Jay Yoon
Long/short equity, special situations

SouFun: Recent Conservative Guidance Provides Opportunity For Longs

Summary Highlights

    SouFun (NYSE:SFUN) shares are meaningfully undervalued at current price levels The market is unnecessarily penalizing SFUN for its conservative 2014 guidance. Management has a consistent history of providing conservative guidance at the beginning of the year and then revising guidance upwards as the year progresses SFUN's multiple avenues for growth and strong competitive positioning should allow them to continue generating annual topline growth in excess of 20% Worries over the Chinese housing bubble appear to be overdone. For example, housing purchases in Tier 1 and Tier 2 cities over the past year have been primarily consumer-driven as opposed to investment-driven SFUN trades at a deep discount relative to other leading Chinese internet services stock, as well ...
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