Maintain the time of the Gathering (NASDAQ:YY) Buy rating

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

The time of the gathering era launched the online education platform 100.com: Gathered time today released YY education outside the independent brand "100 Education" (100.com), 100 education platform will include 100 education clients, course content and 100 education website. Website 100.com today is online, the current site contains TOEFL (toefl.100.com) and IELTS (ielts.100.com) information and courses. On the TOEFL and IELTS websites, users can find materials related to exams, such as test guides and previous questions. In the course section, users can enroll in TOEFL and IELTS courses. The time of the gathering said, will employ more than 10 years of education experience of senior teachers teaching, and provide after-school counseling. With an average charge of 3000 yuan for intensive classes, 100 education will introduce intensive English classes permanently free of charge, and will be awarded a bonus of 100 yuan for trainees who complete the course.

Technology advantage as a selling point: Gathering time CEO Lee Colling said that December 2013, the gathering Time education platform on the number of paid users increased 340%. Currently, there are 127 teachers on the platform earning more than 10,000 yuan per month. In addition, the gathering era also lists its technical advantages to ensure that users interact through audio and video online. The gathering Times said that a network classroom can accommodate up to 1 million users for real-time, high-quality interaction.

Investment of 1 billion yuan in the next two years: Gathering time management said that the next 2 years will be in the education field of product development and operation of investment in more than 1 billion yuan, including the introduction of iOS and Android version of education applications.

Valuation: We continue to maintain the "buy" rating of the current era stock, while maintaining the 81 dollar target share price unchanged.