Maintain Sina's stock rating, while maintaining a 100 dollar target share price unchanged

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

Sina's 2013 fiscal year quarter is expected to be strong growth in the portal advertising business, micro-blog will achieve balance.

Sina will release its financial results for the 2013 financial year after the U.S. stock market closed in the eastern time of February 24 (Beijing time February 25). We expect that, based on non-US GAAP, the earnings per share of Sina in the quarter will reach $0.49 trillion, compared with an average forecast of 7% for analysts surveyed by Bloomberg.

Quarterly results forecast: We expect total revenue to reach $192 million trillion, within the company's guidance range of 190 million to 194 million dollars, in line with the average expectations of analysts surveyed by Bloomberg. Weibo revenue will reach 65.3 million U.S. dollars, the chain growth of 22%, the year-on-year growth of 129%. We expect portal advertising revenue to reach $109 million trillion, up 22% year-on-year. But given the remarkable performance of Sohu and NetEase in the portal advertising business, we think there is still room for upward expectations. We also expect micro-blogging to achieve a fiscal balance in the fourth quarter, which will boost operating margins by 1.6% to 14.6% per cent quarter-on-quarter (based on non-US GAAP).

Core focus of earnings and conference calls:

1 micro-Blog User Flow trends: We believe that the impact of Sina's stock performance is a major factor: the market on the use of micro-blogging and the decline in the degree of interaction concerns. Sina's shares fell 11% per cent in the two days after the China Internet Network Information Center (CNNIC) released a report saying that Sina Weibo users were down 9% in 2013. But at the same time, Sina released the New Year's Day of Micro-blog publishing volume is exciting. Therefore, this time Sina Weibo user traffic trend is worth paying attention to.

2 The commercialization of micro-blogging: a) inventory utilization for E-commerce platforms; b) mobile commercialization progress; c) performance-based advertising products such as fan-and eiyō advertising platforms; d microblogging mobile value-added services

3 The performance of the portal brand advertising and advertising prospects: Sohu and NetEase in the quarter of the quarterly brand advertising revenue is higher than expected, we expect the four-quarter Sina advertising revenue will also be very strong, and the 2014 fiscal year advertising prospects are very optimistic.

Valuation: We continue to maintain the "overweight" rating of Sina shares, while maintaining a 100 dollar target share price unchanged.