Maintain a nyse:sfun buying rating, and increase the target share price from 52 US dollars to 64 dollars

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

Third-quarter results: Total revenue of 185 million U.S. dollars, an increase of 45%, the chain growth of 28%, higher than our expected 13%, higher than Wall Street expected 7%. Based on non-US GAAP, the earnings per share is 1.15 dollars, 40% higher than we expected, and 31% higher than Wall Street expectations, thanks largely to effective cost control and operational leverage. House search estimates that fourth-quarter revenues will grow 30% to 32% year-on-year, in line with Wall Street expectations.

Real Estate marketing Spending is strong: we expect strong growth in the third quarter, the Chinese real estate market will continue to maintain growth in the quarter. Since October, sales of 5 weeks year-on-year growth of 9%, the beginning of the year has increased 16%. Despite recent austerity measures in a few places, the enthusiasm of buyers is still high, and house searches will benefit.

Mobile commercialization: Due to the daily independent user access (UV) has more than 1 million, the third quarter, from the mobile revenue significantly increased, mainly reflected in two aspects: 1 display ads; 2 housing distribution services. We believe that the housing search will increase mobile investment in the near future.

Higher performance expectations: Thanks to the strong real estate market, we will search for 2013 fiscal year, 2014 fiscal year and 2015 fiscal year, the revenue forecasts are set to increase by 7%, 9% and 9% respectively, the diluted earnings per share is expected to increase by 17%, 12% and 14% respectively.

Valuation: We continue to maintain the "buy" rating of our house-search stock, bringing our target share price from $52 to $64.