• NTES2019-02-16

    NTES: New Mobile Games and High Season Of e-Commerce Are Likely To Lead To Better 4Q18 Results

    NTES will report 4Q18 results on February 20th after the markets close followed by an 8pm EST conference call. Based on our proprietary data and calculations, NTES’s 4Q18 revenue is likely to be slightly above consensus at RMB19,957M and our estimate at RMB19,878M. We believe the release of two new games in late 3Q18 and early 4Q18 are likely to make contribution to its game revenue growth in 4Q18. ……

    Read Room>>

  • CMCM2018-05-18

    CMCM: Continuing Its Business Adjustment in 1Q18

    CMCM will report 1Q18 results on May 21st before the markets open with an 8am EST conference call. Based on our proprietary data and calculations, we believe CMCM is likely to deliver 1Q18 top line at around RMB1,139M, lower than consensus at RMB1,142.87M and toward the lower end of its guidance range of RMB1,100M – RMB1,140M, as the main revenue contributor Utility products continued its declining trend and Live.me was also experiencing some stagnation. ……

    Read Room>>

  • SOHU2016-01-27

    SOHU: 4Q15 Results May Be In Line; Guidance for 1Q16 May Be Below; Maintain Hold Rating

    SOHU will report 4Q15 results on Monday, February 1st before the markets open with an 8:30am ET conference call. For the quarter, we do not see any upside drivers and expect results to be in line with consensus as both the game business and advertising/video need growth drivers. Also, we believe consensus for 1Q16 is high and SOHU may not be able to accomplish that. Therefore, we maintain our Hold rating on the stock.……

    Read Room>>

  • NTES2015-11-09

    NTES: Mobile Games Continue to Outperform Expectations; Maintain Buy

    NTES will report 3Q15 results on Wed., November 11 after the close of the market followed by an 8pm EST conference call. We believe that NTES’s mobile games continue to perform strongly, even though the consensus 3Q15 revenue at 73.9% Y/Y growth may look aggressive. We maintain our Buy rating and we will revisit our model and valuation after earnings.……

    Read Room>>

  • NTES2015-10-07

    T. H. Data Flash – NetEase, Inc. (NTES) – September 2015: Mobile Games and Mobile Apps Continue to Grow

    •Strong momentum in mobile game downloads -. As of 3Q15, the cumulative number of downloads of NTES's major mobile games was 313M, up significantly from 161M at the end of 2Q15 with a net add of 152M (Figure 1) The growth continues to be mainly driven by LDXY (melee West) at 98M and FWWJ (Fantasy Westward Journey hand tour) at 33M while DXHY was only at 6M. ……

    Read Room>>

  • WB2015-08-17

    WB: Expect Solid 2Q15 Results; Maintain Buy

    WB will report 2Q15 results on Tuesday, August 18th after the close of the markets followed by a 9pm EST conference call. We are expecting a solid 2Q15 driven by the company’s ongoing monetization efforts as well as new initiatives and projects to foster higher engagement levels between users and advertisers. For 3Q15, we believe guidance may be in line with consensus. Longer term-wise, we believe Weibo is well positioned for growth with its vertical channels, particularly the Movie Channel as i……

    Read Room>>

  • NTES2015-08-10

    NTES: Mobile Games Drive Upside; Kaola.com is in the Phase of Investment; Maintain Buy

    NTES will report 2Q15 results on Wed., August 12 after the close of the market followed by a 9pm EST conference call. We are expecting another solid quarter from NTES driven by the strong performance of its mobile games. We believe that NTES is well positioned for the booming mobile game market in China due to its R&D capability. While its new business, cross-border ecommerce Kaola.com, may present a certain level of risk to the company’s general margin, we believe it does not affect the val……

    Read Room>>

  • NTES2015-05-12

    NTES: Mobile Games Drive Growth; Expect 1Q15 Revenue to be Better; Maintain BUY

    NTES will report 1Q15 results on Wed., May 13 after the close of the market followed by a 9pm EST conference call. We believe it is highly likely that NTES will report 1Q15 revenue above Street consensus with upside coming from its mobile games and to a certain extent, its PC MMO games. With its market expertise and game R&D know-how, we believe NTES is well positioned to capture millions of new mobile gamers. The mobile game market is just beginning its run.  As such, we maintain our B……

    Read Room>>

  • CYOU2015-04-28

    CYOU: Mobile Drives Growth, but Not Enough to Offset MMO Slowdown; Maintain Hold

    CYOU reported 1Q15 results that significantly outperformed consensus expectations. For 2Q15 guidance, CYOU guided revenue below the Street due to the slowdown in TLBB as a result of lower marketing promotions in 2Q15 and divestiture of 7Road, whose revenue will not be factored into guidance. Currently, CYOU is still struggling to find long term sustainable growth as its MMO games age and newer MMO and mobile games are not generating enough revenue to offset such slowdown. As such, we maintain ou……

    Read Room>>

  • NTES2015-04-22

    T. H. Data Flash – NetEase, Inc. (NTES) - March 2015: Strong Performance of Mobile Games; Maintain Buy

    We believe that NTES has the expertise in developing, launching and marketing a game in a very efficient manner. Such expertise applies to mobile games. As such, we believe its mobile games under operation and in its pipeline are highly likely to drive upside to its performance. Based on our proprietary data, we believe such upside can be shown in 1Q15 as its newly released games have been strong. We maintain our Buy rating and our price target of $125.00.……

    Read Room>>

  • SOHUBIDUQIHU2015-04-08

    T. H. Data Flash – Baidu, Inc. (BIDU) – March 2015: Search Market Share Remained Flat; Mobile App Store and Online Video Apps Continue to be Strong

    January 1 – March 31, 2015 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.•The market share for BIDU's search engine was flat in 1Q15 – The daily market share of BIDU remained flat Q/Q at 55.3% in 1Q15, while the search market share of Qihoo (QIHU, $54.00, Buy) increased slightly to 33.6% in 1Q15 from 32.4% in 4Q14. Sogou’s market share declined Q/Q to 9.3% from 10.6% in 4Q14 (Figure 1). The daily page……

    Read Room>>

  • NTES2015-02-09

    NTES: 4Q14 Top Line Boost from Strong Mobile Games & Other Lines of Business; Raise PT to $125

    NTES will report 4Q14 results on Monday, February 9th after the close of the market with an 8pm ET conference call.  We believe that NTES is highly likely to report results better than consensus driven by strong performance of mobile games and portal business including advertising, e-commerce and others. For NTES’s portal business, the company may generate solid revenue from advertising, e-commerce such as online lottery sales, as well as its entertainment broadcasting business. To elevate ……

    Read Room>>

  • CYOU2015-02-05

    CYOU: Mobile Drives Growth; Maintain Hold

    CYOU will report 4Q14 results on Monday, February 9th before the markets open with a 7am EST call. Even though we believe the Street at 12.8% Q/Q top line growth may seem aggressive as it is even higher than the company’s guidance, we believe it is doable as CYOU’s mobile games took off in 4Q14, which may well offset the weakness of its PC and web games. Our data shows weakness in PC MMO games, but strong mobile games performance. In terms of 1Q15 guidance, we believe CYOU is likely to guide in ……

    Read Room>>

  • CYOU2014-12-24

    CYOU: T. H. Data Flash – Changyou.com Ltd. – December 2014: Strong Momentum in Mobile Games; Weaker In TLBB; Maintain Hold

    To cope with the decline of CYOU’s MMO games, the company is focusing on mobile games to drive growth. The results are showing thus far. According to our proprietary data, the company’s mobile game downloads experienced strong pickups in the period of 10/1/2014-12/10/2014. However, its major MMO game, TLBB showed decline. At this point, we believe CYOU’s mobile initiatives are still in a relative early stage and may not be able to offset the decline as well as bring additional upside. As such, w……

    Read Room>>

  • 700-HKBIDUQIHU2014-09-24

    T. H. Data Flash – Mobile App Store Market in China – September 2014: Android App Store Markets Are Consolidating Towards Fewer Vendors

    July 1, 2014 - September 15, 2014 Data Highlights:•Consolidation in major app stores - According to our proprietary data, total average cumulative number of unique mobile apps in 21 major Android app stores in China was about 1.161M or a net addition of 0.07M from 1.088M in 2Q14 (Figure 1); the average cumulative downloads in mobile apps were about 132.2B in 3Q14E, or 21.4B new additional downloads from 110.8B in 2Q14 (Figure 2). Among these total downloads, the top four vendors are taking 59.8%……

    Read Room>>

  • QIHU2014-08-27

    QIHU: Potential Upside from Search and Other Sources of Revenue; Maintain Buy and Lower P

    While QIHU reported strong 2Q14 results as both revenue and EPS beat by a wide margin, it also showed some issues with its operations, mainly the lack of progress in mobile search and other initiatives. However, if we look into the future, these issues may pass. There are several positives we may expect going forward: 1) rapid monetization of PC search; 2) monetize QIHU’s users with PC games; and 3) monetize enterprise PC and internet security. We believe the valuation of QIHU still has meaningf……

    Read Room>>

  • QIHU2014-08-21

    QIHU: Better 2Q14 Results Driven by Search and Mobile; Maintain Buy

    QIHU will release 2Q14 earnings results before the market opens on August 25, 2014 with a 7:30 AM EST conference call. We believe the company is likely to report 2Q14 results better than consensus expectation driven by search and mobile. QIHU’s search traffic recently gained significant market share at about 29% - 30% from 25% in 1Q14 and 14% in 2Q13. Also, mobile game operation is still maintaining its strong momentum. Therefore, we reiterate our Buy rating and price target of $139.……

    Read Room>>




T.H. Capital is an independent research and investment advisory firm specializing in China. We offer real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects, from China ADRs to international names that have meaningful exposure to the China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.

5E, Tower D, Central International Trade Center, 6 Jianguomenwai Avenue, Beijing 100022, China



Do you enjoy pursuing original research in any aspect of the financial markets and have the ability to present research in a refreshing and captivating manner?