Days Hao Capital maintain Qihoo buy rating target price 94 dollar unchanged

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Beijing Time January 3 Evening News, investment company Days Hao Capital (t.h.capital) issued an investment report today, maintaining Qihoo 360 stock (Nyse:qihu) "buy" rating, while maintaining the 94 dollar target share price unchanged.

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

October 1, 2013 to December 25 operational data:

Qihoo Search market share will continue to grow: As of December 25, based on page traffic (PV), Qihoo Search market share of 23.1%, and as at the end of September for 20.5%. Since most of Qihoo's search traffic comes from its browser, and its browser market share is about 25%, we expect Qihoo's search market share to eventually reach that level.

The number of web games and game servers has increased slightly: as of December 25, 2013, the number of servers hosted by the Web game hosting service was 9228, up from 7016 at the end of September. The last quarter (as of December 25) Average server number of 8310 units, while the third quarter to 7644 units, the chain growth of 8.7%. The number of games is 219, and the end of the third quarter is 203.

The mobile App Store is active: from October 1, 2013 to December 25, the average cumulative download was 10.3 billion times, up 34.3% from 7.7 billion in the third quarter. Among them, the game downloads 2.8 billion times, compared with the third quarter 2.3 billion times to increase 19.9%. Other apps downloaded 7.5 billion times, up 40.7% from 5.3 billion in the third quarter.

Mobile product penetration rate is High: Qihoo mobile Product Average cumulative download volume is 1.38 billion times, compared with the third quarter 990 million times to increase 39.4%. As of December 25, the average cumulative download volume of Qihoo Mobile products was 1.54 billion times. Among them, 360 mobile phone Guardian Download quantity is 777 million times, 360 mobile phone desktop Download quantity is 220 million times, 360 province electricity King Download quantity is 154 million times.

Valuation: We continue to maintain the "Qihoo 360 stock buy" rating, while maintaining the 94 dollar target share price unchanged.