- SA author/hedge fund analyst Thomas Hor considers Sky-mobi (MOBI +15.6%) deeply undervalued at 2x 2014E EV/sales (a multiple well below that of peers), and considers the company well-positioned to profit from a Chinese mobile gaming industry expected by iResearch to grow 94% this year to RMB21B ($3.4B).
- Hor sees Sky-mobi's smartphone-related revenue, driven by downloads/in-app purchases tied to its Maopao app store (pre-installed on phones sold by China Mobile), more than doubling this year.
- He adds Sky-mobi was adding 380K+ users/day as of December, and had 110M+ Maopao users by the end of 2013 (many of them in Tier-2/Tier-3 cities seen as "fertile grounds for growth").
- Hor's $21 PT is based on a multiple of 6x 2014E EV/sales.
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