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					ab                                                                                                                                                 Global Equity Research
                                                                                                                                                    China
                                                                                                                                                    Internet Services
 UBS Investment Research
                                                                                                                                                    12-month rating                                                                         Neutral
 SINA Corporation                                                                                                                                                                                                  Prior: Not Rated
                                                                                                                                                    12m price target                                                                        US$43.00
                                                                                                                                                                                                                                                   -
 Beneficiary of advertising recovery                                                                                                                Price                                                                                     US$37.79
 [EXTRACT]                                                                                                                                          RIC: SINA.O BBG: SINA US

                                                                                                                                                                                                                                    26 April 2010
    To benefit from recovery, but portals face challenges in the long term
 We expect online advertising to recover well, but without big upside surprises in                                                                  Trading data
 2010 due to the uncertain macro economy. As China’s leading internet portal, SINA                                                                  52-wk range                                                                     US$47.03-26.23
 Corporation (SINA) should benefit more than other portals from the recovery.                                                                       Market cap.                                                                                 US$2.03bn
 However, we believe its current portal model will be challenged by other online                                                                    Shares o/s                                                                              53.8m (ORD)
 media. SINA is expanding into other segments that do not have clear revenue
                                                                                                                                                    Free float                                                                                                 91%
 contribution profiles, but which could provide it with future growth potential.
                                                                                                                                                    Avg. daily volume ('000)                                                                                      134
     Management buyout aligns interests of management and shareholders                                                                              Avg. daily value (US$m)                                                                                           5.2
 After the management buyout in November 2009, management-owned New-Wave
                                                                                                                                                    Balance sheet data 12/10E
 became SINA’s largest shareholder with a 9.4% stake. This will rise to 14% with
 share options. We believe the buyout was in the interests of all shareholders as it                                                                Shareholders' equity                                                                        US$1.34bn
 increases management’s incentive to maintain a consistent growth strategy.                                                                         P/BV (UBS)                                                                                                  1.7x
                                                                                                                                                    Net Cash (debt)                                                                             US$0.73bn
     Weakening property market could weigh on SINA
 China recently issued tightening policies aimed at cooling the property market, which                                                              Forecast returns
 UBS expects to lead to lower demand and a construction slowdown. We believe this                                                                   Forecast price appreciation                                                                         +13.8%
 will have a negative impact on SINA due to its 33% stake in China Real Estate                                                                      Forecast dividend yield                                                                                   0.0%
 Information Corp (CRIC), which is directly exposed to the property market.                                                                         Forecast stock return                                                                               +13.8%
                                                                                                                                                    Market return assumption                                                                                 10.4%
     Valuation: initiate coverage with a Neutral rating and US$43.00 PT
                                                                                                                                                    Forecast excess return                                                                                   +3.4%
 We are positive on SINA’s fundamentals and initiate coverage with a Neutral
 rating on valuation grounds. SINA’s portal business is trading at 27x/16x 2010E                                                                    EPS (UBS, US$)
 PE/ex-cash PE, compared with Sohu.com’s (SOHU) 16x/7x. We derive our price                                                                                                                                12/10E                                             12/09
 target from a DCF-based methodology and explicitly forecast long-term valuation                                                                                                     From                      To                   Cons.                    Actual
 drivers using UBS’s VCAM tool. We assume WACC of 11.55%.                                                                                           Q1E                                  -                   0.34                    0.27                      0.26
                                                                                                                                                    Q2E                                  -                   0.31                    0.33                      0.23
                                                                                                                                                    Q3E                                  -                   0.36                    0.41                      0.32
 Highlights (US$m)                                       12/08                12/09              12/10E              12/11E               12/12E    Q4E                                  -                   0.48                    0.45                      0.40
 Revenues                                                 370                  359                  397                 469                  544    12/10E                               -                   1.46                    1.42
 EBIT (UBS)                                                 75                   37                  68                  85                  109    12/11E                               -                   1.81                    1.88
 Net Income (UBS)                                           79                   73                  92                 114                  141
 EPS (UBS, US$)                                           1.31                 1.23                1.46                1.81                 2.23    Performance (US$)
 Net DPS (UBS, US$)                                       0.00                 0.00                0.00                0.00                 0.00    70.0
                                                                                                                                                              Stock Price (US$)                                                               Rel. S & P 500
                                                                                                                                                                                                                                                                      200

                                                                                                                                                    60.0
 Profitability & Valuation                       5-yr hist av.                12/09              12/10E              12/11E               12/12E    50.0
                                                                                                                                                                                                                                                                      150


 EBIT margin %                                           22.7                  10.4                 17.2                18.2                 20.0   40.0
                                                                                                                                                                                                                                                                      100
                                                                                                                                                    30.0
 ROIC (EBIT) %                                           54.9                 189.8               (96.8)             (153.3)              (241.4)   20.0                                                                                                              50
 EV/EBITDA (core) x                                          -                 12.4                  9.2                 7.1                  5.1   10.0

 PE (UBS) x                                              35.2                  25.4                 25.8                20.8                 16.9    0.0                                                                                                              0
                                                                                                                                                           04/07

                                                                                                                                                                   07/07

                                                                                                                                                                           10/07

                                                                                                                                                                                   01/08

                                                                                                                                                                                           04/08

                                                                                                                                                                                                   07/08

                                                                                                                                                                                                           10/08

                                                                                                                                                                                                                    01/09

                                                                                                                                                                                                                            04/09

                                                                                                                                                                                                                                    07/09

                                                                                                                                                                                                                                             10/09

                                                                                                                                                                                                                                                     01/10

                                                                                                                                                                                                                                                              04/10




 Net dividend yield %                                      0.0                  0.0                  0.0                 0.0                  0.0
                                                                                                                                                                            Price Target (US$) (LHS)                   Stock Price (US$) (LHS)
 Source: Company accounts, Thomson Reuters, UBS estimates. (UBS) valuations are stated before goodwill, exceptionals and other special items.                               Rel. S & P 500 (RHS)
 Valuations: based on an average share price that year, (E): based on a share price of US$37.79 on 26 Apr 2010 10:06 HKT                            Source: UBS
                                                                                                                                                                                             www.ubs.com/investmentresearch
 Wenlin Li                                        Jinjin Wang, CFA                                 Gary Ngan
 Analyst                                          Analyst                                          Analyst
 wenlin.li@ubs.com                                jinjin.wang@ubs.com                              gary.ngan@ubs.com
 +852-2971 6404                                   +852-2971 8579                                   +852-2971 8317




 This report has been prepared by UBS Securities Asia Limited
 ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 8.
 UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may
 have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making
 their investment decision.
SINA Corporation 26 April 2010


This is an extract from our initiation of coverage report published on 26 April
2010. For more detail, please refer to the longer report.

Investment Thesis
                                                                                   We initiate coverage on SINA with a
We initiate coverage of SINA Corporation (SINA) with Neutral rating and
a VCAM-based price target of US$43.00. SINA is China’s leading internet            Neutral rating and PT of US$43.00
portal, accounting for 34.1% of portal advertising or 8.0% of online advertising
market share by revenue in 2009 (according to iResearch). We do not expect
its leading position to be challenged in the near term, and believe the company
will be the biggest beneficiary of a rebound in online advertising in 2010
among portals.

We expect online advertising to recover healthily, but without significant
upside surprise in 2010, due to the uncertain macro economy. We believe 2010
online advertising growth will differ for various advertiser groups: 1) we
expect it to be strong for the auto, FMCG, e-commerce, financial, and telecom
sectors; 2) we believe it will be stable for IT and online gaming; and 3) the
prospects for growth in property advertising are unclear.

We believe the current ‘news supermarket’ business model of portals will face
challenges from other online media formats such as search engines, vertical
websites, and video websites. SINA is actively expanding its business lines to:
1) form strategic partnerships with other companies to expand to offline (as it
did with CRIC) or to other online areas such as B2B/B2C; 2) launch new
services such as mini blogs and video; 3) invest in new areas, such as its
investments in Kaixin001.com (SNS websites) and Kylin (an online game
operator).

Management-held New-Wave is now SINA’s largest shareholder with 5.6m
shares (9.4% of the total shares outstanding). Including share options,
management will hold 14% of the company. We believe the recent management
buyout will increase incentives for management to maintain a consistent growth
strategy, as well as promote further business expansion and strategic
partnerships.

We are positive on the company’s fundamentals and initiate coverage of SINA
with a Neutral rating on valuation grounds. SINA’s portal business is trading at
27x/16x 2010E PE/ex-cash PE, compared with SOHU’s 16x/7x. We derive our
price target from a DCF-based methodology and explicitly forecast long-term
valuation drivers using UBS’s VCAM tool.

Key catalysts
   Biggest beneficiary of the online advertising rebound in 2010E. We              SINA could benefit more than other
   expect online advertising to recover healthily, but without big upside          portals
   surprises in 2010, due to the uncertain macro economy. As the leading
   Chinese internet portal, we expect SINA to benefit more from the recovery
   than other portals. We estimate SINA’s 2010/11 advertising growth to be
   32%/23% excluding property-related advertising and 38%/25% including
   property-related advertising, compared with 25%/20% total portal
   advertising growth.


                                                                                                                    UBS 2
SINA Corporation 26 April 2010


   Management buyout aligns interests of management and shareholders.               Interests of management and
   Since the completion of a management buyout on 27 November 2009, SINA            shareholders aligned with the
   management has held 9.4% of the total shares outstanding; together with          management buyout
   options granted, the management holding will increase to 14%. SINA
   underwent frequent management reshuffles before 2006 and has lost some key
   personnel in the past few years. We believe the management buyout was in
   the interest of all shareholders as it will increase management’s incentive to
   maintain a consistent growth strategy, as well as to promote further business
   expansion and strategic partnerships.

   New businesses could provide long-term growth potential. SINA is                 New business lines provide long-term
   actively expanding its business lines by 1) forming strategic partnerships       growth potential to stock price
   with other companies to expand out of the portal segment (such as to B2C,
   vertical websites or even offline businesses), by leveraging on SINA’s online
   advantages and the expertise of its strategic partners; 2) launching new
   services such as Mini Blog (a product similar to Twitter), and video; and 3)
   directly invest into new business areas, such as its investment in
   Kaixin001.com and Kylin (an online game operator). These new initiatives
   do not have clear revenue contribution profiles now, but we believe they
   could provide future growth potential for SINA.

   Property market weakness could impact CRIC and therefore SINA.                   Property market weakness to impact
   China’s government issued tightening regulations on 15 April and 22 April        SINA’s performance
   aimed at cooling the property market. UBS believes this could trigger
   weakening demand as well as a construction slowdown. We expect CRIC to
   be impacted both in terms of its data and consulting business, and its online
   property advertising business. SINA would be indirectly affected as CRIC
   contributes 23% of SINA’s 2010 non-GAAP earnings and 20% of its
   valuation, according to our estimates.

Risks
We believe macro environment risks are the key concerns. SINA’s key business        Macro risk, competition from other
is portal, or online display advertising. An economic slowdown would restrict       online media, and property market
advertisers’ spending and shrink advertising budgets significantly; in addition,    weakness are SINA’s key risks
advertisers are less likely to spend on new media when the economy is bad.

The portal business in China is becoming more and more challenged by other
online formats, especially search engines and other pay for performance (P4P)
websites such as verticals, and video websites. We believe the current ‘news
supermarket’ business model of portals will encounter a growth bottleneck in
the mid/long term, similar to the experience in the US. SINA is actively
expanding into other business lines, but these are in their early stages of
development and uncertainties are high.

As we mentioned earlier, the property market could be adversely affected by
new policies of the China government, which would directly impact CRIC, and
could indirectly impact SINA’s share price.




                                                                                                                     UBS 3
SINA Corporation 26 April 2010


Valuation and basis for price target
We initiate coverage of SINA with a Neutral rating and a price target of
US$43.00. We use VCAM (a proprietary cash-flow-based valuation model) with
WACC of 11.55%, to forecast the existing business of SINA after the spinoff of
its property and home decoration channels—China Online Housing Technology
Corporation (COHT). This includes the equity investment value of CRIC to
SINA (SINA has 47.7m CRIC shares, or 33% of the total) by using our
valuation for CRIC of US$12.50 (which is also, in turn, VCAM based) with a
10% holding discount due to lack of cashflow control. Our price target for SINA
of US$43.00 implies 28x/20x 2010E PE/ex-cash PE. Excluding CRIC’s value,
the remaining business of SINA is trading at 27x/16x 2010E PE/ex-cash PE,
compared with SOHU’s 16x/7x.

UBS versus consensus
Our 2011/10 earnings estimates for SINA are lower than consensus. We believe                                          Our 2011/12 earnings estimates are
portals will be increasingly challenged by other online media, especially search                                      lower than consensus
engines. We have not factored a new business contribution into our forecasts for
SINA. We are using non-GAAP forecasts for SINA, that is, excluding share-
based compensation, deferred revenue amortisation (from selling COHT to
CRIC) and using non-GAAP net profit of COHT, which excludes share-based
compensation and intangible asset amortisation (from purchasing COHT).

Table 1: UBS versus consensus forecasts

                                                     2010E                                       2011E                                       2012E
                                                   Market           Difference                    Market       Difference                     Market            Difference
                                        UBS     Consensus                   %          UBS     Consensus               %            UBS    Consensus                    %

Revenue (US$ m)                         379              387            -2.0%          450             485         -7.2%             525            587            -10.5%

Gross profit (US$ m)                    211              220            -4.0%          255             279         -8.6%             305            331             -7.8%

Gross margin                        55.8%              57.0%            -1.2%      56.6%             57.4%         -0.8%           58.0%          56.3%              1.7%

Net profit (US$ m)                       92                  92          0.2%          114             125         -8.3%             141            147             -4.0%

Net margin                          24.4%              23.8%             0.6%      25.4%             25.7%         -0.3%           26.8%          25.0%              1.8%

Source: Reuters; UBS estimates

Sensitivity analysis
Our sensitivity analysis suggests SINA’s net profit is more sensitive to changes
in gross margin than revenue.

Table 2: Net profit sensitivity to revenue growth and gross margin

                                         2010                                                                               2011

                                                 Revenue growth                                                                     Revenue growth
                                  7%            9%           11%        13%      15%                                   7%          9%      11%        13%            15%

                      53%        -27%         -23%           -18%       -14%     -9%                         53%     -27%     -23%         -19%       -14%           -10%

                      55%        -18%         -14%            -9%        -5%     0%                          55%     -18%     -14%         -9%            -5%         -1%
    Gross                                                                                    Gross
                     57.1%       -9%          -5%             0%         5%      9%                      57.1%        -9%      -5%          0%            5%           9%
   margin                                                                                margin
                      59%        -1%            4%            9%        14%      19%                         59%       0%          5%       9%        14%             19%

                      61%         8%          13%            18%        23%      28%                         61%       9%      14%         19%        23%             28%

Source: UBS estimates


                                                                                                                                                                     UBS 4
SINA Corporation 26 April 2010


Corporate governance
On the completion of a management buyout, New-Wave became SINA’s largest           Interests of management and
shareholder, with 5.6m shares (9.4% of the total shares outstanding), at a total   shareholders aligned as a result of the
expense of US$180m. Including share options, SINA’s management will hold           management buyout
14% of the company. We believe this move will increase the incentive of
management to maintain a consistent growth strategy, as well as to promote
further business expansion and strategic partnerships.




                                                                                                                     UBS 5
SINA Corporation

  Income statement (US$m)                                    12/05                12/06               12/07                12/08                12/09              12/10E        % ch               12/11E           % ch    12/12E     % ch
  Revenues                                                       194                 213                  246                  370                 359                  397        10.8                  469          18.1       544     16.0
  Operating expenses (ex depn)                                 (139)               (166)                (181)                (277)               (302)                (309)         2.4                (367)          18.7     (420)     14.6
  EBITDA (UBS)                                                    54                  47                   66                   92                  57                   88        55.7                  102          15.8       124     21.0
  Depreciation                                                  (13)                (12)                 (15)                 (18)                (19)                 (20)         1.5                 (17)         -14.5      (15)    -12.0
  Operating income (EBIT, UBS)                                    42                  35                   51                   75                  37                   68        84.1                   85          24.6       109     27.5
  Other income & associates                                       (3)                   1                    0                    1                 36                   23       -37.0                   29          29.1        35     19.1
  Net interest                                                      7                   9                  13                   18                    8                  13        54.3                   14           9.9        16     10.7
  Abnormal items (pre-tax)                                          0                   0                    0                    0                   0                    0          -                    0             -          0       -
  Profit before tax                                               46                  44                   64                   94                  82                  104        27.6                  129          23.7       159     23.8
  Tax                                                             (2)                 (4)                  (7)                (14)                  (8)                (12)        41.7                 (14)          22.3      (19)     29.5
  Profit after tax                                                43                  40                   58                   80                  73                   92        26.0                  114          23.9       141     23.0
  Abnormal items (post-tax)                                         0                   0                    0                    1                339                   (5)          -                 (12)         162.3        (9)   -27.3
  Minorities / pref dividends                                       0                   0                    0                  (1)                   0                    0          -                    0             -          0       -
  Net income (local GAAP)                                         43                  40                   58                   81                 412                   88       -78.7                  102          16.5       132     29.1
  Net Income (UBS)                                                43                  40                   58                   79                  73                   92        26.7                  114          23.9       141     23.0

  Tax rate (%)                                                     5                    9                  10                   15                  10                   11        11.0                   11          -1.2        12      4.6
  Pre-abnormal tax rate (%)                                        5                    9                  10                   15                  (3)                  14           -                   13          -5.8        14      8.5

  Per share (US$)                                            12/05                12/06               12/07                12/08                12/09              12/10E        % ch               12/11E           % ch    12/12E     % ch
  EPS (local GAAP)                                              0.73                0.68                 0.96                1.33                 6.95                 1.39       -80.0                 1.62          16.5     2.09      29.1
  EPS (UBS)                                                     0.73                0.68                 0.96                1.31                 1.23                 1.46        19.2                 1.81          23.9     2.23      23.0
  Net DPS                                                       0.00                0.00                 0.00                0.00                 0.00                 0.00           -                 0.00             -     0.00         -
  Cash EPS                                                      1.06                0.96                 1.31                1.74                 1.69                 1.88        11.7                 2.21          17.1     2.59      17.4
  BVPS                                                          6.21                7.19                 8.92               11.06                22.70                22.49        -0.9                24.48           8.9    26.45       8.0

  Balance sheet (US$m)                                       12/05                12/06               12/07                12/08                12/09              12/10E        % ch               12/11E           % ch    12/12E     % ch
  Net tangible fixed assets                                      22                    27                  27                   34                   23                   32       40.1                    32          0.0        33      3.1
  Net intangible fixed assets                                    92                    91                  89                   95                   88                   86       -2.2                    84         -2.0        84      0.0
  Net working capital (incl. other assets)                        0                     6                   0                   (5)                (24)                 (31)       27.2                  (37)         20.4      (47)     24.7
  Other liabilities                                               0                     0                   0                   (4)              (167)                (148)       -11.2                (129)         -12.7    (110)     -14.5
  Operating invested capital                                    115                  124                  116                  120                 (80)                 (61)      -24.1                  (50)        -17.5      (40)    -20.8
  Investments                                                   216                  201                  208                  221                 656                  674         2.7                  691           2.5      716       3.7
  Total capital employed                                        331                  325                  324                  340                 575                  613         6.5                  640           4.5      677       5.7
  Shareholders' equity                                          320                  388                  495                  621               1,222                1,338         9.5                1,456           8.9    1,604      10.2
  Minority interests                                              0                     0                   0                     4                   1                    1        0.0                     1          0.0         1      0.0
  Total equity                                                  320                  388                  495                  625               1,223                1,339         9.5                1,457           8.9    1,605      10.2
  Net debt / (cash)                                              12                  (63)               (171)                (284)               (647)                (726)        12.2                (817)          12.5    (929)      13.7
  Debt deemed provisions                                          0                     0                   0                     0                   0                    0          -                     0            -         0        -
  Total capital employed                                        331                  325                  324                  340                 575                  613         6.5                  640           4.5      677       5.7

  Cash flow (US$m)                                           12/05                12/06               12/07                12/08                12/09              12/10E        % ch               12/11E           % ch    12/12E     % ch
  Operating income (EBIT, UBS)                                    42                   35                  51                   75                   37                  68        84.1                   85          24.6      109      27.5
  Depreciation                                                    13                   12                  15                   18                   19                  20         1.5                   17         -14.5        15    -12.0
  Net change in working capital                                    4                 (15)                (14)                 (22)                    5                 (8)           -                 (15)          76.7      (15)      4.4
  Other (operating)                                              (3)                   24                  29                   31                   51                   6       -88.0                   14         134.2        15      3.7
  Operating cash flow                                             55                   56                  80                 101                  112                   86       -23.5                 102           18.3      123      21.0
  Net interest received / (paid)                                   7                    9                  13                   18                    8                  13        54.3                   14           9.9        16     10.7
  Dividends paid                                                   0                    0                   0                    0                    0                   0           -                    0             -         0        -
  Tax paid                                                       (3)                  (1)                 (4)                  (5)                 (11)                 (6)       -48.7                 (10)          71.5      (11)     14.5
  Capital expenditure                                           (15)                 (14)                (12)                 (19)                 (14)                (14)        -0.3                 (15)           6.3      (16)      4.4
  Net (acquisitions) / disposals                                (24)                 (10)                   0                    0                    0                   0           -                    0             -         0        -
  Other                                                         (94)                   23                   6                  (6)                   88                   0           -                    0             -         0        -
  Share issues                                                     7                   10                  19                   13                 180                    0           -                    0             -         0        -
  Cash flow (inc)/dec in net debt                               (69)                   72                102                  102                  363                   79       -78.3                   91          15.3      112      22.9
  FX / non cash items                                              3                    3                   6                   11                    0                   0           -                    0             -         0        -
  Balance sheet (inc)/dec in net debt                           (65)                   75                108                  113                  363                   79       -78.3                   91          15.3      112      22.9
  Core EBITDA                                                     54                   47                  66                   92                   57                  88        55.7                 102           15.8      124      21.0

  Maintenance capital expenditure                               (15)                 (14)                (12)                 (19)                 (14)                (14)         -0.3                (15)           6.3      (16)      4.4
  Maintenance net working capital                                  4                 (15)                (14)                 (22)                    5                 (8)            -                (15)          76.7      (15)      4.4
  Operating free cash flow, pre-tax                               43                  18                   39                   52                  47                   66        39.3                   72          10.1        92     27.9
Source: Company accounts, UBS estimates. (UBS) valuations are stated before goodwill, exceptionals and other special items. Note: For some companies, the data represents an extract of the full company accounts.




                                                                                                                                                                                                                              UBS 6
Global Equity Research
China

Internet Services                                                                                                                                                                                SINA Corporation
12-month rating                                                                           Neutral
12m price target                                                                           US$43.00            Valuation (x)                                               5Yr Avg           12/08          12/09         12/10E         12/11E         12/12E
                                                                                                               P/E (local GAAP)                                                  35.2           29.1            4.5           27.2           23.3           18.1
                                                                                                               P/E (UBS)                                                         35.2           29.5           25.4           25.8           20.8           16.9
                                                                                                               P/CEPS                                                            25.6           22.3           18.5           20.1           17.1           14.6
                                                                                                               Net dividend yield (%)                                             0.0            0.0            0.0            0.0            0.0            0.0
Company profile                                                                                                P/BV                                                               4.5            3.5            1.4            1.7            1.5            1.4
SINA Corp, the leading Chinese Internet portal, was formed in 1999                                             EV/revenue (core)                                                    -            4.6            2.0            2.0            1.5            1.1
in a JV between SINA of China and SINANET of the US. In 2000, it                                               EV/EBITDA (core)                                                     -           18.5           12.4            9.2            7.1            5.1
became the first Chinese Internet company to list on the NASDAQ.                                               EV/EBIT (core)                                                       -           22.9           18.9           11.9            8.5            5.7
SINA spun-off its property portal business to CRIC in Q409, and in                                             EV/OpFCF (core)                                                      -            NM            15.0           12.4           10.1            6.8
return the company received a 33% stake in CRIC.                                                               EV/op. invested capital                                              -            NM             NM             NM             NM             NM

                                                                                                               Enterprise value (US$m)                                                       12/08          12/09         12/10E         12/11E         12/12E
                                                                                                               Average market cap                                                             2,154          1,704           2,034          2,034          2,034
                                                                                                               + minority interests                                                               4              1               1              1              1
                                                                                                               + average net debt (cash)                                                      (228)          (466)           (687)          (772)          (873)
                                                                                                               + pension obligations and other                                                    0              0               0              0              0
                                                                                                               - non-core asset value                                                         (221)          (536)           (536)          (536)          (536)
                                                                                                               Core enterprise value                                                          1,710            703             812            727            626

                                                                                                               Growth (%)                                                  5Yr Avg           12/08          12/09         12/10E         12/11E         12/12E
Value (EV/OpFCF & P/E)                                                                                         Revenue                                                           16.6           50.2          -3.0            10.8           18.1           16.0
   15.0x                                                                                            30.0x
                                                                                                               EBITDA (UBS)                                                       4.1           40.6         -38.5            55.7           15.8           21.0
                                                                                                    25.0x
                                                                                                               EBIT (UBS)                                                         1.8           46.2         -50.1            84.1           24.6           27.5
   10.0x                                                                                            20.0x
                                                                                                               EPS (UBS)                                                          2.1           35.8          -6.6            16.6           23.9           21.8
                                                                                                    15.0x
                                                                                                               Cash EPS                                                           3.8           32.4          -3.1            11.7           17.1           17.4
    5.0x                                                                                            10.0x
                                                                                                               Net DPS                                                              -              -             -               -              -              -
                                                                                                    5.0x
                                                                                                               BVPS                                                              21.8           24.0         105.3            -0.9            8.9            8.0
    0.0x                                                                                            0.0x
           12/08              12/09              12/10E                12/11E                    12/12E        Margins (%)                                                 5Yr Avg           12/08          12/09         12/10E         12/11E         12/12E
                                  EV/OpFCF (LHS)        P/E (RHS)
                                                                                                               EBITDA / revenue                                                  28.2           24.9           15.8           22.2           21.8           22.7
                                                                                                               EBIT / revenue                                                    22.7           20.2           10.4           17.2           18.2           20.0
                                                                                                               Net profit (UBS) / revenue                                        23.8           21.5           20.3           23.2           24.4           25.9
Profitability
  22.0%                                                                                             200%       Return on capital (%)                                         5Yr Avg          12/08          12/09         12/10E         12/11E         12/12E
  20.0%
                                                                                                    100%       EBIT ROIC (UBS)                                                  54.9           63.3            NM             NM             NM             NM
  18.0%
                                                                                                    0%
                                                                                                               ROIC post tax                                                       -           53.6            NM             NM             NM             NM
  16.0%
                                                                                                               Net ROE                                                          17.1           14.3            7.9             7.2            8.2            9.2
  14.0%                                                                                             -100%
  12.0%
                                                                                                    -200%      Coverage ratios (x)                                           5Yr Avg          12/08          12/09         12/10E         12/11E         12/12E
  10.0%
   8.0%                                                                                             -300%
                                                                                                               EBIT / net interest                                                 -              -              -               -              -              -
                   12/08        12/09          12/10(E)          12/11(E)             12/12(E)
                                                                                                               Dividend cover (UBS EPS)                                            -              -              -               -              -              -
                                EBIT margin (LHS)         ROIC (RHS)
                                                                                                               Div. payout ratio (%, UBS EPS)                                      -              -              -               -              -              -
                                                                                                               Net debt / EBITDA                                                 NM             NM             NM             NM             NM             NM
ROE v Price to book value
                                                                                                               Efficiency ratios (x)                                         5Yr Avg          12/08          12/09         12/10E         12/11E         12/12E
   16.0%                                                                                            4.0x
                                                                                                               Revenue / op. invested capital                                    2.5            3.1           18.3            NM             NM             NM
   14.0%                                                                                            3.5x
                                                                                                               Revenue / fixed assets                                            2.4            3.0            3.0             3.5            4.0            4.7
                                                                                                    3.0x
   12.0%
                                                                                                    2.5x
                                                                                                               Revenue / net working capital                                     NM             NM             NM             NM             NM             NM
   10.0%
                                                                                                    2.0x
   8.0%
                                                                                                    1.5x
                                                                                                               Investment ratios (x)                                         5Yr Avg          12/08          12/09         12/10E         12/11E         12/12E
   6.0%                                                                                             1.0x       OpFCF / EBIT                                                      0.7            0.7            1.3             1.0            0.8            0.8
   4.0%                                                                                             0.5x       Capex / revenue (%)                                               6.0            5.1            4.0             3.6            3.2            2.9
                   12/08        12/09          12/10(E)         12/11(E)              12/12(E)
                                                                                                               Capex / depreciation                                              1.1            1.1            0.7             0.7            0.9            1.1
                           ROE (LHS)                      Price to book value (RHS)

                                                                                                               Capital structure (%)                                         5Yr Avg          12/08          12/09         12/10E         12/11E         12/12E
Growth (UBS EPS)                                                                                               Net debt / total equity                                         (27.0)         (45.8)         (53.0)         (54.3)         (56.1)         (57.9)
                                                                                                               Net debt / (net debt + equity)                                  (37.0)         (84.6)           NM             NM             NM             NM
    550                                                                                             40.0%
                                                                                                               Net debt (core) / EV                                                 -         (13.3)         (66.3)         (84.6)           NM             NM
    500                                                                                             30.0%
                                                                                                             Source: Company accounts, UBS estimates. (UBS) valuations are stated before goodwill, exceptionals and other special items.
    450                                                                                             20.0%    Valuations: based on an average share price that year, (E): based on a share price of US$37.79 on 26 Apr 2010 10:06 HKT Market cap(E) may include
                                                                                                             forecast share issues/buybacks.
    400                                                                                             10.0%

    350                                                                                             0.0%

    300                                                                                             -10.0%   Wenlin Li                                         Jinjin Wang, CFA                                  Gary Ngan
                   12/08        12/09          12/10(E)         12/11(E)              12/12(E)
                            Revenue (LHS)                 UBS EPS Growth (RHS)
                                                                                                             Analyst                                           Analyst                                           Analyst
                                                                                                             wenlin.li@ubs.com                                 jinjin.wang@ubs.com                               gary.ngan@ubs.com
                                                                                                             +852-2971 6404                                    +852-2971 8579                                    +852-2971 8317




                                                                                                                                                                                                                                               UBS 7
SINA Corporation 26 April 2010




   SINA Corporation

SINA Corp, the leading Chinese Internet portal, was formed in 1999 in a JV
between SINA of China and SINANET of the US. In 2000, it became the first
Chinese Internet company to list on the NASDAQ. SINA spun-off its property
portal business to CRIC in Q409, and in return the company received a 33%
stake in CRIC.




   Statement of Risk

We believe macro environment risks are the key concerns. Sina’s key business
is portal, or online display advertising. An economic slowdown would restrict
advertisers’ spending and shrink advertising budgets significantly; in addition,
advertisers are less likely to spend on new media when the economy is bad. The
portal business in China is becoming more and more challenged by other online
formats, especially search engines and other pay for performance (P4P) websites
such as verticals, and video websites. We believe the current ‘news
supermarket’ business model of portals will encounter a growth bottleneck in
the mid/long term, similar to the experience in the US. SINA is actively
expanding into other business lines, which are in their early stages of
development and uncertainties are high. The property market could be adversely
affected by new Chinese government policies. This could directly impact CRIC
and indirectly impact SINA’s share price.



   Analyst Certification

Each research analyst primarily responsible for the content of this research
report, in whole or in part, certifies that with respect to each security or issuer
that the analyst covered in this report: (1) all of the views expressed accurately
reflect his or her personal views about those securities or issuers; and (2) no part
of his or her compensation was, is, or will be, directly or indirectly, related to
the specific recommendations or views expressed by that research analyst in the
research report.




                                                                                       UBS 8
SINA Corporation 26 April 2010


Required Disclosures

This report has been prepared by UBS Securities Asia Limited, an affiliate of UBS AG. UBS AG, its subsidiaries,
branches and affiliates are referred to herein as UBS.

For information on the ways in which UBS manages conflicts and maintains independence of its research product;
historical performance information; and certain additional disclosures concerning UBS research recommendations,
please visit www.ubs.com/disclosures. The figures contained in performance charts refer to the past; past performance is
not a reliable indicator of future results. Additional information will be made available upon request.

UBS Investment Research: Global Equity Rating Allocations
                                                                                               1                                2
 UBS 12-Month Rating             Rating Category                                     Coverage                      IB Services
 Buy                             Buy                                                       50%                             39%
 Neutral                         Hold/Neutral                                              40%                             33%
 Sell                            Sell                                                      11%                             24%
                                                                                               3                               4
 UBS Short-Term Rating           Rating Category                                     Coverage                      IB Services
 Buy                             Buy                                               less than 1%                            29%
 Sell                            Sell                                              less than 1%                             0%
1:Percentage of companies under coverage globally within the 12-month rating category.
2:Percentage of companies within the 12-month rating category for which investment banking (IB) services were provided within
the past 12 months.
3:Percentage of companies under coverage globally within the Short-Term rating category.
4:Percentage of companies within the Short-Term rating category for which investment banking (IB) services were provided
within the past 12 months.

Source: UBS. Rating allocations are as of 31 March 2010.
UBS Investment Research: Global Equity Rating Definitions
 UBS 12-Month Rating             Definition
 Buy                             FSR is > 6% above the MRA.
 Neutral                         FSR is between -6% and 6% of the MRA.
 Sell                            FSR is > 6% below the MRA.
 UBS Short-Term Rating           Definition
                                 Buy: Stock price expected to rise within three months from the time the rating was assigned
 Buy
                                 because of a specific catalyst or event.
                                 Sell: Stock price expected to fall within three months from the time the rating was assigned
 Sell
                                 because of a specific catalyst or event.




                                                                                                                           UBS 9
SINA Corporation 26 April 2010


KEY DEFINITIONS
 Forecast Stock Return (FSR) is defined as expected percentage price appreciation plus gross dividend yield over the next 12
months.
 Market Return Assumption (MRA) is defined as the one-year local market interest rate plus 5% (a proxy for, and not a
forecast of, the equity risk premium).
 Under Review (UR) Stocks may be flagged as UR by the analyst, indicating that the stock's price target and/or rating are
subject to possible change in the near term, usually in response to an event that may affect the investment case or valuation.
 Short-Term Ratings reflect the expected near-term (up to three months) performance of the stock and do not reflect any
change in the fundamental view or investment case.
Equity Price Targets have an investment horizon of 12 months.

EXCEPTIONS AND SPECIAL CASES
UK and European Investment Fund ratings and definitions are: Buy: Positive on factors such as structure, management,
performance record, discount; Neutral: Neutral on factors such as structure, management, performance record, discount; Sell:
Negative on factors such as structure, management, performance record, discount.
Core Banding Exceptions (CBE): Exceptions to the standard +/-6% bands may be granted by the Investment Review
Committee (IRC). Factors considered by the IRC include the stock's volatility and the credit spread of the respective company's
debt. As a result, stocks deemed to be very high or low risk may be subject to higher or lower bands as they relate to the rating.
When such exceptions apply, they will be identified in the Company Disclosures table in the relevant research piece.



Research analysts contributing to this report who are employed by any non-US affiliate of UBS Securities LLC are not
registered/qualified as research analysts with the NASD and NYSE and therefore are not subject to the restrictions contained in
the NASD and NYSE rules on communications with a subject company, public appearances, and trading securities held by a
research analyst account. The name of each affiliate and analyst employed by that affiliate contributing to this report, if any,
follows.
UBS Securities Asia Limited: Wenlin Li; Jinjin Wang, CFA; Gary Ngan.


Company Disclosures
 Company Name                                  Reuters     12-mo rating Short-term rating                 Price        Price date
                               2, 4,
 China Real Estate Information
 16                                            CRIC.O                Buy                  N/A          US$8.34       23 Apr 2010
                       4, 5, 16
 SINA Corporation                              SINA.O          Not Rated                  N/A        US$37.79        23 Apr 2010
              16
 Sohu.com Inc.                                SOHU.O                Buy                   N/A        US$53.02        23 Apr 2010
Source: UBS. All prices as of local market close.
Ratings in this table are the most current published ratings prior to this report. They may be more recent than the stock pricing
date

2.     UBS AG, its affiliates or subsidiaries has acted as manager/co-manager in the underwriting or placement of securities of
       this company/entity or one of its affiliates within the past 12 months.
4.     Within the past 12 months, UBS AG, its affiliates or subsidiaries has received compensation for investment banking
       services from this company/entity.
5.     UBS AG, its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services
       from this company/entity within the next three months.
16.    UBS Securities LLC makes a market in the securities and/or ADRs of this company.


Unless otherwise indicated, please refer to the Valuation and Risk sections within the body of this report.




                                                                                                                             UBS 10
                                                Sell
                                          No Rating
                                           Neutral 2
                                              Buy 2
                                                                                                                                                                             No Rating
                                                                                                                                                                              Neutral 2
                                                                                                                                                                                                                                                                                                                       No Rating




                                                Buy
                                                                                                                                                                                                                                                                                                                            Buy




                                            Neutral
                                                                                                                                                                               Neutral




                                                                   0
                                                                       20
                                                                            40
                                                                                 60
                                                                                      80
                                                                                                                                                                                                      0.0
                                                                                                                                                                                                            20.0
                                                                                                                                                                                                                   40.0
                                                                                                                                                                                                                          60.0
                                                                                                                                                                                                                                 80.0
                                                                                                                                                                                                                                                                                                                                               0.0
                                                                                                                                                                                                                                                                                                                                                     5.0
                                                                                                                                                                                                                                                                                                                                                           10.0
                                                                                                                                                                                                                                                                                                                                                                  15.0
                                                                                                                                                                                                                                                                                                                                                                         20.0




                                                                                           100
                                                       01-Apr-05                                                                                                                          01-Apr-05                                                                                                                                01-Apr-05




                                                                                                                      Sohu.com Inc. (US$)
                                                       01-Jul-05                                                                                                                          01-Jul-05                                                                                                                                01-Jul-05




                                                                                                                                                                                                                                                             SINA Corporation (US$)
                                                                                                                                                                                                                                                                                                                                                                                                                                           SINA Corporation 26 April 2010




                                                       01-Oct-05                                                                                                                          01-Oct-05                                                                                                                                01-Oct-05


                                                       01-Jan-06                                                                                                                          01-Jan-06                                                                                                                                01-Jan-06




         Source: UBS; as of 23 Apr 2010
                                                                                                                                            Source: UBS; as of 23 Apr 2010
                                                                                                                                                                                                                                                                                      Source: UBS; as of 23 Apr 2010
                                                                                                                                                                                                                                                                                                                                                                                                     China Real Estate Information (US$)




                                                       01-Apr-06                                                                                                                          01-Apr-06                                                                                                                                01-Apr-06

                                                       01-Jul-06                                                                                                                          01-Jul-06                                                                                                                                01-Jul-06


                                                       01-Oct-06                                                                                                                          01-Oct-06                                                                                                                                01-Oct-06


                                                       01-Jan-07                                                                                                                          01-Jan-07                                                                                                                                01-Jan-07

                                                       01-Apr-07                                                                                                                          01-Apr-07                                                                                                                                01-Apr-07




                                                                                                 Price Target (US$)
                                                                                                                                                                                                                                        Price Target (US$)
                                                                                                                                                                                                                                                                                                                                                                                Price Target (US$)




                                                       01-Jul-07                                                                                                                          01-Jul-07                                                                                                                                01-Jul-07


                                                       01-Oct-07                                                                                                                          01-Oct-07                                                                                                                                01-Oct-07


                                                       01-Jan-08                                                                                                                          01-Jan-08                                                                                                                                01-Jan-08

                                                       01-Apr-08                                                                                                                          01-Apr-08                                                                                                                                01-Apr-08




                                                                                                 Stock Price (US$)
                                                                                                                                                                                                                                        Stock Price (US$)
                                                                                                                                                                                                                                                                                                                                                                                Stock Price (US$)




                                                       01-Jul-08                                                                                                                          01-Jul-08                                                                                                                                01-Jul-08


                                                       01-Oct-08                                                                                                                          01-Oct-08                                                                                                                                01-Oct-08


                                                       01-Jan-09                                                                                                                          01-Jan-09                                                                                                                                01-Jan-09

                                                       01-Apr-09                                                                                                                          01-Apr-09                                                                                                                                01-Apr-09

                                                       01-Jul-09                                                                                                                          01-Jul-09                                                                                                                                01-Jul-09


                                                       01-Oct-09                                                                                                                          01-Oct-09                                                                                                                                01-Oct-09


                                                       01-Jan-10                                                                                                                          01-Jan-10                                                                                                                                01-Jan-10

                                                       01-Apr-10                                                                                                                          01-Apr-10                                                                                                                                01-Apr-10




UBS 11
SINA Corporation 26 April 2010


Note: On August 4, 2007 UBS revised its rating system. (See 'UBS Investment Research: Global Equity Rating Definitions' table
for details). From September 9, 2006 through August 3, 2007 the UBS ratings and their definitions were: Buy 1 = FSR is > 6%
above the MRA, higher degree of predictability; Buy 2 = FSR is > 6% above the MRA, lower degree of predictability; Neutral 1 =
FSR is between -6% and 6% of the MRA, higher degree of predictability; Neutral 2 = FSR is between -6% and 6% of the MRA,
lower degree of predictability; Reduce 1 = FSR is > 6% below the MRA, higher degree of predictability; Reduce 2 = FSR is > 6%
below the MRA, lower degree of predictability. The predictability level indicates an analyst's conviction in the FSR. A
predictability level of '1' means that the analyst's estimate of FSR is in the middle of a narrower, or smaller, range of possibilities.
A predictability level of '2' means that the analyst's estimate of FSR is in the middle of a broader, or larger, range of possibilities.
From October 13, 2003 through September 8, 2006 the percentage band criteria used in the rating system was 10%.




                                                                                                                                  UBS 12
SINA Corporation 26 April 2010




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ab

                                                                                                                                                                                                UBS 13

				
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