CMCM: Making Progress In Its Business Transitions; Newer Content Business, Live.me, Drives Growth
​CMCM will report 1Q17 results on Monday, May 22, 2017 before the market opens with an 8am EST conference call. While the company initiated its business transition in 2H16, the real impact may happen in 2017. On the one hand, our proprietary data show that the content business, Live.me, is progressing well. On the other hand, we also see the traditional App-led-Ad business stagnating as the download ranks are not improving. However, we believe the new business can grow faster and bring a certain level of growth to the business as a whole. Based on our proprietary data and calculations, we believe its Live.me can accomplish about $24M in 1Q17, and we expect CMCM 1Q17 revenue to be around RMB1,190.0M – RMB1,198M (7% - 7.4% Y/Y growth), better than consensus at RMB1,182.0M (6.0% Y/Y) and our estimate at RMB1,161M.
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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