More Management Changes at NewsCorp Since posting a weaker than expected 2Q09 financial result on February 5, 2009, the year so far for News Corporation (NWS) has been marked by a number of key personnel changes. Commencing with the stepping down of long-time employee, President and Chief Operating Officer and CEO of the Fox Group Peter Chernin, followed by the appointment of former AOL CEO Jonathan Miller to the position of Chairman and Chief Executive Officer, Digital Media Group and Chief Digital Officer for News Corporation.Finally, on Tuesday of this week,  the company announced that MySpace CEO Chris DeWolfe would not be renewing his contract and stepping down in the near future. However, Mr. DeWolfe would remain on the board of MySpace China and continue to act as strategic advisor to the company.In the company's 2Q09 conference call, Chairman and CEO Rupert ...

NetEase.com, Inc. (NTES) is one of the leading providers of online gaming, advertising, web-based communication services, and a variety of interactive content in China.

NetEase is currently trading at 16.8x estimated 2008 EPADR of $1.56, a discount to the industry. Rolling our valuation to fiscal 2009 EPADR estimate of $1.74, the company is trading at 15.1x, which is far below the industry average. NetEase faces intense competition in the gaming and advertising market. Delayed product launches and growing operating expenses have hurt profitability.

NetEase appears to have turned the corner, posting better-than-expected revenue and earnings results in the first half of 2008. The company’s solid execution in its online games and advertising business has helped NTES grow its top and bottom line. We believe that China's online gaming and advertising industry is in the midst of unparalleled growth and NetEase is well positioned to benefit from this trend.

Although

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