Asia Business Media: Price value of Chinese Internet stocks

An interesting piece here at the China Stock Blog which charts price against book value for Chinese Internet stocks. Global Sources and Sina show up at 4.6 times book value against 21.6 times for Baidu which, as I said the other day, still looks horribly over-valued to me.

Charts: Valuing US-Traded Chinese Internet Companies Based On Book Value & Tangible Book Value: "Price / Book Value ratios of stocks covered in the Chinese Internet sector ranged from 21.6 (BIDU) down to 1.9 (JRJC), with a median value of 5.3.

Price / Tangible Book Value ratios ranged from 22.1 (BIDU) down to 1.9 (JRJC), with a median value of 7.1.

Tangible Book Value differs from Book Value by subtracting out the value of intangible assets from the equation Book Value = Assets - Liablilities. Examples of intangible assets are goodwill, patents, capitalized start-up expenses and deferred financing costs.

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Data in table version — click on a ticker for opinion and analysis of the company:

		05/11/06	Book	Price/	Tangible	Price/
Ticker	Company	$Close	Value	BV	BV	BV
BIDU	Baidu.com, Inc.	$81.51	$3.78	21.56	$3.70	22.06
CTRP	Ctrip.com Inter	$49.61	$2.97	16.72	$2.91	17.04
GIGM	GigaMedia Ltd.	$10.37	$2.00	5.19	$1.36	7.60
GSOL	Global Sources	$12.03	$2.59	4.65	$2.59	4.65
JOBS	51job Inc.	$25.35	$3.86	6.57	$3.80	6.66
JRJC	China Finance O	$6.40	$3.33	1.92	$3.33	1.92
LONG	eLong Inc.	$15.40	$5.36	2.87	$5.17	2.98
NCTY	The9 Ltd.	$26.25	$4.82	5.45	$3.19	8.24
NTES	Netease.com Inc	$21.28	$2.27	9.38	$2.27	9.38
SINA	Sina Corp.	$27.57	$6.00	4.59	$4.27	6.46
SNDA	Shanda Interact	$13.45	$2.85	4.72	$2.11	6.39
SOHU	Sohu.com Inc.	$26.79	$3.78	7.09	$2.11	12.67