Newsroom

  • 新浪科技讯北京时间2月18日晚间消息,香港投行天灏资本今天发布研究报告称,京东(Nasdaq:JD)2014年第四季度及2015年1月商品销售总额(GMV)呈现强劲增长的趋势。报告未给出股票评级和目标股价。  以下为报告全文:  自营业务GMV的同比增长率第四季度可能将加速  我们的私有数据显示,京东自营业务的GMV第四季度可能将同比增长82.3%,至501亿元人民币。其中,电子和家电品类的GMV可能将同比增长87.9%,至442亿元人民币,而日用百货和其他商品品类的GMV将同比增长49.5%,至60亿元人民币。环比来看,GMV的加速增长是由于销量的增长,但同时也被平均售价的下降所抵消。2015年1月,京东自营业务的GMV环比上月增长0.5%,这是由于销量环比上月增长6.8%,而平均售价环比上月下降5.8%。手机是推动GMV月度增长的主要动力。  第四季度,由于家电和日用百货在GMV中占比较高,因此自营业务的毛利率很可能同比增长,但环比下降  我们认为,由于相对低利润率的电子产品,高利润率的家用电器销售占比较高,以及高利润率的日用百货商品的加速增长,京东自营业务的毛利率将出现同比增长。……

  • Post on 03/17/2015JumeiInternational Holding is in the business of selling cosmetics and other beautyproducts. The company’s stock, however, looks anything but dolled up.Shares of Beijing-headquartered Jumei (JMEI) have tumbledan unflattering 66% since mid-August as the largest niche e-tailer of beautyproducts underwent a painful makeover of its business strategy. Exposés aboutthird-party vendors selling counterfeit goods through its online marketplaceprompted Jumei to shift exclusively to a dir……

  • Posted on 01/15/2015SouFunHoldings (NASDAQ:SFUN) shares hit a new 52-week low during trading on Thursday , American Banking and Market News reports. The company traded as low as$6.50 and last traded at $6.70, with a volume of 4,753,891 shares traded. Thestock had previously closed at $7.25.A number of analysts have recently weighed in on SFUNshares. Analysts at Brean Capital reiterated a “buy” rating and set a $12.00price target (down previously from $15.00) on shares of SouFun Holdings in arese……

  • Posted on Mar 15th, 2015T.H.Capital cut shares of Leju Holdings (NASDAQ:LEJU) from a buy rating to a hold rating ina research report sent to investors on Friday morning.LEJU has been the subject of a number of other recentresearch reports. Analysts at Bank of America initiated coverage on shares ofLeju Holdings in a research note on Monday, February 9th. They set a buy ratingon the stock. Separately, analysts at Zacks upgraded shares of Leju Holdings froman underperform rating to a neutral rati……

  • Posted on Mar 12th, 2015T.H. Capital cut shares of Homeinns Hotel Group (NASDAQ:HMIN)froma buy rating to a hold rating in a research reportsent to investors on Thursday morning.Separately, analysts at Brean Capital reiterated a buyrating and set a $47.00 price target on shares of Homeinns Hotel Group in a research note on Thursday.Three investment analysts have rated the stock with a hold rating and threehave given a buy rating to the stock. The company currently has a consensusrating of Buy an……

  • BY MICHELE CHANDLER, INVESTOR'S BUSINESS DAILY02/07/2015 08:02 AM ET Chinese Web portal NetEase (NASDAQ:NTES) is riding a wave of new strategic partnerships and rising revenue from its online games, advertising and e-commerce operations as it prepares to post Q4 earnings after the market close Monday. The Beijing-based company, best known for its desktop games, has held a lucrative exclusive license for Activision Blizzard 's (NASDAQ:ATVI) "World of Warcraft" game in mainland ……

  • By DOUG TSURUOKA, INVESTOR'S BUSINESS DAILY Posted 02:11 PM ETVipshop Holdings (NYSE:VIPS), the Guangzhou, China-based flash sales apparel seller, is expected to continue to ride a growth wave when it reports third-quarter earnings after the close Tuesday.The consensus estimate of 25 analysts polled by Thomson Reuters is for Vipshop to report earnings of 7 cents a share, excluding options expenses, up 133% from 3 cents in the year-earlier quarter, on revenue of $863.12 million, up 125%.Analy……

  • Tian X. Hou of T.H. Capital downgraded SouFun Holdings Ltd (NYSE: SFUN) to Hold from Buy (with no assigned price target) ahead of the company's third quarter earnings report on Thursday.“We believe the company may have to revise down its 2014 full year guidance as its primary housing business was impacted by the weak housing market and its listing business was impacted by the conflict between Soufun and agencies,” Hou wrote. “Accordingly, our propriety data shows that both the number of proj……

  • By Shuli RenChinese tutoring services provider TAL Education (XRS) reported in-line third-quarter earnings.Revenue at TAL Education rose 33% from a year earlier to $122.4 million, in line with the 31-34% growth guided by the company. Earnings per share grew 31% from a year ago to $0.42, ahead of the $0.35 expected by the street.Investors rejoiced since July’s second-quarter earnings. They discarded the company’s mediocre Q3 sales guidance, betting its management was too conservative and sending ……

  • T.H. Capital, LLC issued a report Thursday on Youku Tudou Inc. (NYSE: YOKU) and noted “significant growth in total views” for the internet television company.Analysts led by Tian X. Hou reported that “during the period of 07/01/2014-09/25/2014, the average number of actively viewed content in YOKU’s content library could be 26,819, up from 26,651 in 2Q 2014.  Meanwhile, “average daily views of YOKU increased to 498.4M from 383.7M in 2Q 2014.”For newly released dramas, The total number of vi……

  •   有多少用户电脑安装了××的杀毒软件,又有多少用户手机下载了××的安全卫士……过去很多年,国内网络安全厂商的关注力都在个人安全领域,而在全社会各行各业无不IT的今天,安全竞争开始呈现新趋势。在今日开幕的“中国互联网安全大会”上,企业级安全、云计算安全、工控系统安全等专业型、纵深方向的竞争成为焦点。  企业安全需求凸显  无论从哪个角度,企业安全市场都是一块大蛋糕,但在过去,国内安全厂商甚少涉足这一领域。而当个人安全市场竞争基本尘埃落定(360、腾讯、百度垄断市场),巨头们的目光终于瞄向企业级安全市场,甚至在今年迎来了微妙的政策节点。  不久前,国际知名安全杀毒厂商赛门铁克、卡巴斯基双双出局中央政府机构采购名单,这是否意味着“洋杀软”退出中国企业级市场尽管未有定论,但失意是肯定的。  事实上,政府、机构、企业对信息安全防护的需求有增无减。从技术层面讲,信息化是时代趋势,但并非每家企业都有防护能力,且对安全防护的要求比个人安全更高;相比漫无目的地攻击千万用户,黑客更喜欢直接攻击企业服务器等获取利益,此前屡屡曝出的天涯社区账号密码泄露、携程信用卡泄密等皆是企业层面的安全危机,而现在很少见到……

  • Posted by Logan Wallace on Sep 11th, 2014 Analysts at T.H. Capital began coverage on shares of Leju Holdings Ltd (NASDAQ:LEJU) in a research report issued to clients and investors on Wednesday. The firm set a “buy” rating and a $19.00 price target on the stock. T.H.&nbs……

  • September 23, 2014, 8:02 P.M. ET By Shuli Ren Muzhi Li at Arete Research initiated its coverage of Alibaba Group (BABA), with a Neutral rating and $75 per share. Li had been a Citi analyst in Hong Kong before he jumped ship to the boutique research firm earlier&nbs……

  • BY Shawn Ingram   09/11/14 - 02:55 PM EDTNEW YORK (TheStreet) -- Weibo (WB) was gaining 13.2% to $24.32 Thursday after T.H. Capital initiated coverage of the company with a "buy" rating.The analyst firm set a price target of $24 for the Chinese Internet company.&nb……

  •      Sept. 10 (Bloomberg) Weibo Corp., the largest microblogging site in China, surged in New York after T.H. Capital recommended buying the stock, saying investors are overestimating the threat from competing services.     American depositary receipts of the Beijing ba……

  • September 9, 2014, 9:21 P.M. ETBy Shuli Ren, Barrons.com China’s Twitter Weibo (WB) has not seen its stock appreciate since its IPO in April. As of Tuesday’s close, Weibo rose only 6.2%. By comparison purposes, the KraneShares CSI China Internet ETF (KWEB) gained 10.6%. Weibo’s&n……

  • Investor‘s Business Daily Recent IPO Weibo's (NASDAQ:WB) stock rose Tuesday after T.H.Capital initiated coverage of the company with a buy rating, saying user growth worries have eased.The firm set a price target of 24 on Weibo stock.Weibo runs a Chinese-language microblogging social network,much like Twitter (NYSE:TWTR)or Facebook (NASDAQ:FB).Weibo, 'microblog' in Chinese,was spun off by Chinese Web portal Sina (NASDAQ:SINA), which reduced its stake in the company to 56% from78% but……

  •   新浪科技讯 北京时间9月9日晚间消息,投资公司天灏资本(T.H.Capital)今日发布报告,给予微博股票(Nasdaq:WB)“买入”初始评级,将目标股价定为24美元。  以下为报告内容摘要:  我们给予微博股票“买入”初始评级。我们认为,基于微博的营收和盈利潜力,其股价当前被低估。有些投资者担心微博的盈利能力,主要因为两个问题:1)用户增速放缓,活跃度下滑;2)商业化模式有限。但我们认为,目前这两个问题已经得到解决。尤其是营收潜力,很快就会凸显。因为,我们给予微博股票“买入”初始评级,将目标股价定为24美元。  投资推动用户增长和互动:从2013年下半年开始,微博的用户增速和活跃度有所下滑。去年第四季度,微博日活跃用户增速降至36%,而第三季度增速为43%,第二季度为48%,第一季度为65%。我们认为,增速放缓主要有两方面原因:1)腾讯微信的快速普及吸引了用户时间;2)中国政府的清理行动,导致一些大V用户被关闭。但我们认为,这样的增速放缓处于可控范围内,因为微信用户数量已经达到一定规模,而微博又增加了营销力度。我们的数据显示,微博的用户增速和活跃度已经开始反弹。用户增……

  •   新浪科技讯 北京时间8月27日凌晨消息,美国投资公司天灏资本(T.H. Capital)今天发布研究报告,将奇虎360(92.15, -1.72, -1.83%)(NYSE:QIHU)的股票评级维持在“买入”(Buy)不变,同时将其目标价从139美元下调至113美元。  以下是报告内容摘要:  搜索业务及其他营收来源具备上行潜力;维持“买入”评级并下调目标价  奇虎360第二季度业绩表现强劲,营收和每股收益均大幅超出预期。但与此同时,奇虎360也暴露出了一些运营方面的问题,主要是其移动搜索及其他发展计划未能取得较大进展。不过,从未来前景来看,这些问题可能会逐步消失。  我们预计,未来有利于奇虎360的因素包括:1)PC搜索业务迅速商业化;2)利用PC游戏对奇虎360用户进行商业化;3)对企业PC和互联网安全业务进行商业化。我们认为,奇虎360的估值仍拥有重大的上行潜力。综合考虑这些因素,我们重申对奇虎360股票的“买入”评级,但同时将其目标价从139美元下调至113美元。  -搜索份额将取得增长;上调2014和2015财年搜索业务营收预期: ……

  • T.H. Capital decreased their price target on shares of Qihoo 360 Technology Co (NASDAQ:QIHU) to $113.00 in a research note issued on Tuesday. The firm currently has a “buy” rating on the stock. T.H. Capital’s price objective would suggest a potential upside of 20.38% from th……

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