E-House (China) Holdings Limited (EJ)

[*MARINE 1*]

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William Blair & Company Initiates Coverage of E-House (China) Holdings Limited With Outperform Rating
Date : 06/12/2008 @ 8:30AM
Source : Business Wire
Stock : William Blair & Company, L.L.C. (EJ)
Quote : 11.68 0.07 (0.60%) @ 7:59PM
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William Blair & Company Initiates Coverage of E-House (China) Holdings Limited With Outperform Rating




William Blair & Company initiated research coverage of E-House (China) Holdings Limited (NYSE: EJ) ($13.04), a leading real estate services company in China, with an Outperform rating and Aggressive Growth company profile.

Analyst Brandon Dobell estimated that the company, which provides primary real estate agency services, secondary real estate brokerage services, and real estate consulting and information services, would earn $0.81 per share in 2008 and $1.13 per share in 2009.

“We believe the growth in residential real estate development in China, combined with the efficiencies of outsourcing noncore processes, will help E-House generate significant growth over the next decade,” Dobell said. “While we recognize that not every developer will view sales-and-marketing functions as noncore, we expect many developers to recognize the service level and cost-savings benefits associated with the expertise, processes, and coverage provided by outside sales-and-marketing providers like E-House and turn over these functions to the company. We also believe that scale and brand will drive market share in the real estate services industry, and E-House is well positioned here as well.” He added, “In the coming years, we expect E-House’s revenue growth to benefit not only from outsourcing sales-and-marketing functions for residential developers, but also from penetration of related opportunities in consulting, information services and market research.” William Blair & Company, L.L.C. has received compensation for investment banking services from the company within the past 12 months, or expects to receive or intends to seek compensation for investment banking services in the next 3 months.

Brandon Dobell owns shares of the security.

William Blair & Company, L.L.C. is a market maker in the security of this company and may have a long or short position.

For important disclosures and information regarding the firm’s rating system, valuation methods and potential conflicts of interest, please visit: http://www.williamblair.com/Pages/news_story_dept.asp?uid=1379&depID=4 Additional information is available upon request.