Research Reports

  • CTRP2014-02-19

    CTRP: Healthy Volume Growth in 4Q13

    T. H. Data Flash – Ctrip.com International (CTRP) – January 2014    Healthy Volume Growth in 4Q13December 2013 - January 2014 Operation Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  Coverage of hotel coupon on mobile was slightly larger in January 2014 – In the first 39 days of 2014 in sample cities, the percentage of hotels that participated in mobile-only coupon programs was about 18.2% vs. 16.4% on December 12th, 2013 and 16% on November 26th, 2013. (Figure 1)·  Amount and scale of air-ticket cash rebate could shrink during Chinese New Year but increase afterwards – Out of the first 39 days in 2014 for sample routes, the amount of the average daily cash rebate could be 6.7% of the av……

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  • Home Inns & Hotels (HMIN):  RevPAR Could Decline Y/Y in January Due to High Comp Base
    HMIN2014-02-19

    Home Inns & Hotels (HMIN): RevPAR Could Decline Y/Y in January Due to High Comp Base

    T. H. Data Flash – Home Inns & Hotels (HMIN) - January 2014    RevPAR Could Decline Y/Y in January Due to High Comp Base  December 2013 - January 2014 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology. ·  Total number of hotels and newly added hotels – By January 24, 2014, the total hotel number for HMIN is likely to reach about 2,205 (including 374 Motel 168 hotels, 1,813 Home Inn hotels and 18 Yitel hotels) (Figure 1). Among these hotels, about 34 were added in January 2014. For Home Inn, about 18.6% of the hotels were located in 1st tier cities and 35.9% in tier 2 cities. For Motel 168 the percentage is likely to be 34.0% and 35.0%, respectively.·  RevPAR is likely to dec……

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  • YOKU2014-02-19

    China Online Video Monthly, January 2014

    T. H. Data Flash – China Online Video Monthly, January 2014YOKU Led  in Content Library and in In-house Professional Generated Content ; Tencent and Baidu Gained Momentum in the Area of Exclusive Content  January 1 – January 25, 2014 Operating Data Highlights:The data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  Youku/Tudou led the actively viewed content titles – During the period of 01/01/2014-01/25/2014, Youku/Tudou could find itself in the lead market position in terms of actively viewed titles. The combined company results could generate 20.8K and 15.6K actively viewed titles on Youku's and Tudou's platform, respectively. This amount of views could put Yoku/Tudou ahead of its peers: ,PPTV at 14K, P……

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  • HTHT2014-02-19

    China Lodging Group (HTHT):HTHT RevPAR Could Be Flat Y/Y with a Weaker Occupancy Rate but Better Average Daily Rate

    T. H. Data Flash – China Lodging Group (HTHT) – January 2014HTHT RevPAR Could Be Flat Y/Y with a Weaker Occupancy Rate but Better Average Daily RateDecember 2013- January 2014 Operating Data Highlights:Data in this report was extracted from publicly available sources and processed with our proprietary methodology.·  New openings could be strong in January – By January 24, 2014, HTHT’s total hotel number could be 1,506, an increase of 57 from 1,449 at the end of December 2013 (Figure 1). Among its total hotel portfolio, there could be 1 Manxin hotel, 1 Joya hotel, 75 Ji Hotels, 1,306 Hanting Hotels, 88 Hi Inns and 35 Starway Hotels. By January 24, 2014, the number of hotels in 1st tier cities and 2nd tier cities, as a percentage of total hotels, could be 22.3% and 36.6%, respectively. ……

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  • China Civil Aviation Airport Monthly – January 2014
    CTRPLONGQUNR2014-02-19

    China Civil Aviation Airport Monthly – January 2014

    T. H. Data Flash – China Civil Aviation Airport Monthly – January 2014    Air Travel Boom Due to Earlier Spring Festival; More Airlines and Airports Are Approved to Meet Future Travel Demand INDUSTRY HIGHLIGHTSIn January, the number of aircraft movements in China is likely to grow 8.6% M/M based on our proprietary data (Figure 1). Much of the growth can be attributed to Spring Festival, which occurred earlier in the year and is traditionally one of the busiest travel holidays in China each year.  ·  Holiday travel in January is likely to be better than expected – Spring Festival, or Chinese New Year, is the most important traditional holiday in China. For air transportation, the civil aviation authorities forecast that more than 14,000 flights will carry more than 1.2 m……

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  • 2014-02-19

    Mobile Apps Market in China: Mobile Reading – Jan. 2014

    China T. H. Data Flash - Mobile Apps Market in China: Mobile Reading – Jan. 2014A Fragmented Market Where Zhangyue Takes the Lead, Followed by Tencent and Baidu January 2014 Data Highlights:·  Mobile reading market is fragmented – The top 5 vendors account for only 46% of the total market measured by the number of downloads. According to our proprietary data, as of 1/13/2014, the market is led by Zhangyue.com (Beijing Palm Reading Technology) with 17.8% of all downloads, followed by Tencent, Shuqi.com and Baidu (Figure 1 & 3). Major mobile reading sectors include the e-book, audio book and comic book sectors (Figure 2). Among these sectors, mobile e-book is the leading sector making up 83% of all downloads.·  Mobile e-book market is led by Zhangyue.com – Zhangyue.com has 2 po……

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  • NTES2014-02-19

    NetEase: Improvement of Average Concurrent Users in January, 2014

    T. H. Data Flash –  NetEase, Inc. – January 2014    Improvement of Average Concurrent Users in January, 2014January 1 to January 25, 2014 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  Popularity level of MMO games declined 10.0% to an average of 1.01M for the period 01/01/2014-01/25/2014, a decrease from 1.14M in 4Q13 (Figure 1). Among the major games, World of Warcraft (WOW) decreased approximately 9.1% in the period; and Fantasy Westward Journey (FWWJ) also experienced a 6.9% decline.·  Number of servers for major MMO games could increase slightly – During the period of 10/01/2013-01/25/2014, the average number of servers in use could have increased by 15  for majo……

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  • QIHU2014-02-19

    Qihoo 360 Technology (QIHU): Search Continued to Gain market Shares

    T. H. Data Flash – Qihoo 360 Technology (QIHU) – January 2014    Search Continued to Gain market SharesJanuary 1 to January 25, 2014 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  Market share of QIHU's search engine could continue to increase – As measured by pageviews, QIHU’s market share could be at 24.7% as of January 25, 2014, up from 21.9% at the end of December 2013 (Figure 1). Since most of QIHU’s search traffic is diverted from its browser, we expect the market share of Qihoo's search engine to eventually be in line with the market share of its browser at about 27% (Figure 2).·  Stable number of servers and number of web games – As of January 25, 2014, the tota……

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  • CYOU2014-02-19

    Challenges Facing Old MMO Games and Web Games

    T. H. Data Flash – Changyou.com Ltd. (CYOU) – January 2014  Challenges Facing Old MMO Games and Web GamesJanuary 1, 2014 - January 25, 2014 Operating Data Highlights:·  Popularity level of MMO games could slightly increase about 0.2% Q/Q  (Figure 1). This could be due to the flat performance of TLBB (Tian Long Ba Bu) Q/Q.  ·  Slightly up in the number of servers of MMO games – By 01/25/2014, there could be 1 additional server added for TLBB and DMD, which led to 880 total servers vs. 879 in December, 2013. The average number of servers in operation could be 879 in the current period vs. of 868 in 4Q13 or a 1.3% Q/Q increase (Figure 2). Of that, there could be a net increase of 11 including TLBB at 4 and DMD at 7.·  The estimated ACU (Average Concurrent Users) ……

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  • BIDUQIHU2014-02-19

    Kugou Leads The Mobile Music Market; Tencent and Baidu Rank the #4 and #7, Respectively

    T. H. Data Flash – China’s Mobile Music Market - January 2014Kugou Leads The Mobile Music Market; Tencent and Baidu Rank the #4 and #7, Respectively January 2014 Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  Kugou Technology is the leading player in the mobile music app market with about a 25% total app download market share. The mobile music download market includes three basic areas - music player, music radio and karaoke. Kugou Technology is ranked at the top with its major app dubbed Kugou Music (酷狗音乐). According to our proprietary data, Shanghai Shuidushi Technology (上海水渡石信息技术有限公司) is ranked second after Kugou with an 18%market share of its well-known app TTPod (天天动听). Tencent and Baidu take the ……

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  • Sina Dominates Weibo; Portal Vendors Lead the Mobile News Market
    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 acquisition. According our proprietary data and measured by the total accumulated number of app downloads, Sina leads this market with 83% market share, followed by Tencent with 16%. Other Weibo providers have almost disappeared from this part of the market (Figure 1).·  Portal vendors lead th……

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  • BIDU2014-02-19

    Mobile Apps Market in China: Auto & Transportation Services - January 2014

    T. H. Data Flash – Mobile Apps Market in China: Auto & Transportation Services - January 2014Leaders Have Emerged in Each Mobile Auto&Transit Service Areas January 2014 Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  New car information and marketing sector: Vertical internet vendors lead in mobile downloads with 77.8% shares – The internet automobile information and marketing services vendors can be classified into verticals and portals. Autohome (ATHM, $37.53, NR) and BitAuto (BITA, $36.37, NR) are typical vertical websites that provide marketing and information services for auto industry, including automobile price, dealer information and user comments. Sina Auto (SINA, BUY) and Sohu Auto (SO……

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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 vendors accounted for 81.9% of the total market share measured by the number of downloads by 01/14/2014. UCWeb is ahead of its peers with 47.7% download market share vs. Tencent at 24.5% and Qihoo at 9.3% (Figure 1 & Figure 2). ·  92% of total downloads came from top 5 popular apps – Accord……

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  • CTRPLONGQUNR2014-02-19

    Mobile Apps Market in China: Mobile Travel, December 2013

    T. H. Data Flash – Mobile Apps Market in China: Mobile Travel, December 2013A Market Led By Qunar and Ctrip   December 2013 Data Highlights:·  Mobile travel booking market is fragmented – The leading mobile travel sectors include travel booking (including air tickets, hotels, attractions and car rental), train, public transit (including bus and subway), travel guide (including guide, review, flight information, community and translation) and others (taxi) (Figure 2). Mobile travel booking is the leading sector, where Qunar, Ctrip, China Telecom and Huo Li Tian Hui (活力天汇) are taking the leads. According to our proprietary data, Qunar takes about 23.5% and Ctrip about 19.5% of the market share, as of 12/29/2013 based on the number of cumulative app downloads (Figure 1, 3 & 4).·……

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

    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, on the mobile side, the market is different, as vertical vendors are the dominant players.  Measured by the number of downloads of lottery gaming mobile APPs, 85.8% of total downloads come from vertical vendors, and the rest of the 14.2% comes from portal/directory websites (Figure 1). The top ……

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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 downloads at  755M, followed by Youku Tudou at 583M, PPTV at 267M, Sohu video at 228M and Tencent at 62M (Figure 1). ·  Youku Tudou relies less on licensed content – By 12/25/2013, out of the top 50 variety shows on each vendor’s platform, Youku could have 26 in-house professional generated titles……

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  • Youku Tudou (YOKU) – December 2013
    YOKU2014-02-19

    Youku Tudou (YOKU) – December 2013

    T. H. Data Flash – Youku Tudou (YOKU) – December 2013    Continuing Increase in Mobile Downloads; Slight Decrease in Primary Content Releases October 1 – December 25, 2013 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  Increase in average number of actively viewed content titles - During the period of 10/01/2013-12/25/2013, the average number of actively viewed content in YOKU’s content library could be 24,114, up from 22,791 in 3Q13 (Figure 1). The increase could mainly come from 497 new movie titles, followed by 230 new TV drama titles, 364 new variety show titles and 232 new cartoon titles (Figure 1). ·  Average daily view times per hit content could decrease slightly – The ……

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  • China Civil Aviation Airport Monthly – December 2013
    CTRPLONGQUNR2014-02-19

    China Civil Aviation Airport Monthly – December 2013

    T. H. Data Flash – China Civil Aviation Airport Monthly – December 2013    Outbound Travel Likely to Heat Up During Spring Festival; On-Time Flight Departure Rate Improved INDUSTRY HIGHLIGHTS:In November, the number of aircraft movements in China was likely to decline 0.6% M/M based on our proprietary data (Figure 1). Looking into the future, the outbound travel demand during the upcoming Spring Festival could benefit airports with meaningful international business such as Beijing Capital International Airport in 1Q14; the on-time flight departures campaign, which was started by regulatory authorities and already made some progress, could improve travelers’ experience, thus benefitting the long-term development of the civil aviation industry. ·  Number of air passengers to i……

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  • NTES2014-02-19

    NetEase, Inc. – December 2013

    T. H. Data Flash – NetEase, Inc. – December 2013    Slightly Weaker Performance of FWWJ While Other Games Could Be Stronger October 1 – December 25, 2013 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  Popularity level of MMO games could decrease to an average of 1.16M or 9.0% Q/Q during the period of 10/01/203-12/25/2013 from 1.32M in 3Q13 (Figure 1). Among the major games, World of Warcraft (WOW) could decrease 5.7% Q/Q and Fantasy Westward Journey (FWWJ) could decrease 12.5% Q/Q, while Wuhun could increase 19.4% Q/Q.  ·  Number of servers of major MMO games could increase slightly – During the period of 10/01/203-12/25/2013, average servers in usage could have a net incr……

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  • CYOU2014-02-19

    Changyou.com Ltd.- December 2013

    T. H. Data Flash – Changyou.com Ltd. – December 2013    Challenges in Old MMO Games and Web Games October 1, 2013 - December 25, 2013 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  Popularity level of CYOU’s MMO games could experience a decline of about 5.7% Q/Q (Figure 1), possibly driven by the weakness in TLBB (Tian Long Ba Bu).  ·  Slightly up in the number of servers of MMO games – By 12/25/2013, there could be 21 new servers added for TLBB and DMD, which led to 875 total servers by 12/25/2013 vs. 854 at the end of September 2013. Average servers could be 867 in this period vs. 851 in 3Q13, or a 1.9% Q/Q increase (Figure 2). Of that, there could be 12 net increase of ……

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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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