WUBA: Uncertainties are Behind WUBA; Expect Better 1Q17 Results; Initiate With a BUY Rating and PT of $48
​WUBA will report 1Q17 results in late May. Based on our data and calculations, we believe WUBA is likely to deliver 1Q17 revenue in the range of $263M - $266M, around 15% Y/Y growth, better than consensus expectation of $260M or 12% Y/Y growth. In addition to short term quarterly performance, we believe the company is also developing new initiatives to gain long term growth drivers, such as big data driven approach in its recruitment services with value added services to its merchants. As such, we believe post-merger uncertainties are behind us and the company is switching its focus from market share gains to monetization and customer service. We initiate with a BUY rating and price target of $48.00.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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