at a decelerating pace
I meant to say Domestic Streaming subs since these are the important ones for the business and the bottom line.
Not sure about cutting it to the bone...but I believe it will be priced above the comparable tablet because apple has always commanded a price premium on its products.
Apple will not create a low-margin product, but they will lower the ASP on their phones which ultimately translates to lower margin.
If your market share does not expand, earnings will likely plateau, hence no earnings growth unless Apple raises ASP. But in any electronic retail environment, gadget price only decreases from the day they are introduced. Expanding market share could support earnings growth, hence the valuation.
Much...much larger as matter of fact...
Please read carefully....I said 45% is a bull-case scenario, there's also a bear-case of 15% and RMB2/month fee.
cute avatar
I thought the management was fairly thorough with their answers. I was actually surprised that they disclosed revenue contribution from 56.com, even though it was minimal.
I recommend you to ask the management directly in the next earnings call.
Had you listened in to the earnings call, you would know that management said 56.com's revenue contribution is insignificant....$1.5 million at most.
You own the stock if you believe that its real-name social ad system will take off. In theory, real-name profile has a more effective targeted ad system than non-real name (eg. Weibo and QQ).
Actually EBIT margin has been stabilizing at 5-6% over the past three quarters.
Not sure how SA can let me upload excel file. But for operating cost I assumed linear decrease of 20bps per year from 2012 onward. However if I flatline the margins into the future, then EBIT would grow at the same rate as revenue.
I am pretty sure that having a conflict of interest would be doing a disservice to you and the readers.
Thanks for reading. Please feel free to email me with any insight. I am still new to this industry.
Do you know anyone in China who has ever used 56.com?
You're close.
Equal Weight is as same as "Hold" and "Neutral".
Also keep in mind that management's #1 priority is to run a company, not to trade on a company's stock. Profiting from a short-term price appreciation is just the icing on the cake.
After up 60%+ YTD don't you think it's time to take profit?
Trailing P/E is never a good valuation metric. I prefer to use forward P/E, and LNKD is trading at 83x 2012e earnings
Trying to understand Ctrip without a good understanding of Chinese is like my trying to understand Priceline without a good understanding of English
The reason why LNKD hasn't lost most of its value is that, unlike FB, it has a clear strategy going forward