Morgan Stanley launches investment report today

Source: Internet
Author: User
Keywords Target share price overweight growth
Tags advertising advertising revenue compared game game revenue higher higher than market share

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

Ultra-expected performance: The second quarter of 2013 fiscal year, Qihoo revenue of 152 million U.S. dollars, an increase of 110%, compared with the guidance of the expected upper limit of 6%. Net profit of 33 million U.S. dollars, an increase of 370%. Higher than our expected $21 million trillion, mainly thanks to operating leverage.

Positive factors: 1 advertising revenue rose 78% year-on-year. We estimate that search advertising revenue of about 15 million U.S. dollars, the chain growth of 150%. Game revenue grew about 150% Year-on-year. 2 The total number of users for the month is 461 million, an increase of 8%. Mobile security users for 338 million, an increase of 180%. Month browser users, day navigation page users and click Traffic increased 21% to 60% year-on-year. 3 Our data show that the first half of this year's search revenue of Qihoo is less than 1% of Baidu revenue, meaning a larger space for development. 4) Qihoo is expected to increase sales by 19% to 21% in the third quarter, up 115% to 118% year-on-year. 5 Operating profit margin of 24%, the chain increase of 18%, increased by 11%.

Negative factors: 1 on the basis of non-US general accounting standards, operating profit margin in the third quarter or fall by 6% to 7%, mainly by the one-time marketing activities dragged down.

Search traffic continued to grow: 1 based on page traffic (PV), Qihoo July Search traffic market share of 16%, higher than a quarter before 14%. and Baidu market share from 71% to 68%. 2 based on more than 400 million PC security products users, Qihoo has launched a more accessible Desktop Search service (press the CTRL key two times). 3 We expect the Qihoo application store to contribute about 10% of its revenue in the second quarter.

Valuation: We continue to maintain the "overweight" rating of Qihoo 360, raising the target share price from $70 to $80.40.

Related Article

Contact Us

The content source of this page is from Internet, which doesn't represent Alibaba Cloud's opinion; products and services mentioned on that page don't have any relationship with Alibaba Cloud. If the content of the page makes you feel confusing, please write us an email, we will handle the problem within 5 days after receiving your email.

If you find any instances of plagiarism from the community, please send an email to: info-contact@alibabacloud.com and provide relevant evidence. A staff member will contact you within 5 working days.

A Free Trial That Lets You Build Big!

Start building with 50+ products and up to 12 months usage for Elastic Compute Service

  • Sales Support

    1 on 1 presale consultation

  • After-Sales Support

    24/7 Technical Support 6 Free Tickets per Quarter Faster Response

  • Alibaba Cloud offers highly flexible support services tailored to meet your exact needs.