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Who we are, What we sell, and Where we areWho we are, What we sell, and Where we areMission and VisionMission and VisionInternal AssessmentInternal Assessment
- Financial Condition- Financial Condition- IFE Matrix- IFE Matrix
External AssessmentExternal Assessment- EFE Matrix- EFE Matrix- CPM Matrix- CPM Matrix
Strategy FormulationStrategy Formulation- SWOT Matrix- SWOT Matrix- Space Matrix- Space Matrix- IE Matrix- IE Matrix- Grand Strategy Matrix- Grand Strategy Matrix- QSPM Matrix- QSPM Matrix- Matrix Analysis- Matrix Analysis
Strategic Planning for the FutureStrategic Planning for the FutureEPS/EBITEPS/EBITDecisions/Implementation/EvaluationDecisions/Implementation/Evaluation2004 Financials2004 FinancialseBay press releaseseBay press releases
Overview
Headquarters: Headquarters:
Stock Symbol: EBAY (NASDAQ)Stock Symbol: EBAY (NASDAQ)
* All graphics and information were found on the eBay website * All graphics and information were found on the eBay website www.ebay.comwww.ebay.com
eBay Inc.2145 Hamilton AvenueSan Jose, California 95125
Who we AreWho we Are
Founded in September 1995, eBay is The Founded in September 1995, eBay is The World's Online Marketplace® for the sale of World's Online Marketplace® for the sale of goods and services by a diverse community goods and services by a diverse community of individuals and small businesses. Today, of individuals and small businesses. Today, the eBay community includes more than a the eBay community includes more than a hundred million registered members from hundred million registered members from around the world. People spend more time on around the world. People spend more time on eBay than any other online site, making it the eBay than any other online site, making it the most popular shopping destination on the most popular shopping destination on the Internet. Internet.
What we SellWhat we Sell
On an average day, there are millions of On an average day, there are millions of items listed on eBay. People come to eBay items listed on eBay. People come to eBay to buy and sell items in thousands of to buy and sell items in thousands of categories from collectibles like trading categories from collectibles like trading cards, antiques, dolls, and house wares to cards, antiques, dolls, and house wares to practical items like used cars, clothing, practical items like used cars, clothing, books and CDs, and electronics. Buyers books and CDs, and electronics. Buyers have the option to purchase items in an have the option to purchase items in an auction-style format or items can be auction-style format or items can be purchased at a fixed price through a feature purchased at a fixed price through a feature called Buy It Now. called Buy It Now.
Where we AreWhere we Are
People from all over the world buy and sell People from all over the world buy and sell on eBay. Currently, eBay has local sites that on eBay. Currently, eBay has local sites that serve Australia, Austria, Belgium, Canada, serve Australia, Austria, Belgium, Canada, China, France, Germany, Hong Kong, India, China, France, Germany, Hong Kong, India, Ireland, Italy, Malaysia, the Netherlands, Ireland, Italy, Malaysia, the Netherlands, New Zealand, the Philippines, Singapore, New Zealand, the Philippines, Singapore, South Korea, Spain, Sweden, Switzerland, South Korea, Spain, Sweden, Switzerland, Taiwan, the United Kingdom, and the United Taiwan, the United Kingdom, and the United States. In addition, eBay has a presence in States. In addition, eBay has a presence in Latin America through its investment Latin America through its investment MercadoLibre.com.MercadoLibre.com.
eBay’s Community ValueseBay’s Community Values
eBay is a community that encourages open and eBay is a community that encourages open and honest communication among all its honest communication among all its members. Our community is guided by five members. Our community is guided by five fundamental values: fundamental values:
We believe people are basically good.We believe people are basically good. We believe everyone has something to We believe everyone has something to
contribute.contribute. We believe that an honest, open environment We believe that an honest, open environment
can bring out the best in people.can bring out the best in people. We recognize and respect everyone as a We recognize and respect everyone as a
unique individual.unique individual. We encourage you to treat others the way you We encourage you to treat others the way you
want to be treated.want to be treated.
Existing Mission StatementExisting Mission Statement
eBay's mission is to provide a global eBay's mission is to provide a global trading platform where practically trading platform where practically anyone can trade practically anyone can trade practically anything.anything.
1
Proposed Mission StatementProposed Mission Statement
eBay’s mission is to be the world’s most eBay’s mission is to be the world’s most utilized and profitable “trading post.” utilized and profitable “trading post.” Having bright and talented employees Having bright and talented employees that are dedicated to serving both that are dedicated to serving both customers and communities, eBay customers and communities, eBay provides the most technologically provides the most technologically advanced, reliable, and secure trading advanced, reliable, and secure trading platform available to anyone, anywhere, platform available to anyone, anywhere, while always doing business in a highly while always doing business in a highly ethical manner.ethical manner.
1
Proposed Vision StatementProposed Vision Statement
Our vision at eBay is provide an Our vision at eBay is provide an online business to enable anyone to online business to enable anyone to auction practically anything. auction practically anything.
1
External AuditExternal Audit
1. Current Internet usage estimated to be 420 million worldwide including 180
million in the US.
2. Generation X and Y entering the workforce.
3. Foreign markets especially in Asia are improving.
4. US and Mexico exceeded $3 trillion in online sales in 2003.
5. E-commerce in Latin America expected to grow to $82 billion in 2004.
6. Under 25 percent of online North American households made an auction
purchase in 2003.
7. Online auction sales are estimated to reach $54 billion in 2007.
8. The price of personal computers continues to fall.
9. Internet sales remain tax free.
10. Some customers prefer to finance large purchases "in house"
Opportunities
2
1. Online businesses could possibly be subject to future taxation.
2. Medium fixed cost structure - barrier to entry not significantly high.
3. Ongoining fraud issues, with merchants not sending payment or products.
4. Many people feel the Internet is an unsafe medium to conduct financial
business.
5. Many households still do not own a PC.
6. Despite improvements, many foreign economies are still unstable.
7. High unemployment rates in the US.
8. Transportation systems in foreign countries could be poor for delivering
products.
9. Fluctuations in currency and exchange rates, could limit international business.
10. Possible website security problems such as hacking.
Threats
2
Opportunities Weight Rating Weighted Score1. Current Internet usage estimated to be 420 million worldwide
including 180 million in the US.0.07 4 0.28
2. Generation X and Y entering the workforce. 0.02 3 0.063. Foreign markets especially in Asia are improving. 0.03 2 0.064. US and Mexico exceeded $3 trillion in online sales in 2003. 0.04 3 0.125. E-commerce in Latin America expected to grow to $82 billion in
2004.0.03 2 0.06
6. Under 25 percent of online North American households made an auction purchase in 2003.
0.07 2 0.14
7. Online auction sales are estimated to reach $54 billion in 2007. 0.08 4 0.328. The price of personal computers continues to fall. 0.04 3 0.129. Internet sales remain tax free. 0.04 3 0.1210. Some customers prefer to finance large purchases "in house" 0.03 1 0.03
External Factor Evaluation Matrix (EFE)
EFE Matrix
3
Threats Weight Rating Weighted Score1. Online businesses could possibly be subject to future taxation. 0.04 3 0.122. Medium fixed cost structure - barrier to entry not significantly high. 0.10 3 0.303. Ongoining fraud issues, with merchants not sending payment or
products.0.08 3 0.24
4. Many people feel the Internet is an unsafe medium to conduct financial business.
0.07 2 0.14
5. Many households still do not own a PC. 0.07 1 0.07
6. Despite improvements, many foreign economies are still unstable. 0.03 2 0.067. High unemployment rates in the US. 0.05 1 0.058. Transportation systems in foreign countries could be poor for
delivering products.0.02 1 0.02
9. Fluctuations in currency and exchange rates, could limit international business.
0.02 2 0.04
10. Possible website security problems such as hacking. 0.07 3 0.21
1.00 2.56TOTALS
Weight Rating Score Rating Score Rating Score0.05 2 0.10 4 0.20 1 0.05
Market Penetration 0.06 4 0.24 4 0.24 2 0.12Customer Service 0.08 3 0.24 4 0.32 2 0.16Brand Awareness 0.10 4 0.40 4 0.40 2 0.20User friendly website 0.05 3 0.15 4 0.20 2 0.10Revenue Growth 0.15 3 0.45 4 0.60 2 0.30Financial Condition 0.15 3 0.45 2 0.30 2 0.30Customer Loyalty 0.05 4 0.20 3 0.15 3 0.15Market Share 0.10 4 0.40 4 0.40 1 0.10Product Quality 0.08 4 0.32 4 0.32 4 0.32Information about user 0.05 4 0.20 4 0.20 3 0.15Price Competitiveness 0.08 3 0.24 3 0.24 3 0.24
1.00 3.39 3.57 2.19Totals
Critical Success Factors
eBay
Competitive Profile Matrix (CPM)
Amazon Yahoo! Auction
Advertising
CPMCPM
4
Internal AuditInternal Audit
Key FinancialsKey Financials
End of year 2003End of year 2003 Net Income grew to $442 million, up 77%Net Income grew to $442 million, up 77% Resulted in record operating cash flows of Resulted in record operating cash flows of
$874 million, up 82%$874 million, up 82% Year end Balance SheetYear end Balance Sheet
$5.8 billion in total assets$5.8 billion in total assets $2.7 billion in cash and investments$2.7 billion in cash and investments
Key Financial RatiosKey Financial Ratios CompanyCompany Industry Sector S&P 500Industry Sector S&P 500
Valuation RatiosValuation RatiosP/E Ratio (TTM)P/E Ratio (TTM) 97.12 97.12 41.01 41.01 28.90 24.01 28.90 24.01BetaBeta 1.77 1.77 1.30 1.30 0.96 0.96 1.00 1.00
Growth Rates %Growth Rates %Sales - 5 Yr Growth RateSales - 5 Yr Growth Rate 90.5890.58 35.47 35.47 17.25 17.25
9.309.30EPS (MRQ) vs Qtr 1 Yr AgoEPS (MRQ) vs Qtr 1 Yr Ago 55.07 55.07 27.30 27.30 15.43 15.43
28.6928.69EPS (TTM) vs TTM 1 Yr AgoEPS (TTM) vs TTM 1 Yr Ago 60.76 60.76 27.58 27.58 16.37 16.37
21.9221.92EPS - 5 Yr Growth RateEPS - 5 Yr Growth Rate 111.74111.74 43.79 43.79 15.23 15.23
12.1512.15
Financial Strength Financial Strength Quick Ratio (MRQ)Quick Ratio (MRQ) 3.13 3.13 1.22 0.93 1.22 0.93 1.26 1.26Total Debt to Equity (MRQ)Total Debt to Equity (MRQ) 0.030.03 0.73 0.82 0.85 0.73 0.82 0.855
Key Financial RatiosKey Financial Ratios CompanyCompany Industry Sector S&P 500Industry Sector S&P 500
Profitability Ratios %Profitability Ratios %Gross Margin (TTM)Gross Margin (TTM) 80.7880.78 42.23 42.23 42.84 42.84 47.3247.32Gross Margin - 5 Yr AvgGross Margin - 5 Yr Avg 79.48 79.48 41.08 41.08 42.06 42.06 47.0147.01Operating Margin (TTM)Operating Margin (TTM) 29.01 29.01 11.97 12.90 11.97 12.90 20.3320.33Operating Margin - 5 Yr AvgOperating Margin - 5 Yr Avg 16.21 16.21 6.75 6.75 11.21 11.21 18.3518.35Net Profit Margin (TTM)Net Profit Margin (TTM) 21.0021.00 7.76 7.54 7.76 7.54 13.1213.12Net Profit Margin - 5 Yr AvgNet Profit Margin - 5 Yr Avg 13.53 13.53 3.74 3.74 7.62 7.62 11.5911.59
Management Effectiveness %Management Effectiveness %Return on Assets (TTM) Return on Assets (TTM) 9.10 9.10 8.29 8.29 5.91 5.91 6.40 6.40Return on Investment (TTM) Return on Investment (TTM) 10.18 10.18 11.53 11.53 7.98 7.98 9.979.97Return on Equity (TTM) Return on Equity (TTM) 10.50 10.50 14.04 14.04 13.51 13.51 18.7118.71
www.investor.stockpoint.comwww.investor.stockpoint.com
March 2004March 2004
eBay Stock InformationeBay Stock Information
eBay Stock InformationeBay Stock Information
1. eBay is the most well known online auction company in the world.
2. Strong auction community of loyal customers.
3. Excellent financial situation.
4. Have a fair payment system that encourages merchants to list products.
5. Strong presence in strategic global markets.
6. Experienced management team.
7. eBay has very little inventory since they do not actually take position of items sold on their site.
8. Strong customer service.
9. Percent of revenue in international markets increasing significantly.
10. Easy URL to remember.
Strengths
1. Weak promotional and marketing activities.
2. eBay does not pay dividends on their stock.
3. Some customers feel the website is cluttered.
4. eBay’s position in the business to business (B2B) market is weak.
5. eBay has very little debt, therefore the company is not taking advantage of lowinterest rates to expand.
6. eBay has a higher tax rate since they do not take advantage of depreciation as well as other companies.
7. The company relies too much on word of mouth advertising, assuming everyone already knows about eBay.
8. The company does not do enough to convince leery potential customers that Internet business is financially safe.
9. Longer transaction times, since many merchants will not receive payment until a buyers check clears.
10. eBay is mainly a cash business.
Weaknesses
The MatricesThe Matrices
SWOTSWOT MatrixMatrixOpportunities - O SO Strategies WO - Strategies
1. Current Internet usage estimated to be 420 million worldwide including 180 million in the US.
1. Expand operations into Asian markets. (S1 S2 S5, O1 O3 O8)
1. Start B2B operations in Asia. (W4 W5 W10, O4 O7 O9)
2. Generation X and Y entering the workforce.
2. Increase advertising (W1 W5 W7 W10, O1 O3 O4 O6 O8)
3. Foreign markets especially in Asia are improving.
4. US and Mexico exceeded $3 trillion in online sales in 2003.
5. E-commerce in Latin America expected to grow to $82 billion in 2004.
6. Under 25 percent of online North American households made an auction purchase in 2003.
7. Online auction sales are estimated to reach $54 billion in 2007.
8. The price of personal computers continues to fall.
9. Internet sales remain tax free.10. Some customers prefer to finance large
purchases "in house"
Threats - T ST Strategies WT - Strategies1. Online businesses could possibly be
subject to future taxation.1. Lobby to keep internet sales tax free.
(S1 S3, T1)1. Use extra cash to educate all customers
that Internet transaction are safe (W8, T4 T10)
2. Medium fixed cost structure - barrier to entry not significantly high.
2. Increase fraud awareness (S1 S4 S8, T3)
3. Ongoining fraud issues, with merchants not sending payment or products.
4. Many people feel the Internet is an unsafe medium to conduct financial business. 7
6 -1
2 -4
6 -3
5 -5
6 -6
5 -4
Financial Strength (FS)
Return on Investment (ROI)
Leverage
Liquidity
Environmental Stability (ES)
Rate of Inflation
Technological Changes
Price Elasticity of Demand
Working Capital
Cash Flow
Competitive Pressure
Barriers to Entry into Market
Environmental Stability (ES) Average Financial Strength (FS) Average
9
-1 5
-2 4
-2 4
-3 4
-5 6
-2.6 5
Competitive Advantage (CA) Industry Strength (IS)
Competitive Advantage (CA) Average Industry Strength (IS) Average
Customer Loyalty Rivalry Among Competitors
Technological know-how Resource Utilization
Control over Suppliers and Distributors Profit Potential
Market Share Growth Potential
Product Quality Financial Stability
SPACE MatrixSPACE Matrix
6
5
4
3
2
1
-6 -5 -4 -3 -2 -1 1 2 3 4 5 6-1
-2
-3
-4
-5
-6
IS
ES
CA
FSConservative Aggressive
Defensive Competitive
IE MatrixIE Matrix4.0 I II III
High
3.0 IV V VI
TheEFETotal Medium eBay
WeightedScores
Domestic International
2.0 VII VIII IX
Low
1.0
Strong Average Weak4.0 to 3.0 2.99 to 2.0 1.99 to 1.0
The Total IFE Weighted Scores
24%
76%
24%
76%
11
Grand Strategy MatrixGrand Strategy MatrixRapid Market Growth
Quadrant II Quadrant I
Strong Competitive
Position
Slow Market Growth
Weak Competitive
Position
Quadrant III Quadrant IV
10
QSPMQSPMOpportunities Weight AS TAS AS TAS1. Current Internet usage estimated to be 420 million worldwide
including 180 million in the US.0.07 4 0.28 2 0.14
2. Generation X and Y entering the workforce. 0.02 0 0.00 0 0.003. Foreign markets especially in Asia are improving. 0.03 4 0.12 3 0.094. US and Mexico exceeded $3 trillion in online sales in 2003. 0.04 4 0.16 3 0.125. E-commerce in Latin America expected to grow to $82 billion in
2004.0.03 4 0.12 3 0.09
6. Under 25 percent of online North American households made an auction purchase in 2003.
0.07 0 0.00 0 0.00
7. Online auction sales are estimated to reach $54 billion in 2007. 0.08 3 0.24 4 0.328. The price of personal computers continues to fall. 0.04 4 0.16 2 0.089. Internet sales remain tax free. 0.04 2 0.08 4 0.1610. Some customers prefer to finance large purchases "in house"
0.03 0 0.00 0 0.00
Threats Weight AS TAS AS TAS1. Online businesses could possibly be subject to future taxation. 0.04 1 0.04 2 0.082. Medium fixed cost structure - barrier to entry not significantly high. 0.10 1 0.10 2 0.203. Ongoing fraud issues, with merchants not sending payment or
products.0.08 1 0.08 2 0.16
4. Many people feel the Internet is an unsafe medium to conduct financial business.
0.07 1 0.07 2 0.14
5. Many households still do not own a PC. 0.07 1 0.07 4 0.286. Despite improvements, many foreign economies are still unstable. 0.03 1 0.03 3 0.097. High unemployment rates in the US. 0.05 0 0.00 0 0.008. Transportation systems in foreign countries could be poor for
delivering products.0.02 1 0.02 3 0.06
9. Fluctuations in currency and exchange rates, could limit international business.
0.02 1 0.02 4 0.08
10. Possible website security problems such as hacking. 0.07 2 0.14 1 0.07
Expand
operations to
B2B markets
Expand
further into
international
markets
QSPMQSPM
Strengths Weight AS TAS AS TAS1. eBay is the most well known online auction company in the world. 0.08 4 0.32 3 0.242. Strong auction community of loyal customers. 0.06 4 0.24 3 0.183. Excellent financial situation. 0.15 4 0.60 3 0.454. Have a fair payment system that encourages merchants to list
products.0.05 3 0.15 4 0.20
5. Strong presence in strategic global markets. 0.05 4 0.20 3 0.156. Experienced management team. 0.03 3 0.09 4 0.127. eBay has very little inventory since they do not actually take position
of items sold on their site.0.02 3 0.06 4 0.08
8. Strong customer service. 0.02 3 0.06 4 0.089. Percent of revenue in international markets increasing significantly. 0.05 4 0.20 3 0.1510. .Easy URL to remember.
0.01 4 0.04 3 0.03
Weaknesses Weight AS TAS AS TAS1. Weak promotional and marketing activities. 0.05 1 0.05 2 0.102. eBay does not pay dividends on their stock. 0.01 0 0.00 0 0.003. Some customers feel the website is cluttered. 0.02 1 0.02 2 0.044. eBay's position in the business to business (B2B) market is weak. 0.08 0 0.00 0 0.005. eBay has very little debt, therefore the company is not taking
advantage of low interest rates to expand.0.07 1 0.07 2 0.14
6. eBay has a higher tax rate since they do not take advantage of deprecation as well as other companies.
0.07 0 0.00 0 0.00
7. The company relies too much on word of mouth advertising, assuming everyone already knows about eBay.
0.03 1 0.03 2 0.06
8. The company does not do enough to convince leery potential customers that Internet business is financially safe.
0.04 1 0.04 2 0.08
9. Longer transaction times, since many merchants will not receive payment until a buyers check clears.
0.03 1 0.03 3 0.09
10. eBay is mainly a cash business.0.08 2 0.16 1 0.08
4.09 4.43TOTALS
Expand further into
international markets
Expand operations to B2B markets
Suggestion/Suggestion/RecommendationsRecommendations New StrategiesNew Strategies
Expand to all countries of the worldExpand to all countries of the world Cost: $500,000.00-1,000,000.00(advertising)Cost: $500,000.00-1,000,000.00(advertising)
Advance in security of personal informationAdvance in security of personal information 1,000,000.00+1,000,000.00+
Increase in IndustryIncrease in Industry N/AN/A
Increase revenues by capturing more Increase revenues by capturing more customerscustomers
N/AN/A
Look into new pay system or create own Look into new pay system or create own (PayPal (PayPal only in 38 countries)only in 38 countries)
MillionsMillions
We believe that our continued profitability at We believe that our continued profitability at historical levels will depend in large part on historical levels will depend in large part on our ability to do the following:our ability to do the following:
• • attract new users and keep existing users active attract new users and keep existing users active on our websites; on our websites;
• • manage the costs of our business, including the manage the costs of our business, including the costs associated with maintaining and developing costs associated with maintaining and developing our websites, customer support, transaction and our websites, customer support, transaction and chargeback rates, and international and product chargeback rates, and international and product expansion; expansion;
• • maintain sufficient transaction volume to attract maintain sufficient transaction volume to attract buyers and sellers; buyers and sellers;
• • increase the awareness of our brands; and increase the awareness of our brands; and • • provide our customers with superior community, provide our customers with superior community,
customer support, and trading experiences.customer support, and trading experiences.* excerpt from eBay Annual Report 2003* excerpt from eBay Annual Report 2003
EPS/EBIT AnalysisEPS/EBIT Analysis
$Amount Needed: $1,500$Amount Needed: $1,500 Stock Price $45Stock Price $45 Tax Rate 80/162=40%Tax Rate 80/162=40% Interest Rate 5%Interest Rate 5% #Shares Outstanding 609 #Shares Outstanding 609
14
Recession Normal Boom Recession Normal BoomEBIT $100,000,000 $400,000,000 $1,000,000,000 $100,000,000 $400,000,000 $1,000,000,000Interest 0 0 0 75,000,000 75,000,000 75,000,000EBT 100,000,000 400,000,000 1,000,000,000 25,000,000 325,000,000 925,000,000Taxes 40,000,000 160,000,000 400,000,000 10,000,000 130,000,000 370,000,000EAT 60,000,000 240,000,000 600,000,000 15,000,000 195,000,000 555,000,000# Shares 642,333,333 642,333,333 642,333,333 609,000,000 609,000,000 609,000,000EPS 0.09 0.37 0.93 0.02 0.32 0.91
Common Stock Financing Debt Financing
Recession Normal Boom Recession Normal BoomEBIT $100,000,000 $400,000,000 $1,000,000,000 $100,000,000 $400,000,000 $1,000,000,000Interest 22,500,000 22,500,000 22,500,000 52,500,000 52,500,000 52,500,000EBT 77,500,000 377,500,000 977,500,000 47,500,000 347,500,000 947,500,000Taxes 31,000,000 151,000,000 391,000,000 19,000,000 139,000,000 379,000,000EAT 46,500,000 226,500,000 586,500,000 28,500,000 208,500,000 568,500,000# Shares 632,333,333 632,333,333 632,333,333 619,000,000 619,000,000 619,000,000EPS 0.07 0.36 0.93 0.05 0.34 0.92
70 Percent Debt - 30 Percent Stock70 Percent Stock - 30 Percent Debt
DecisionsDecisions
Primary:Primary:
Expand aggressively into ChinaExpand aggressively into China
Secondary:Secondary:
Increase business to business operationsIncrease business to business operations
Increase marketing campaigns in AsiaIncrease marketing campaigns in Asia
ImplementationImplementation
Objectives:Objectives:
Create a fully translated Chinese Create a fully translated Chinese eBay eBay sitesite
Increase sales by 35%Increase sales by 35%
Increase number of registered Increase number of registered users users
EvaluationEvaluation
Quarterly & Yearly Financial StatementsQuarterly & Yearly Financial Statements
Annual strategic meetings of divisionAnnual strategic meetings of division
management and corporate managementmanagement and corporate management
2004 Financial Information2004 Financial Information
More than 104.8 million registered usersMore than 104.8 million registered users
327.7 million items 327.7 million items
More than $8 billion in gross merchandise More than $8 billion in gross merchandise sales sales
* All from first quarter of 2004* All from first quarter of 2004
eBay in the NewseBay in the News
March 8, 2005March 8, 2005eBay Launches Classifieds Web SiteseBay Launches Classifieds Web Sites
February 23, 2005February 23, 2005eBay Completes Acquisition of eBay Completes Acquisition of Rent.comRent.com
December 1, 2004December 1, 2004eBay Launches Service for MalaysiaeBay Launches Service for Malaysia