Chinese internet stocks undervalued?

From BusinessWeek online: Finding Value on the Net

"Investors hunting for Web bargains should certainly look in Asia. E-travel agency Ctrip.com International and online game producer Shanda Interactive Entertainment, both based in China, sport modest p-e ratios and PEGs lower than the U.S. market's. Shanda's PEG is 35% lower than the S&P 500's, even after third-quarter profits doubled."

"Online-media companies such as Sina Corp. -- often called the Yahoo! of China -- are cheap partly because of fears of government interference, but Sina costs half as much as the average S&P company on a PEG basis. With China's economy growing 9.5% last year, betting on Sina to boost profits half as fast as the S&P 500 doesn't seem nutty." Read more