Sina Is Trading at 60% of Its Net Asset Value; Remains Undervalued
Sina’s revenue in the fourth quarter was $573 million, near the midpoint of the implied guidance and 3% higher than our estimate. Non-GAAP net income was $58 million, 4% higher than our estimate. We have no plan to change our fair value estimate of $98 and we think Sina is undervalued, mainly due to its discount to net asset value. Sina guided 2019 net revenue to be CNY 16.5 billion-17.5 billion or $2.44 billion-$2.59 billion, a growth rate of 18%-25% on a constant-currency basis. The low end of...Sina is an online media company serving China and the global Chinese communities. Co.'s digital media network includes SINA.com (It offers professional content on each of its region specific websites), SINA.com (It provides information and entertainment content from SINA portal customized for WAP users) and Weibo (It is a form of social media, featuring microblogging services and social networking services that allow users to connect and share information). Co. offers an array of services including mobile value added services, online video, music streaming, online games, photo sharing, blog, email, classified listings, fee-based services, e-commerce and enterprise services.
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