{
  "docId": "019de070-4d98-731b-aa0a-3f1139587c97",
  "docSlug": "a910931d6e3062d41382510b785466ee",
  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 40 slides",
  "authorId": "morgan-stanley",
  "authorName": "Morgan Stanley",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2020-09-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 17,
  "pageCount": 40,
  "prevPage": 16,
  "nextPage": 18,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 84,
  "notes": "Includes CAGR and margin percentages for various business segments.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de070-4d98-731b-aa0a-3f1139587c97/17",
  "deckHref": "/decks/019de070-4d98-731b-aa0a-3f1139587c97",
  "deckJsonHref": "/decks/019de070-4d98-731b-aa0a-3f1139587c97.json",
  "deckAnchorHref": "/decks/019de070-4d98-731b-aa0a-3f1139587c97#slide-17",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.3,
        "x": 0.28,
        "y": 0.55
      },
      "kind": "chart",
      "text": "Non-GAAP EBITDA (excluding SBC) (US$MM)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02c3a33e-abb3-4bd2-9f6c-a36e95ac33a9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.3,
        "x": 0.62,
        "y": 0.55
      },
      "kind": "chart",
      "text": "Non-GAAP Net Income (Attributable to SINA) (US$MM)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "223e6118-75de-40cc-8763-35e297990253",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.3,
        "x": 0.62,
        "y": 0.23
      },
      "kind": "chart",
      "text": "Gross Profit (US$MM)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "775e97a6-01d2-44cd-b3c1-8dad4aedd322",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.3,
        "x": 0.28,
        "y": 0.23
      },
      "kind": "chart",
      "text": "Revenue (US$MM)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d5950933-741c-4a07-b879-a7fd559f5c9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.28,
        "y": 0.89
      },
      "kind": "disclaimer",
      "text": "Notes: 1. SINA consolidated revenue / gross profit includes revenue / gross profit from Weibo, Portal, Fintech, SINA others... 2. Based on broker reports... 3. Non-GAAP EBITDA is calculated as...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f15ab2ee-8949-48d2-ad52-3a230c10b7a0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.23,
        "x": 0.05,
        "y": 0.23
      },
      "kind": "paragraph",
      "text": "Company management has advised that the projections are lower than broker consensus due to: Slower recovery in advertising revenue; The impact of COVID-19; Shift in revenue mix to SINA Fintech business.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "73538fcf-bcbe-4b8a-ad47-350b328c180c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.28,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "Source: Company management projections, Broker research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9be1d514-a82a-4409-a51c-4f31276d566e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.05,
        "y": 0.11
      },
      "kind": "title",
      "text": "Company Management Projections Overview",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "23f7f397-3e79-4f1c-a56d-90a5f9f375b2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 11,
      "beatId": "59f94808-833a-44ea-a2f5-ea7320c70fc0",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "Valuation analysis and financial data",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 11,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "c03cf5e6-3ded-4bea-89f4-b2402a87d6bc",
      "evidence": "Valuation analysis and multiples",
      "position": 1,
      "objective": "Analyze SINA's valuation",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}