Yahoo! (YHOO) Should Make Alibaba's Jack Ma CEO, Exit U.S. Ops

Why is Yahoo! (Nasdaq: YHOO) wasting precious money on a CEO search, when it can just run a quick Google search for the next best candidate?

One analyst, from iChinaStock, has laid out the perfect plan for Yahoo! moving forward (or so he says). Here's a brief synopsis:

1. Exit the U.S. by selling it to Microsoft (Nasdaq: MSFT). The analyst thinks Yahoo! is worth about $12 billion ($800 million of gross revs in 2010 multiplied by a 12x P/E), which is below the $16 billion or so it current has as a market cap.
   
   
2. Retain holdings in Asia.
   
   
3. Sell Yahoo! Japan as it has an unclear future, is losing value, and began using Google (Nasdaq: GOOG) as its own search engine. The analyst thinks the unit is worth $16 billion at $1.1 billion of net profit multiplied by 15x P/E.
   
   
4. Those sale will bring in about $17.2 billion of total cash for Yahoo!
   
   
5. Maintain 39 percent stake in Alibaba Group, which iChinaStock sees being worth $100 billion over the next several years, meaning Yahoo!'s stake could be worth $40 billion.
   
   
6. Make Jack Ma, Alibaba's CEO, the CEO of Yahoo!

Well, there you have it. Oh, iChinaStock also sees Alibaba becoming public through a reverse-acquisition by Yahoo!, and trading under the ticker, "ALBB." (iChinaStock checked, it's available *cough* Jack Ma.)

So, there's one angle probably not thought about by a lot of investors. Yahoo! is up 6.2 percent Wednesday.

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