SAN GMT May 4 morning news, Morgan Stanley research report published today, Qihoo 360 stock (NYSE: QIHU) the initial rating to $ 32.
The following is the summary report:
as dominant in the Chinese market of Internet security service provider, Qihoo 360 has received the important Internet portal in the browser and the desktop, users over four million. Qihoo 360 is one of the most subversive Internet service, high barriers to entry. We believe that the company's model has great commercial prospects, given an initial rating of
Qihoo 360 free Internet security services to help attract a huge user base oakley sunglasses uk, and to be commercialized. Between 2008-2011, the company's revenue soared 10 times, advertising and value-added services to become a driving factor; non-GAAP operating margin increased by 50 percent to 39 percent. We expect the company's earnings per share compound annual growth rate in 2012-2014 was 1.1 times, mainly by the support of the excellent prospects and operating leverage. Our target price of $ 32 corresponds to 2013 earnings of 43 times is about 28 times (according to non-U.S. GAAP), PEG (price-earnings ratio relative to earnings growth ratio) is about 0.8 times.
We believe that the reason why Qihoo 360 over the past three years of monthly active users increased by 3 times, more than 400 million, mainly due to the first-mover advantage in the field of free security products. Benefiting from higher brand trust beats by dre sale, Qihoo 360 has been through a browser (over 255 million users) and desktop (over 50 million users) and vital Internet entrance, creating a huge advertising and content distribution platform.
Qihoo 360 is still in the early stages of commercialization. Data released in April 2011 in accordance with the IResearch (microblogging), Qihoo 360 security web site navigation flow among the first major navigation site in China. Although its 2011 advertising sales grew 2.2 times, but the total was only Baidu (microblogging), 6-36% of peers such as Sina and Sohu. Paying players less than 2%, indicating that the potential is huge. Intelligent link referrals and new vertical sites will also increase the company's advertising and traffic. We believe that the new project (such as desktop, vertical search, and mobile) will bring more business opportunities for the company.
a higher level of brand trust and strong network effects enhance the industry barriers to entry, but Qihoo 360 faces in the field of Internet security, the browser and open platform competition is still growing. In addition, its advertising sales mainly in the field of electronic commerce (about 50% in 2011). (Book Yu)
Share: microblogging Recommended | SAN official microblogging >> more
The following is the summary report:
as dominant in the Chinese market of Internet security service provider, Qihoo 360 has received the important Internet portal in the browser and the desktop, users over four million. Qihoo 360 is one of the most subversive Internet service, high barriers to entry. We believe that the company's model has great commercial prospects, given an initial rating of
Qihoo 360 free Internet security services to help attract a huge user base oakley sunglasses uk, and to be commercialized. Between 2008-2011, the company's revenue soared 10 times, advertising and value-added services to become a driving factor; non-GAAP operating margin increased by 50 percent to 39 percent. We expect the company's earnings per share compound annual growth rate in 2012-2014 was 1.1 times, mainly by the support of the excellent prospects and operating leverage. Our target price of $ 32 corresponds to 2013 earnings of 43 times is about 28 times (according to non-U.S. GAAP), PEG (price-earnings ratio relative to earnings growth ratio) is about 0.8 times.
We believe that the reason why Qihoo 360 over the past three years of monthly active users increased by 3 times, more than 400 million, mainly due to the first-mover advantage in the field of free security products. Benefiting from higher brand trust beats by dre sale, Qihoo 360 has been through a browser (over 255 million users) and desktop (over 50 million users) and vital Internet entrance, creating a huge advertising and content distribution platform.
Qihoo 360 is still in the early stages of commercialization. Data released in April 2011 in accordance with the IResearch (microblogging), Qihoo 360 security web site navigation flow among the first major navigation site in China. Although its 2011 advertising sales grew 2.2 times, but the total was only Baidu (microblogging), 6-36% of peers such as Sina and Sohu. Paying players less than 2%, indicating that the potential is huge. Intelligent link referrals and new vertical sites will also increase the company's advertising and traffic. We believe that the new project (such as desktop, vertical search, and mobile) will bring more business opportunities for the company.
a higher level of brand trust and strong network effects enhance the industry barriers to entry, but Qihoo 360 faces in the field of Internet security, the browser and open platform competition is still growing. In addition, its advertising sales mainly in the field of electronic commerce (about 50% in 2011). (Book Yu)
Share: microblogging Recommended | SAN official microblogging >> more
No comments:
Post a Comment