China Stock Profile – E-House (China) Holdings Limited (EJ)1

Statistics for EJ:

P/E 41
Long Term EPS Growth 27%
PEG Ratio 1.5
Net Margin 24%
Average Rating Value 1.83
Average Rating Buy
Average Target Price 19.03
Current Price 19
Year to Date Performance 135%
Institutional Ownership 21%
Short Interest as % of Float 1.19%

Explanation of Terms

P/E - Price divided by Earnings

Long Term EPS Growth - Long-Term (next 3-5 years) EPS Growth Rate estimated by Wall Street analysts
PEG Ratio – P/E to Growth Ratio. Generally the lower the ratio the more attractive the stock
Net Margin – Net Profit divided by Revenue
Average Rating Value – Based on Ratings given by Wall Street analysts. Generally, the lower the value, the
higher the rating
Average Rating – Based on Ratings given by Wall Street analysts
Average Target Price – Based on Target Price given by Wall Street analysts
Current Price – Current Market Price of stock
Year to Date Performance – Year to Date Performance in Price of stock
Institutional Ownership - % of Shares held by Large Institutions
Short Interest as % of Float – Short Interest in the stock as a % of Equity Float

Chart of EJ

EJ Company Profile

EJ is a provider of real estate agency services, secondary real estate brokerage services, real estate
consulting and information services, real estate advertising services, and real estate investment fund
management services. The company provides real estate agency services to real estate developers of
1
By H.U.
residential properties. The company provides real estate brokerage services such as advisory services on
choices of properties, accompanying potential buyers on house viewing trips, drafting purchase contracts,
negotiating price and other terms, and providing preliminary proof of title, as well as coordinating with the
notary, the bank, and the title transfer agency.

The company also provides market information to buyers and sellers based on its research, as well as listing
and brokerage services for property sales and rentals. Its real estate consulting services include land
acquisition consulting and real estate development consulting to developers, and land owners and brokers;
and to investors interested in purchasing businesses with land or other real estate assets, as well as to banks,
real estate trade associations, and governmental property and planning agencies.

The company’s real estate information services comprise a CRIC system which contains a set of real estate
sales data in China, covering information on land, residential, office, and commercial spaces, as well as real
estate related advertisements. E-House (China) Holdings Ltd. was founded in 2000 and is headquartered in
Shanghai in China.

Key Executives of EJ

Mr. Xin Zhou , 41

Co-Founder, Chairman and Chief Exec. Officer
Mr. Cheng Li-Lan , 44
Chief Financial Officer and Principal Accounting Officer
Mr. Huang Canhao , 51
Head of Operations and Exec. Director
Mr. Jianjun Zang , 41
Exec. Pres of Primary Real Estate Agency Service
Dr. Yongyue Zhang , 54
Head of E-House Research Institute

Major Holders of EJ

TOP INSTITUTIONAL HOLDERS

Holder Shares % Out Value* Reported

ORBIS HOLDINGS LTD 7,652,177 9.59 $59,457,415 31-Mar-09
SCHRODER INVESTMENT
2,328,900 2.92 $18,095,553 31-Mar-09
MANAGEMENT GROUP
Credit Suisse/ 1,700,813 2.13 $13,215,317 31-Mar-09
Gartmore Investment Management Ltd 747,722 .94 $11,544,827 30-Jun-09
MORGAN STANLEY 740,470 .93 $5,753,451 31-Mar-09
EMERGING MARKETS MANAGEMENT
467,000 .59 $3,628,590 31-Mar-09
LLC
KLEINHEINZ CAPITAL PARTNERS, INC. 460,017 .58 $3,574,332 31-Mar-09
JP MORGAN CHASE & COMPANY 443,550 .56 $3,446,383 31-Mar-09
RENAISSANCE TECHNOLOGIES, LLC 375,700 .47 $2,919,189 31-Mar-09
GOLDMAN SACHS GROUP INC 356,945 .45 $2,773,462 31-Mar-09

TOP MUTUAL FUND HOLDERS

 Holder Shares % Out Value* Reported
LORD ABBETT DEVELOPING GROWTH
614,000 .77 $7,607,460 30-Apr-09
FUND
MORGAN STANLEY STRATEGIST FUND 534,130 .67 $6,617,870 30-Apr-09
Powershares Exhg Traded Fd-Powershares
228,557 .29 $2,831,821 30-Apr-09
Golden Dragon Halter
Direxion Shares ETF Tr-Direxion Daily
228,442 .29 $2,830,396 30-Apr-09
Emerging Markets Bull
MORGAN STANLEY VARIABLE INV-
178,220 .22 $1,384,769 31-Mar-09
STRATEGIST
Oberweis China Opportunities Fund 132,100 .17 $1,026,417 31-Mar-09
Blair (William) Mutual Funds, Inc.-Intl Small
116,515 .15 $1,706,944 31-May-09
Cap Growth
ALPINE U.S. REAL ESTATE EQUITY
113,882 .14 $1,410,997 30-Apr-09
FUND
FIDELITY FAR EAST FUND 63,900 .08 $936,135 31-May-09
MANAGERS SPECIAL EQUITY FUND 58,300 .07 $854,095 31-May-09

Analysts’ Estimates

Current Qtr Next Qtr Current Year Next Year

Earnings Estimate
Jun-09 Sep-09 Dec-09 Dec-10
Avg. Estimate 0.16 0.16 0.68 0.89
No. of Analysts 3 3 5 5
Low Estimate 0.15 0.13 0.52 0.68
High Estimate 0.17 0.18 0.80 1.05
Year Ago EPS 0.14 0.13 0.45 0.68

Analysts estimate earnings growth of 30.9% for EJ next year.

Recent News Headlines for EJ

[May] Motley Fool ranks EJ as a four star stock.

[July 23rd] EJ and SINA Corporation, a leading online media company and mobile value-added service
provider for China and for Chinese situated globally, announced that they have entered into a definitive
agreement to merge E-House's real estate information and consulting services and SINA's online real estate
business.

EJ’s CEO said ''SINA's real estate Internet platform is an ideal complement to our real estate information
and consulting services. We expect that CRIC's merger with SINA's online real estate business will create
substantial synergies between the two businesses by building a powerful real estate information and Internet
platform that provides integrated content and services to real estate developers, suppliers, brokers and other
service professionals as well as millions of individual customers.''

EJ Financial Statements
Income Statement PERIOD ENDING 31-Dec-08 31-Dec-07
Total Revenue 154,487 121,017
Cost of Revenue 31,856 23,510

Gross Profit 122,632 97,507

Operating Expenses
Research Development - -
Selling General and Administrative 77,198 45,546
Non Recurring - -
Others - -

Total Operating Expenses - -

Operating Income or Loss 45,434 51,961

Income from Continuing Operations

Total Other Income/Expenses Net 5,033 2,688
Earnings Before Interest And Taxes 50,467 54,648
Interest Expense 2,420 622
Income Before Tax 48,047 54,026
Income Tax Expense 8,713 10,277
Minority Interest 88 (2,024)

Net Income From Continuing Ops 39,576 41,726

Non-recurring Events
Discontinued Operations - -
Extraordinary Items - -
Effect Of Accounting Changes - -
Other Items - -

Net Income 39,576 41,726

Preferred Stock And Other Adjustments - -

Net Income Applicable To Common Shares $39,576 $41,726

Balance Sheet PERIOD ENDING 31-Dec-08 31-Dec-07

Assets
Current Assets
Cash And Cash Equivalents 321,450 227,578
Short Term Investments 8,096 -
Net Receivables 140,334 72,471
Inventory 1,065 872
Other Current Assets 9,987 7,067

Total Current Assets 480,931 307,987

Long Term Investments 15,744 -
Property Plant and Equipment 9,622 6,502
Goodwill 7,458 2,549
Intangible Assets 3,433 3,099
Accumulated Amortization - -
Other Assets 1,290 8,968
Deferred Long Term Asset Charges 1,435 447

Total Assets 519,914 329,553

Liabilities
Current Liabilities
Accounts Payable 77,153 43,300
Short/Current Long Term Debt 21,947 6,845
Other Current Liabilities 9,572 4,365

Total Current Liabilities 108,673 54,510

Long Term Debt - -
Other Liabilities 4,251 200
Deferred Long Term Liability Charges - 752
Minority Interest 3,692 2,919
Negative Goodwill - -

Total Liabilities 116,615 58,380

Stockholders' Equity
Misc Stocks Options Warrants - -
Redeemable Preferred Stock - -
Preferred Stock - -
Common Stock 80 76
Retained Earnings 85,296 54,505
Treasury Stock - -
Capital Surplus 301,812 209,906
Other Stockholder Equity 16,110 6,685
Total Stockholder Equity 403,298 271,173

Net Tangible Assets $392,408 $265,525

Cash Flow Statement PERIOD ENDING 31-Dec-08 31-Dec-07

Net Income 39,576 41,726
Operating Activities, Cash Flows Provided By or Used In
Depreciation 4,115 2,329
Adjustments To Net Income 7,181 5,532
Changes In Accounts Receivables (55,166) (33,289)
Changes In Liabilities 37,539 26,489
Changes In Inventories - -
Changes In Other Operating Activities 44,729 (124,060)

Total Cash Flow From Operating Activities 77,973 (81,273)

Investing Activities, Cash Flows Provided By or Used In

Capital Expenditures (20,757) (4,288)
Investments - 44
Other Cashflows from Investing Activities (5,764) (1,256)

Total Cash Flows From Investing Activities (26,521) (5,500)

Financing Activities, Cash Flows Provided By or Used In

Dividends Paid (347) (644)
Sale Purchase of Stock 78,076 165,613
Net Borrowings 15,102 (2,861)
Other Cash Flows from Financing Activities (22,727) -

Total Cash Flows From Financing Activities 70,103 162,108

Effect Of Exchange Rate Changes 2,960 1,507

Change In Cash and Cash Equivalents $124,516 $76,842

Reference

Yahoo Finance and China Analyst