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Pchome Presentation
Pchome Presentation
• 1998.07
1998
Established,Chairman H.T Jan,CEO Arthur Lee,
provided portal services.
2000
• 2000.06
Rolled out online shopping channel, started from 3C
products.
2002
• 2004.07
Cooperated with Skype,rolled out “PChome Skype”.
2004
• 2005.01
IPO– 網家(8044-TT)
• 2005.10
Rolled out online store B2B2C service
• 2006.06
2006 JV with eBay, launched Ruten auction site.
• 2007.01
Rolled out “PChome 24hr delivery” service.
2008 • 2008.04
Cooperated with BIG5 estate agencies, rolled out
“Rakuya”(樂屋網).
2010
• 2010.04
Spin off Store division to “PChome store Inc (4965-TT).,”
PChome Group Structure (2011.Feb)
PChome
Parent Online
Company (8044-tw)
Subsidiaries
1.70%
6.60%
E-commerce
Telecom
Portal
91.60%
2010.1-3Q
2008-2010 Quarterly
Net Sales (Unconsolidated)
3
2.9
2.7
2.5 2.4
2.3
2.2
2.1
2.0 2.0
2 1.9 1.9 1.9
1.8
1.5
1
Billion '08 2Q 3Q 4Q '09 2Q 3Q 4Q '10 2Q 3Q 4Q
(TWD)
) 1Q 1Q 1Q
3 Major Business Models
of E-Commerce
Type B2C B2B2C C2C
Online Shopping Online Shopping Mall Online Auction
Source:MIC
US Online Shopping/Total Retail Scale
Traditional Retail vs. E-retail
40%
56%
50% 39 .
38 .
35%
30%
1 9%
29. 8 8%
1 6% 27.
25% 26.
6 7%
22.
20%
0% 0%
.4 .6
15% 11 % 11
80 %
9. 60
8. 20
%
10% 7.
%
5% 00
1.
0%
2005 2006 2007 2008 2009 2010
Walmart Amazon
Traditional Retail vs. E-retail in US
Wal-Mart and Amazon Profit Ratio
40%
35%
30% 0%
% % % .8
7% 8% 43 .5
0 70 24
2 .9 3.0 3. 23 2 3.
2 2 2
25%
20% 00%
24. 90% 60% 0% 60% 35%
22. 22. 22.
3 22. 22.
15%
10%
% % % % %
. 65 . 64 27 40 34 56
%
5%
3 3 3. 3. 3. 3.
3% 7% 8% 7%
4.2 1% 3.6
7% 3.2 3.3 3.3
0% 1.7
2005 2006 2007 2008 2009 2010
Portal
Online Gaming
E-commerce
China Internet Company Valuation
Company Sector Market cap P/E (ttm) EPS (ttm)
(USD) (USD) (USD)
Portal/Media 5.71Bn 13.32 7.00
Sina
Portal/Media 3.38Bn 24.53 3.62
Sohu
Portal/Media 5.70Bn 17.71 2.48
Netease
‧Founded:
:2000.6
‧http://shopping.pchome.com.tw
‧Service model: Non-inventory,
order transfer
‧Members:
:5millions
‧ + 800,000 products in wide
selection (includes PChome 24h shopping)
‧Coordinate with +5,000
suppliers
PChome B2C Business II
‧Launched::2007.01
‧http://24h.pchome.com.tw
‧Service Model: Consignment in-
stock central warehouse
‧Items::379,348 (’11.02)
‧On time rate::99.67%
‧24 hrs delivery guarantee
Before
Traditional e-Commerce Model
Consumer (Order transfer model)
Day6 Day 5
Delivery Delivery
Products shipped
Provider Provider Provider by variety of providers
Products shipped
by
PChome within 24hrs
PChome 24h Shopping Service
Customers:
4
1
3 5
2
7 6
9
8
Subsidiary -
PChome Store Highlight
PChome Store Inc.
26
Lower Cost Brings Higher Profit
7000
72
6000 4,8
5000
43
4000 3,1
3000 45
1,5
2000
0
1000 11
0
2005 2006 2007 2008 2009 2010
# of Store
PChome Store Revenue Model
(2011.01)
Financial Highlight
2010 3Q PL vs. 2009 3Q PL
(unconsolidated)
NTD:000
2010 3Q 2009 3Q Variance YoY Growth
Operating Revenues 2,680,567 2,147,342 533,225 24.83%
NTD:000
2010 1-3Q 2009 1-3Q Variance YoY Growth
EPS
Before Tax 4.63 1.27
After Tax 4.18 1.52
Annual Revenue (consolidated) vs.
Group Employee
NTD:mn
12,000 2,000
1,800
10,000
1,600
8,412
1,400
8,000 7,589
6,851 1,200
6,235
6,000 1,000
4,690
807 800
711 730
4,000 657 695
600
473
400
2,000
200
0 0
2005 2006 2007 2008 2009 2010 employee
Revenue employee
2011 New Business
& Movements
China & Global Market
Language version:
Traditional /
Simplified Chinese
Portal E-commerce
Admin