• LEJU2016-05-12

    T.H. Capital - Leju Holding Limited: Market Hike In March Led To Market Tightening; Maintain Hold

    LEJU will report 1Q16 results before the marketopens on May 16, 2016 with a 7:00 AM ET conference call. It's highly likely thatthe company may deliver better 1Q16 results compared with consensus as LEJU benefiteda great deal from the market hike in the first quarter of 2016. However, webelieve the hike has already led to the government’s tightening regulations inShenzhen and Shanghai since late March, which will impact the business for therest of 2016. We maintain our Hold rating until we se……

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  • LEJU2016-03-10

    LEJU: Consensus for 4Q15 and Full Year 2016 is Too Aggressive; Maintain Hold

    LEJU will report 4Q15 results before the market opens on March 15, 2016 with a 7:00 AM ET conference call. LEJU has already preannounced 4Q15 revenue and expects revenue to come in lower than its previous guidance due to lower sales contracts. For 1Q16, we believe the intensifying competition from peers may continue to put pressure on LEJU’s business. Therefore, we believe consensus expectations for 1Q16 and full year 2016 are too aggressive and need to come down. We maintain our Hold rating unt……

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  • LEJU2015-11-16

    LEJU: Competition Heated Up in 3Q15, Pressuring Growth Rate and Margins; Maintain Hold

    LEJU will report 3Q15 results before the market opens on November 18, 2015 with a 7:00 AM ET conference call. In the past few months, the real estate market in China continued to pick up, from which we believe LEJU may benefit especially in the e-commerce sector. However, the intensifying competition from peers such as Soufun.com (SFUN, $7.57, BUY), Anjuke (WUBA, $52.56, Not Rated) and Fangduoduo (Private), may push LEJU to have lower take rates, which may lead to lower margins. Therefore, we be……

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  • LEJU2015-08-14

    LEJU: E-Commerce Is Still Strong; But Competition Pushes Down Take Rate; Maintain Hold

    LEJU will report 2Q15 results before the market opens on August 25, 2015 with a 7:00 AM ET conference call. In the last couple of months, we have witnessed the pickup in China’s housing market. We do believe LEJU is positioned to benefit from such pickup. In addition, the company also adopted additional ways of marketing to proactively promote its e-commerce business. However, we believe the intensifying competition from peers such as Soufun.com (SFUN, $7.15, BUY) and Anjuke (WUBA, $51.08, Not R……

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  • LEJU2015-05-15

    LEJU: Market Starts To Recover After 1Q15 Weakness; E-Commerce Continues To Grow in 2015; Maintain Hold

    LEJU will report 1Q15 results before the market opens on May 19, 2015 with a 7:00 AM ET conference call. While we believe the company’s previous guidance on a full year basis can be maintained due to the positive government policies, the allocation of its revenue target can be different than the Street expectation. We believe 1Q15 can be lower as the underlying market was depressed in 1Q15, but 2H15 can be better as the policies start to kick in. We are making proper adjustments to our estimates……

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  • LEJU2015-03-14

    LEJU: Market Headwinds Limit Upside Potential in 2015; E-Commerce May Drive Upside to 4Q14 Results; Downgrade to HOLD

    LEJU will report 4Q14 results before the U.S. markets open on March 18th with a 7am ET conference call. It is highly likely that the company may provide at least in line or better 4Q14 results compared with consensus driven by the e-commerce sector. The growth in e-commerce is mainly due to expansion. However, we believe its expansion in 2015 may face the headwinds of a weak real estate market, as home buyers are taking a wait-and-see approach to home purchase, which has already led to a drop in……

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  • EJLEJU2014-11-29

    EJ: Investment For Future Growth, But It Hurts Margin; Maintain HOLD

    EJ reported significantly weaker 3Q14 results and revised down its 2014 full year guidance by a wide margin, which we believe was mainly the result of the softness in the offline brokerage service and its investments in new businesses. While the market may grow out of the current softness on its own, the investment is in the hands of the company. EJ started to invest in new business initiatives such as Fangjingsuo (房金所) and Shihui (实惠) in 3Q14 and the investment will continue in 2015 before the ……

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  • LEJU2014-11-28

    LEJU: E-commerce Continues to Drive Growth Despite Weakness in Listing Business; Maintain Buy but Lower PT to $16.00 from $19.00

    LEJU reported mixed 3Q14 results and revised down its 2014 full year guidance mainly due to market weakness. We believe the market weakness may last for a while. As such, among the company’s different lines of business, we believe its e-commerce business may continue to be the main growth driver, but at a lower rate than that in 2014, and marketing and listing segment may continue to be weak. Since the e-commerce business is a major part of LEJU’s business, we believe the whole business may cont……

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  • LEJU2014-11-18

    LEJU: Expect No Upside to 3Q14 Results; Possible Recovery in 4Q14; Maintain Buy

    LEJU will report 3Q14 results before the U.S. markets open on November 19th with a 7 am ET conference call. It's highly likely that the company may provide in line 3Q14 results compared with consensus, as the growth of the e-commerce business may not offset the weak performance of the online advertising business. However, we noticed a sign of recovery in early 4Q14. As we believe the China real estate market is bottomed, and the outlook has improved and is more positive than before, we maint……

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  • EJLEJU2014-11-18

    EJ: Weak Market May Lead To Weak Brokerage Revenue in 3Q; Investments May Be Positive for Growth But Negative for Margin; Lower Rating to HOLD and Lower Estimates

    EJ will report 3Q14 results before the U.S. markets open on November 19th with an 8:15am ET conference call. We believe the company may report 3Q14 results weaker than consensus as topline may be negatively impacted mainly by the softness in the offline brokerage service and as margin may be impacted by its investments in new businesses such as Fangjinsuo (房金所fangjs.sina.com.cn) and Shihui (实惠), a community services application. As for EJ’s online services from Leju (LEJU, Buy, $14.16), we belie……

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  • LEJU2014-09-10

    LEJU: Increasing Penetration of Ecommerce to Offset the Weakness of the Market and to Drive Growth

    We initiate coverage of LEJU with a BUY rating. LEJU’s business is diversified with its e-commerce business, online marketing and listing services. We believe such diversification can offset the market fluctuation. Despite recent headwinds in China’s real estate market, we believeLEJU can still grow meaningfully with e-commerce as a major growth driver. The growth of transaction-based e-commerce service can be significant as LEJU’s penetration in both existing cities and lower end cities is stil……

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