Continue to maintain the "buy" rating of the time of the gathering

Deutsche Bank today issued an investment report to maintain the "buy" rating of the NASDAQ:YY stock, while maintaining a 90 dollar target share price unchanged.

The following is a summary of the contents of the report:

Given the ability of video/audio technology to provide large-scale real-time hosting services, we believe that the gathering time has the potential to become a strong competitor in China's online education market. But in the near future, the main task of the gathering time is to build the brand, optimize the user experience, upgrade the 100.com traffic, rather than rush to commercialize. Due to the lack of relevant brand awareness in the education market, we believe that there are uncertainties in the implementation of the gathering time.

100.com: This year February, the gathering era launched a new education platform 100.com, to provide overseas/domestic English test courses. The market feedback in the early 100.com was good and the free TOEFL and IELTS courses in one months attracted 20,000 students.

Branding and efficiency are the main tasks: with free courses, the 100.com debut is more successful. We anticipate that the main task of the next phase of the gathering period is to build brands and improve cost efficiency. 100.com has adopted the "star teacher" strategy, and is expected to deploy additional management tools and credit systems, service optimization, and so on to achieve personalization.

Valuation: We continue to maintain the "buy" rating of the current era stock, while maintaining the 90 dollar target share price unchanged.