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2014-02-25 0700.HK (Goldman Sachs) China_ Technology_ Internet_ Battle of the In.pdf
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Evaluating the online-to-offline phenomenon 3
The Contenders: Alipay vs. Weixin Pay 10
More O2O opportunity in transaction & advertising services 13
Sector no longer looking undervalued 16
Although reduced, regulatory uncertainty remains an overhang 20
4G-enabled market opportunities 21
Tencent (0700.HK): Off CL but still shining in games, O2O; Buy 24
Baidu (BIDU): Map, mobile search drive growth; upgrade to Buy 28
Sina (SINA): Ali union to explore O2O potential in social media; Buy 31
Ctrip (CTRP): Watching competition & margins; stay Neutral 34
Qihoo (QIHU): Watching games & search; maintain Neutral 36
SouFun (SFUN): An O2O pioneer but better upside elsewhere; Neutral 38
Sohu (SOHU): Strong video & search but off CL-Buy; move to Neutral 40
Autohome (ATHM): Value improving; upgrade to Neutral from Sell 42
Qunar (QUNR): Upside priced in; maintain Neutral 45
Changyou.com (CYOU): New investments weigh on margins; Neutral 48
Youku Tudou (YOKU): Upside priced in, valuation stretched; to Sell 50
Appendix 1: China Internet: P/E bands 52
Appendix 2: China Internet: PEG 54
Appendix 3: Valuation cross plots 55
Appendix 4: Valuation comps 56
Disclosure Appendix 58
The authors would like to thank Fan Liu for her valuable contribution to this report.
All prices in this report are as of the market close of February 20, 2014, unless mentioned otherwise.
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