• SINA2016-08-05

    Sina Corporation: How Much Has SINA been Undervalued? Expect In Line 2Q16 Results; Maintain Buy

    SINA will report 2Q16 results on Monday, August 8 after the market closes followed by a 9:10pm EST earnings call. We are expecting 2Q results to be at least in line with consensus driven by solid results from its core business Weibo. We believe Sina is significantly undervalued. SINA owns 54.5% of WB, which is valued at $7B. In addition, SINA has $1.4B net cash. Just adding the value of these two, SINA should be valued at $74.50 per share, a 36% upside from its current level. Also, since SINA is……

    Read Room>>

  • SINA2015-11-17

    SINA: Vertical Focus May Show Results Soon; Expect At Least In Line 3Q15 Results; Maintain Buy

    SINA will report 3Q15 results on Wednesday, November 18th after the market closes followed by a 9:10pm EST earnings call. We are expecting at least in line 3Q15 results driven by potential solid results from its core business Weibo (WB, $16.98, Buy). Sina has been working hard to transition its portal business to vertical and we believe that several of its key focus areas have significant growth potentials. In our opinion, Sina’s business has bottomed and we could see some results in the near te……

    Read Room>>

  • SINA2015-08-17

    SINA: Business Transitions are About to Show Results; Expect At Least In Line 2Q Results; Upgrade to BUY with PT of $62.00

    SINA will report 2Q15 results on Tuesday, August 18th after the market closes followed by a 10:10pm EST earnings call. We are expecting at least in line 2Q15 results driven by potential solid results from its core business Weibo (WB, $13.60, Buy). For most of the past year, the company has worked continuously on its business transition to more vertical oriented sites. We believe that several of its key focus areas have significant growth potentials. Therefore, we upgrade SINA from Hold to BUY wi……

    Read Room>>

  • SINAWB2015-04-09

    SINA: Portal in Transition, Stock May Have Bottomed; Maintain Hold Rating

    2015 will continue to be a transitional year, as Sina works to transform its traditional portal business into a more vertical-centric business and with a better focus on mobile in this new internet era. Although we believe that the stock has bottomed, we may not see any meaningful upside results from the company’s transformation until late 2015 or early 2016. Therefore, we remain on the sidelines until we see meaningful results from Sina’s investments and execution. As such, we maintain our Hold……

    Read Room>>

  • T. H. Data Flash – China’s Mobile Weibo and News Market – January 2015: Sina Dominates Microblog; Tencent Takes the Lead in the Mobile News Market

    January 2015 Data Highlights:•Sina dominates the microblog app market with 88.7% market share measured by cumulative downloads - We believe Sina Weibo is the most important mass media channel for news distribution and acquisition. According to our proprietary data, Sina Weibo leads the market with 88.7% market share, followed by Tencent with 10.9%, as measured by the total cumulative number of app downloads while the downloads for other microblog providers are not meaningful at all (Figure 1 &am……

    Read Room>>

  • SINA2014-11-19

    SINA: Portal Is Not Out Of the Woods; Transitional Phase for Next Few Quarters; Maintain Hold Rating

    Even though SINA reported in line 3Q14 revenue and better non-GAAP EPS, its 4Q14 guidance was below consensus as the company’s portal business is in the middle of a transition to cope with challenges from multiple directions. The strategy of the company’s transition is mainly to deepen the content and operation of its strong verticals such as financial information, auto and sports. We expect such transitional efforts to last for another several quarters. Thus far, the company has seen some posit……

    Read Room>>

  • SINAWB2014-09-09

    WB: Improving User Engagements and Monetization; Initiate with a Buy Rating

    We are initiating on Weibo Corporation with a Buy rating. We believe the company is undervalued compared to its revenue and earning potentials, which was a major concern among investors. The concern we believe is mainly due to two issues: 1) slowdown in user growth and engagement level; and 2) limited methods of monetization. At this point, we believe these two issues are being addressed, and as such the revenue potential can be realized in the near future. Therefore, we initiate our coverage of……

    Read Room>>

  • SINA2014-08-15

    SINA: Investing to Rejuvenate Portal Growth; Maintain Hold Rating

    Sina CorporationInvesting to Rejuvenate Portal Growth; Maintain Hold RatingSINA reported 2Q14 results that were better than consensus expectations driven by Weibo growth, but 3Q guidance was weaker than expected. Even though Weibo is making solid progress on the monetization front, the portal business is not growing, which is part of the reason behind 3Q14’s soft outlook. Going forward, we believe that as Sina is aggressively investing in verticals and in mobile in 2H14, we could see positive re……

    Read Room>>

  • SINA2014-08-13

    SINA: Revocation of Video License Causes Disruption; Expect Near-Term Weakness; Downgrade from Buy to Hold Rating

    Sina Corporation Revocation of Video License Causes Disruption; Expect Near-Term Weakness; Downgrade from Buy to Hold Rating  We believe that Sina is dealing with several headwinds that could create uncertainty in the near term. On the one hand, one major negative that may cause weakness in 2Q14 and 3Q14 is the revocation of Sina’s online video license, which was a disruption to the company’s advertising sales. Therefore, Sina’s portal business may not show better growth even with a big adv……

    Read Room>>

  • SINA2014-03-09

    SINA: Weibo’s Strong Social Media Function Dictates Its Monetization Potential

    Sina CorporationWeibo’s Strong Social Media Function Dictates Its Monetization Potential; Expect Solid 4Q13 Results; Maintain BUY RatingSINA will report 4Q13 results on February 24, 2014 followed by an 8pm ET conference call. We are expecting solid 4Q13 results due to strong advertising and ecommerce seasonality as well as applying a favorable revenue model to Alibaba’s ad links on Weibo. Also, we believe the company is likely to provide its 1Q14 guidance to be at least inline with consensus exp……

    Read Room>>

  • SINA2014-03-07

    SINA: Weibo’s Strong Social Media Function Dictates Its Monetization Potential; Expect Solid 4Q13 Results; Maintain BUY Rating

    T. H. CAPITAL, LLCSina CorporationWeibo’s Strong Social Media Function Dictates Its Monetization Potential; Expect Solid 4Q13 Results; Maintain BUY RatingSINA will report 4Q13 results on February 24, 2014 followed by an 8pm ET conference call. We are expecting solid 4Q13 results due to strong advertising and ecommerce seasonality as well as applying a favorable revenue model to Alibaba’s ad links on Weibo. Also, we believe the company is likely to provide its 1Q14 guidance to be at least inline ……

    Read Room>>

  • SINA2014-02-19

    Sina Dominates Weibo; Portal Vendors Lead the Mobile News Market

    T. H. Data Flash – China’s Mobile Weibo and News Market - January 2014Sina Dominates Weibo; Portal Vendors Lead the Mobile News Market January 2014 Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  Sina dominates Weibo apps market with 83% of market share measured with cumulative downloads. We believe it’s clearer that Sina Weibo has become one of the most important mass media channels for news distribution and……

    Read Room>>

  • China’s Mobile Browser Market, January 2014

    T. H. Data Flash – China’s Mobile Browser Market, January 2014UCWeb, Tencent and Qihoo Lead the Mobile Browser Market    January 2014 Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  Mobile browser market is highly concentrated, where the top 3 vendors take ~81% of the download market share - According to our proprietary data, China's mobile browser market is highly concentrated, where the top 3 ……

    Read Room>>

  • Mobile Apps Market in China: Mobile Gaming of Lottery, December 2013

    T. H. Data Flash – Mobile Apps Market in China: Mobile Gaming of Lottery, December 2013Mobile Landscape is Significantly Different from PC  December 2013 Data Highlights:·  Vertical vendors lead the mobile lottery gaming market with 85.8% of total app downloads –The lottery gaming business on the PC side is operated more evenly by vertical vendors, such as Shiji Guocai (世纪国彩), Zhongwangcai (中网彩) and portal/directory websites such as Tencent (700.HK, NR) and Qihoo (QIHU, BUY). However, ……

    Read Room>>

  • 700-HKSINA2013-12-27

    Mobile Apps Market in China: Mobile Social Network and Communication, December 2013

    T. H. Data Flash – Mobile Apps Market in China: Mobile Social Network and Communication, December 2013    Concentrated Market Led By Tencent and Sina  December 2013 Data Highlights:  A highly concentrated market where the top 2 vendors take ~72.5% market share – Mobile social network and communication include several sub-sectors; the leading ones are social network and messenger, social media, VoIP and SMS (short message service) tools. According to our proprietary data, we b……

    Read Room>>

  • SINA2013-05-28

    Sina Corporation 20130517

    Sina overcame the Street’s bearish view of its 1Q13 quarter and delivered results beating expectations, while 2Q13 guidance also exceeded consensus. Nevertheless, the main focus of the call was Sina Weibo’s announced alliance with Alibaba. While the two companies could cooperate on many fronts, we believe that from the point of view of just simply selling Weibo traffic, we believe the partnership is extremely beneficial to Weibo and the potential economics are significant. We are making upward a……

    Read Room>>

About

Contact

Careers

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.
Address:

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

Email:

services@thcapital-china.com

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?
Careers