• 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.……

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  • SOHU2015-10-23

    SOHU: Expect In Line 3Q15 Results; Maintain Hold Rating

    SOHU will report 3Q15 results on Monday, October 26th before the markets open with an 8:30am ET conference call. We do not anticipate any surprises to 3Q15 and expect results to be in line with consensus at best. For online video, the business continues to burn cash and we believe SOHU needs a more viable model to become profitable. For the online game business, while the growth of MMO games is decelerating, its mobile games are also lacking new growth drivers. Therefore, we maintain our Hold ra……

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  • SOHU2015-07-25

    SOHU: Expect Inline 2Q15 Driven By Mobile Games and Video Views; Maintain Hold Rating

    SOHU will report 2Q15 results on Monday, July 27th before the markets open with an 8:30am ET conference call. We expect 2Q15 results to come in inline with consensus driven by strong growth of mobile games. While SOHU makes improvements in mobile games, the whole business is still in the phase of searching for a new growth engine. Therefore, we maintain our Hold rating on the stock. ……

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  • 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……

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  • T. H. Data Flash – China Online Video Monthly – January 2015: YOKU Led In New Releases; Tencent Led In Exclusives

    •Increase in number of daily actively viewed content – During the period of 01/01/2015-01/25/2015, the total number of daily actively viewed content was 54.5K or 1.7% Q/Q from 53.6K in 4Q14 (Figure 1). Of that, the number of actively viewed content titles on Youku Tudou’s platform was 20.3K, followed by LeTV at 11.0K, iQiyi/PPS at 8.9K, Tencent at 7.8K and Sohu at 6.6K during the period of 01/01/2015-01/25/2015 (Figure 1).    ……

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  • 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……

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  • SOHU2015-02-05

    SOHU: Expect In Line 4Q14 Results, 1Q15 Guidance; Maintain Hold Rating

    SOHU will report 4Q14 results on Monday, February 9th before the markets open with an 8:30am ET conference call. We expect 4Q14 results and 1Q15 guidance to be in line with the Street. On the game side, we believe mobile can be a growth driver offsetting the weakness of PC games; on the advertising side we believe SOHU’s online video business may continue to see slowdown due to fewer content being added as well as a weaker economy. We do believe its search business can be better as it continues ……

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  • SOHU2014-10-28

    SOHU: 3Q14 Results, 4Q14 Guidance Could Be In Line At The Most; Maintain Hold Rating

    SOHU will report 3Q14 results on Monday, November 3rd before the markets open with an 8:30am ET conference call. We expect 3Q results and 4Q14 guidance at the most to be in line with the Street due to our expectations of continued game weakness and lack of upside from online video, especially with not as much primary content to drive traffic for brand advertising. SOHU’s various business segments are also investing aggressively to combat stagnation in order to resume growth. Therefore, we mainta……

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  • T. H. Data Flash – China Online Video Monthly, August 2014: Competing for Traffic Via Exclusive Content

    July 1 – August 25, 2014 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.Youku Tudou maintained the lead in terms of new content acquisition – During the period of 07/01/2014-08/25/2014, Youku Tudou released 29 new TV dramas vs. Sohu at 23, LeTV at 15, iQiyi at 14 and Tencent at 10, which generated 4.3B views on Youku's platform vs. Tencent at 3.7B, LeTV at 1.4B, Sohu at 1.1B and iQiyi at 0.5B (Figure 1……

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  • T. H. Data Flash – Mobile Apps for Auto Services – August 2014: Car Rental Market Might Be The Biggest X Factor

    New car: Vertical internet vendors are taking ground from portal in terms of mobile downloads with 85.8% market share - The internet automobile information and marketing services vendors can be classified into vertical websites and comprehensive portals. Measured by the number of total cumulative downloads of mobile APPs in this sector, the market share of vertical vendors increased to 85.8% in August 2014 from 77.8% at the beginning of 2014 (Figure 1). The top 3 vendors with the highest number ……

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  • T. H. Data Flash – China’s Mobile Browser Market - August 2014: UCWeb, Tencent and Qihoo Lead the Mobile Browser Market

    T. H. Data Flash – China’s Mobile Browser Market - August 2014  UCWeb, Tencent and Qihoo Lead the Mobile Browser Market August 2014 Data Highlights:Data in this report is extracted from 21 Android App Stores in China including  Qihoo, Anzhi,Baidu Group (91 Kuwan, 91 Mobile Assistant, Android market and Baidu appstore), Jifeng, Mu Ma Yi, Youyi, Sohu, Nduo, Netease, Tencent, Pconline, XiaZai Ba, Shou You, Wan Dou Jia, Sina, Huawei, app China and Lenovo, and processed with our proprietary……

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  • 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 ……

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  • 700-HKSOHUYOKU2014-02-19

    China Online Video Monthly, December 2013

    T. H. Data Flash – China Online Video Monthly, December 2013Increase in Mobile; Intensifying Battle Over Exclusive Variety Shows in 2014  October 1 – December 25, 2013 Operating Data Highlights:The data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  Increasing mobile app downloads and UGC – By 12/25/2013, total downloads of the major online video vendors could increase steadily. iQiyi+PPS could have the most mobile download……

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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.
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