Research Reports

  • TH Data CTRP 05232013

    TH Data CTRP 05232013

    April - May 2013 Operation Data Highlights:Website traffic increased Y/Y in May – For the first 22 days of May, averagedaily pageviews (PV) of increased 29.8% Y/Y while daily uniquevisitors (UV) increased 26.8% Y/Y (Figure 1). Specifically, UV of air channelincreased 1.2% Y/Y (Figure 2) vs. UV of hotel channel increase of 32.2% Y/Y(Figure 3) for the first 22 days of May, which could indicate that the company ispicking up market share in online hotel bookings.Ticket volume could be up 29% Y/Y in April – Ticket volume of CTRPreached about 3.85M in April 2013, representing a 28.9% Y/Y growth and 13.5%of total aviation passenger volume of 28.5M in April 2013 (Figure 4).Both the scale and amount of air-ticket cash rebate increased in May – ByMay 22, the amount of average daily cash re……

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  • Qihoo 360 Technology Co. Ltd. 20130521

    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……

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  • Sina Corporation 20130517

    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……

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  • E-Commerce China Dangdang, Inc.20130513

    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.……

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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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