I was surprised that she was still in a job after all the scandals from her fellow net floggers. She seems to be back in a big way and she is pushing China internet as a good pick.
Meeker points to stocks that her colleague Richard Ji, who's based in Hong Kong, recommends, such as wireless content provider TOM Online (Research), online game site NetEase (Research), and Web-based travel company Ctrip (Research).
When I point out that these stocks have doubled over the past two years and sport lofty P/Es, Meeker responds by telling me that the market value of all public Chinese Internet companies is $15 billion, while Japanese Internet companies are worth $75 billion. It's the sort of relative valuation metric that, while compelling, has an odor of late-1990s rationalizing, which makes me wary.
Yeah but that Chinese market is immense and the extra income of the normal Chinese person is growing by leaps and bounds. But it isn't anywhere close to Japan though and won't be for many years. I have to agree that there is a lot of future priced into these stocks and you have to know that when you are getting into them.
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