Research Reports

  • Qihoo 360 Technology Co. Ltd. 20130521
    QIHU2013-05-28

    Qihoo 360 Technology Co. Ltd. 20130521

    Since QIHU started its search engine in mid-August 2012, its market share hasincreased consistently from 8.5% to the recent 14.2%. QIHU’s market shareincreased more rapidly in the last four months, growing 1 percentage point a monthon average. Based on such speed, we believe that accomplishing 20% marketshare by the year end should be doable. Based on industry experience, QIHU’ssearch market share should be in line with its browser market share at about 25%since the company’s search traffic is mostly supported by its channel advantagefrom browser. We believe QIHU could reach that level by mid-2014 organically.With such momentum in addition to its recently launched mobile monetization, wereiterate our Buy rating and raise our price target to $52 from $34.Forseeable market share to 20%+ by y……

    Read Room>>

  • Sina Corporation 20130517
    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 adjustments to our Weibo revenue in 2013 and 2014, and webelieve Sina is undervalued at the current level.We reiterate our Buy rating and our price target of $89.Revenue potential from Weibo traffic to Alibaba could be much higher than Alibaba’s minimum guarantee of $380M – While Sina and Alibaba wil……

    Read Room>>

  • E-Commerce China Dangdang, Inc.20130513
    DANG2013-05-28

    E-Commerce China Dangdang, Inc.20130513

    Dangdang (DANG) will report 1Q13 results on Thursday, May 16, 2013 prior to the market open with an 8am EST conference call. We expect Dangdang to report better 1Q13 results, mainly in margin improvement driven by rapid growth in the marketplace and its cost control measurements. We believe the margin could continue to improve if the company continues its current course. However, there could still be uncertainties in the sustainability of its margin improvement since DANG could be forced to go against its plan in the face of fierce competition. As such, we maintain our Hold rating.……

    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