![]() 2010 saw many of our key investment themes play out, with a significant recovery in display advertising, eCommerce outperforming the retail market, online travel agencies gaining market share and a very healthy M&A market. ![]() JanuDear Investors and Internet Enthusiasts, The past year was an exciting one for the internet business. Investors should consider this report as only a single factor in making their investment decision. ![]() As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Morgan does and seeks to do business with companies covered in its research reports. See page 412 for analyst certification and important disclosures, including non-US analyst disclosures. Morgan Securities (Far East) Ltd, Seoul Branch
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