Legacy TLBB Mobile to Be Launched in Second-Quarter 2017; Maintain Fair Value Estimate of $40.50
Sohu reported another weak result in the fourth quarter, with revenue down 11.7% year on year and operating loss of $51.6 million, although both the top and bottom line were higher than our estimates and company guidance. The company guided to a weak first quarter of 2017, and the long-expected Legacy TLBB Mobile will be released in the second quarter, which is a bit later than the previous estimate of the first quarter. We maintain our fair value estimate of $40.50 for no-moat Sohu, and we have...Sohu.com is an internet company based in China. Co. provides a network of Web properties and community based/Web 2.0 products which offer its user community base a broad array of choices regarding information, entertainment and communication. Co. maintains comprehensive matrices of Chinese language web properties and proprietary search engines, consisting of the mass portal and online media destination www.sohu.com; the interactive search engine www.sogou.com; the developer and operator of online games www.changyou.com/en/ and online video Website tv.sohu.com. Co. also provides multiple news and information services on mobile platforms, including Sohu News App and m.sohu.com.
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