Sohu’s FVE Maintained at CNY 54 Per Share; Upside Comes From More Integration With Tencent
We maintain no-moat Sohu’s fair value estimate at $54 per share following its third-quarter results. The results do not change our long-term view of the firm. We think the shares are fairly valued at the moment and have factored in the benefits of the group’s business initiatives and growing competition in the advertising business in the China Internet space. Upside comes from increased integration with Tencent’s strong ecosystem and super app Wechat and mobile QQ.Search and search-related adve...
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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