Sohu’s FVE Maintained at CNY 54 per Share; Shares Undervalued
We maintain no-moat Sohu’s fair value estimate at CNY 54 per share and think the 16% decline in the share price post-earnings provides a good entry point for investors. Sohu’s 2017 loss before tax came in at USD 197 million, missing consensus of USD 138 million and our estimate of USD 155 million. We think the shares are undervalued, as the advertising business will see substantial improvement; other drivers include the fast growth of Sogou and gradual improvement in the subscription businesses....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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