Highly rated growth stocks have surprisingly defensive characteristics in troubled times.
This search engine has featured in the TSW portfolio in the past, and is growing at a furious pace. Latest profit rose 87 per cent to 265m yuan, beating market expectations of a rise to 233.5m yuan and the company raised its forecast for third quarter sales from 907m yuan to 935m yuan.
Equally encouragingly, the group’s share of the Chinese internet search market rose to 64.4 per cent from 58 per cent a year ago.
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China's booming Net market
Forecasts suggest that sales of online advertising linked to search results in China may surge more than sixfold to 22.3bn yuan in 2011 from 3.7bn yuan last year, while total online ad sales in China may quadruple to 45bn yuan in 2011 from 10.4bn yuan.
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