JPMorgan maintains Sina's overweight rating

Beijing time November 15 Morning news, JPMorgan released a study today, the Sina (Nasdaq:sina) stock rating maintained in "overweight" (overweight) unchanged.

The following is a summary of the contents of the report:

We believe that Sina is because Tencent (0700.HK) micro-credit rose and lose the attention of Chinese consumers worry is the main threat to Sina's share price. We surveyed recent trends in the most popular topics, and found that it is likely to boost the number of NASDAQ:WB posts by 20% compared with December 2013. We believe that the impact of micro-trust has bottomed out in 2013, while microblogs are still highly valued by Chinese consumers.

We believe that the spin-off of Micro-blog will give Sina a short-term irritant momentum. We keep the stock rating of Sina unchanged in "overweight".

Three ways to measure user participation:

1. The number of posts in the top ten topics per dau (daily active user), which measures the average number of discussions or forwarding times of an active user to ten hot topics within one months. The key, in our view, is that the indicator will fall to a very low level without significant events because: 1 The use of Twitter is event-driven; 2 This low can reflect the use participation of events when the impact is relatively low. The 2013 index fell to a 0.7 times-fold low, 23% higher than the 2012 point, indicating an improvement in the participation in the discussion of major events.

2. The number of posts on the tenth hot topic of the month in 2013 grew by 79% over 2012. Given the event-driven nature of Weibo's use, the first hot topic is likely to reach up to 77% per cent of the total number of posts each month in the top ten hot topics. We believe that the greater the absolute numbers of posts in the tenth hot topic in one months, the more common the use of micro-blogging on common topics, the higher the commercial value.

3. The number of posts with the biggest hot topic in the 2013-year one months fell by 18% from 2012, which shows the amount of use when significant events occur, reflecting the importance of microblogs to consumers. (Tangfeng)