Earnings: Tencent vs. SINA

Compiled from the respective Q3 earning reports:

	TENCENT				SINA
	Q3(m)	vs. Q2	vs. Q3'05		Q3(m)	vs. Q2	vs. Q3'05
Revenue	93.2	4.5%	103.1%		56.05	4.4%	13%
Internet VAS	62.0	6.0%	139.4%
Mobile VAS	20.9	-7.3%	36.4%		21.8		-10%
Advertising	10.2	27.7%	131.9%		32.7	11%	42%
Others					1.6		-39%
Gross Income	66.8	4.4%	116.5%
Gross Margin	71.7%	-0.1%	6.6%		64.2%	2.0%	-5.0%
Opr. Income	41.4	5.6%	179.3%
Opr. Margin	44.4%	1.1%	37.5%		18.6%		0.5%
Net Income	35.7	5.5%	263.4%		10.7		17.9%
Net Margin	38.3%	1.0%	78.9%		19.1%		4.4%
P/E	~ 38				38