Renren, Inc.

(NYSE: RENN)
July 25, 2011

Analyst Rating

Renren, Inc.
Renren Inc. (Renren), formerly Oak Pacific Interative, is a social networking Internet platform in China. Renren generates revenues from online advertising and Internet value-added services (IVAS). The Companys platform enables its users to connect and communicate with each other, share information and user-generated content, play online games, listen to music, shop for deals and a range of other services. Its platform includes: Renren.com, Game.renren.com, Nuomi.com and Jingwei.com. The Company is also a developer and operator of Web-based games and offers the games through game.renren.com. Renren.com is the Companys primary social networking Website in China. Game.renren.com is its online games center. Nuomi.com is Renrens social commerce sites in China. Nuomi.com is a independent new business of Oak Pacific Interactive Co. (OPI) that offers a daily deal on the local services and cultural events.

Overview
Sector Industry Employees Last Reported Last Reported Quarter Technology Internet Services 1570

Key Data
Last Trade Price Range (52 week) Avg Volume (13 Week) Shares Outstanding Mkt Cap Enterprise Value Book Value per Share Dividend Yield $10.02 6.13 - 24 11,600,000 392.53M 3.93B -Undefined --

Contents
1. 2. 3. 4. 5.6. 7. 8. Overview Technical Data Key Ratios Earnings & Analyst Financial Statements Company Insiders About Bedford

Highlights & Recent Developments

Often called the Facebook of China, Renren operates the leading real-name social networking internet platform in China. It enables users to connect and communicate with each other, share information and user generated content, play online games, listen to music, shop for deals and enjoy a wide range of other features and services. Renren is the most trafficked real-name SNS platform in China, writes Morgan Stanleys Richard Ji, with 122mn activated accounts and over half of the SNS user market in China, yet only a quarter of Chinas online users have Renren accounts. Renren generates revenues from online advertising and Internet value-added services (IVAS). The Companys platform enables its users to connect and communicate with each other, share information and user-generated content, play online games, listen to music, shop for deals and a range of other services. Its platform includes: Renren.com, Game.renren.com, Nuomi.com and Jingwei.com. The Company is also a developer and operator of Web-based games. According to its prospectus, Renren has 131 million activated users that have gone through a multi-step registration process which involves submitting personal information, and replying to a verification e-mail. The company had to modify this statement, however, explaining that it has only 31 million active users (those who use the service at least once a month). Shares of RENN subsequently lost a large percentage of those first day gains. Renrens biggest appeal for US investors is its access to the biggest Internet user base in the world in a country that has put up walls to major global competitors. RenRen combines two of the most lucrative Internet concepts: social networking and group purchasing. It operates a large social network in China that is similar to Facebook, and it also operates a group-purchasing site in China that provides daily deals on local services and cultural events. RenRen has expanded into online gaming, and recently added a Groupon-type service as well.

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Renren, Inc. (NYSE: RENN)

July 25, 2011

Key Statistics & Ratios

Valuation Ratios
Company
P/E Ratio (TTM) P/E High - Last 5 Yrs. P/E Low - Last 5 Yrs. Beta Price to Sales (TTM) Price to Book (MRQ) Price to Tangible Book (MRQ) Price to Cash Flow (TTM) Price to Free Cash Flow (TTM) % Owned Institutions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0%

Industry
593.22 133.78 16.04 1.03 11.65 1.77 4.57 181.77 8.74 0.0%

S&P 500
17.61 100.20 12.62 1.28 2.39 3.22 5.60 10.86 25.26 0.0%

Growth Rates
Company
Sales (MRQ) vs Qtr. 1 Yr. Ago Sales (TTM) vs TTM 1 Yr. Ago Sales - 5 Yr. Growth Rate EPS (MRQ) vs Qtr. 1 Yr. Ago EPS (TTM) vs TTM 1 Yr. Ago EPS - 5 Yr. Growth Rate Capital Spending - 5 Yr. Growth Rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Industry
5.5% 11.3% 40.7% 12.2% 0.0% 8.6% 0.6%

S&P 500
8.3% 10.0% 7.7% 43.4% 0.0% 5.2% 3.7%

Financial Strength
Company
Quick Ratio (MRQ) Current Ratio (MRQ) LT Debt to Equity (MRQ) Total Debt to Equity (MRQ) Interest Coverage (TTM) 0.00 0.00 0.00 0.00 0.00

Management Effectiveness
Industry
1.04 1.42 34.71 37.86 3.38

S&P 500
0.71 1.04 136.84 182.30 18.17

Company
Return On Assets (TTM) Return On Assets - 5 Yr. Avg. Return On Investment (TTM) Return On Investment - 5 Yr Avg Return On Equity (TTM) Return On Equity - 5 Yr. Avg. 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Industry
3.5% 1.8% 4.5% -4.2% 7.5% 9.6%

S&P 500
6.5% 5.9% 8.4% 7.7% 18.5% 15.2%

Profitability
Company
Gross Margin (TTM) Gross Margin - 5 Yr. Avg. EBITD Margin (TTM) EBITD - 5 Yr. Avg. Operating Margin (TTM) Operating Margin - 5 Yr. Avg. Pre-Tax Margin (TTM) Pre-Tax Margin - 5 Yr. Avg. Net Profit Margin (TTM) Net Profit Margin - 5 Yr. Avg. Effective Tax Rate (TTM) Effective Tax Rate - 5 Yr. Avg. 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Industry
57.0% 56.4% 0.0% 21.4% -2.1% 5.5% -2.6% 5.2% -7.8% 1.1% 16.6% 19.5%

S&P 500
33.4% 31.6% 0.0% 20.0% 0.0% 15.1% 16.1% 14.6% 12.0% 10.8% 22.0% 24.9%

Efficiency
Company
Revenue/Employee (TTM) Net Income/Employee (TTM) Receivable Turnover (TTM) Inventory Turnover (TTM) Asset Turnover (TTM) 0 0 0.00 0.00 0.00

Industry
23,116,249 817,497 4.70 9.14 0.38

S&P 500
730,007 92,413 8.95 7.92 0.58

Dividends
Company
Dividend Yield Dividend Yield - 5 Year Avg. Dividend 5 Year Growth Rate Payout Ratio (TTM) 0.0% 0.0% 0.0% 0.0%

Industry
1.4% 0.8% 1.4% 65.5%

S&P 500
1.9% 2.4% -3.3% 32.3%

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Renren, Inc. (NYSE: RENN)

July 25, 2011

Earnings & Analyst Data

EPS Estimates
# of Ests. Mean Est. High Est. Low Est.

Dividend Payments
Dividend Amount
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Ex-dividend Date Payable Date

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EPS Historical Surprises

Estimates Actual Difference Surprise %

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Analyst Recommendation Summary

Current
Strong Buy (1.0) Moderate Buy (2.0) Hold (3.0) Moderate Sell (4.0) Strong Sell (5.0) Mean Recommendation Current Consensus 3 0 2 0 0 1.8 Moderate Buy

1 Month Ago 2 Months Ago

0 0 0 0 0 NA 0 0 0 0 0 NA

3 Months Ago
0 0 0 0 0 NA

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Analyst Upgrades & Downgrades

0-Jan-00 Recommendation Trends -------0 0 -------0 0 -------0 0 -------0 0 --------

Price Target Summary

Mean Target: Median Target: High Target: Low Target: No. of Brokers: $9.60 $9.10 $12.00 $8.00 6

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Renren, Inc. (NYSE: RENN)

July 25, 2011

Financial Statements
Balance Sheet
Period Ending
Assets Cash And Cash Equivalents Short Term Investments Net Receivables Inventory Other Current Assets Total Current Assets Long Term Investments Property Plant and Equipment Goodwill Intangible Assets Accumulated Amortization Other Assets Deferred Long Term Asset Charges Total Assets Liabilities Accounts Payable Short/Current Long Term Debt Other Current Liabilities Total Current Liabilities Long Term Debt Other Liabilities Deferred Long Term Liability Charges Total Liabilities

Figures in Millions of US Dollars (exept per share values)

Annual

Quarterly

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Stockholders Equity Misc Stocks Options Warrants Redeemable Preferred Stock Preferred Stock Common Stock Retained Earnings Treasury Stock Capital Surplus Other Stockholder Equity Total Stockholder Equity Net Tangible Assets (Book Value) -----------------------------------------------------------------------

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Renren, Inc. (NYSE: RENN)

July 25, 2011 Income Statement
Period Ending
Total Revenue Cost of Revenue Gross Income Research and Development Selling General and Administrative Non Recurring Others Total Operating Expenses Operating Income or Loss Total Other Income(Expenses) Net Earnings Before Interest And Taxes Interest Expense Income Tax Expense Net Income From Continuing Ops Other Items not from Continuing Operations Net Income attributable to the Company Preferred Stock And Other Adjustments Net Income Applicable To Common Shares -------------------------------------------------------------------------------------------------------------------------------

Annual

Quarterly

Cash Flow Statement

Period Ending
Net Income Operating Activities Depreciation Adjustments To Net Income Changes In Accounts Receivables Changes In Liabilities Changes In Inventories Changes In Other Operating Activities Total Cash Flow From Operating Activities Investing Activities Capital Expenditures Investments Other Cash flows from Investing Activities Total Cash Flows From Investing Activities Financing Activities Dividends Paid Sale Purchase of Stock Net Borrowings Other Cash Flows from Financing Activities Total Cash Flows From Financing Activities Effect Of Exchange Rate Changes Other Liabilities

Annual
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Quarterly
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Renren, Inc. (NYSE: RENN)

July 25, 2011

Company Insiders
Company Officers
Basic Compensation
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Options
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Options Value
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Insider Transactions
Trading Date
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Name
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Title
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Type
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Shares Traded
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Price
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Renren, Inc. (NYSE: RENN)

July 25, 2011

About Bedford
The Bedford Report provides research reports focused on equities with long term growth opportunities, value and strong potential return for investors. We strive to give a solid and clear understanding of all the information available presenting an multisided analysis of the companies and industries we profile. Continually evolving to keep pace with the changing financial markets of today, we look to new sources of information, un or under-tapped knowledge from on and off the street, and hand pick reports from a collection of analysts. We aim to feature companies that we believe show strong attributes and present good business opportunities for the long term value driven investor.

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