Phoenix New Media: China's Most Undervalued Internet Stock
Fri, May 27, 12:34 PM
- Phoenix New Media (FENG +3.1%) has set new cooperation agreements with its parent, Phoenix Satellite Television Holdings, after its previous deal expired today.
- Phoenix TV will continue licensing its content and trademarks subject to new terms, including fees of 10M yuan for the first year, increasing by 15% for each subsequent year of agreements.
- The new agreements have a three-year initial term and can be renewed annually after that.
Tue, May 17, 1:29 PM
- Phoenix New Media (NYSE:FENG) is up 2.7% after announcing an agreement to revise annual revenue caps with partner Beijing Phoenix Lilita.
- Phoenix unit Beijin Tianying Jiuzhou Network Technology entered into a framework deal with Lilita in December providing that company advertising services for revenue capped at HK$38M for calendar 2016 and HK$57M for calendar 2017.
- Those caps don't meet Lilita's needs anymore, so the companies are revising them to 49M yuan and 80M yuan respectively.
Mon, May 9, 6:03 PM
Sun, May 8, 5:35 PM
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Thu, Mar. 24, 8:54 PM
- Phoenix New Media (NYSE:FENG) has come to agreements to extend cooperation deals between subsidiaries and parent company Phoenix Satellite Television Holdings Limited.
- Phoenix TV licenses its content, trademarks and domain names to Phoenix New Media for its businesses, and the two are working on new deals to amend and replace those, which are set to expire on Sunday.
- Significant growth means the deals will require more time to finalize, and so the two have extended their existing cooperation deals to May 27.
Tue, Mar. 8, 5:48 PM
- Phoenix New Media (FENG -0.5%) beat profit expectations though revenues dropped again in its Q4 results.
- Service revenues slipped by double digits again, though advertising grew again paced by mobile ads that grew 118%.
- Revenue by segment: Net advertising, 346.2M yuan (up 2.3%); Paid service, 84.6M yuan (down 15%).
- "Though 2015 was a tough year for PC advertising, we are excited about the development of our suite of mobile products, which carry enormous monetization potential down the road," says President Ya Li. "The number of average daily active users of Yidian Zixun had grown four times Y/Y to over 20 million by the end of 2015."
- It's guiding to Q1 revenues of RMB290M-RMB305M (Net advertising of RMB245M-RMB255M; Paid service revenues of RMB45M-RMB50M), well below expectations for 367.9M yuan.
- Conference call to come at 8 p.m. ET.
- Press Release
Tue, Mar. 8, 5:02 PM
Mon, Mar. 7, 5:35 PM
Thu, Jan. 28, 12:50 PM
- Phoenix New Media (FENG -1.6%) has authorized some unsecured term loans to Particle Inc., owners of information app Yidian Zixun, of up to $20M.
- The loans are at an interest rate of 4.35% with a 12-month term. Phoenix granted an initial $10M loan today and expects to grant more.
- Last spring, Phoenix New Media wrapped a strategic investment of some $57.6M in Yidian, leaving it with about 46.9% ownership of Particle (on a fully diluted basis).
- At the time of the investment, Yidian ranked fourth among news/info apps in China.
- Previously: Phoenix New Media wraps investment in Chinese app Yidian (Apr. 29 2015)
Dec. 4, 2015, 1:55 PM
- Phoenix New Media (FENG -1.9%) has entered into an advertisement cooperation deal through its Tianying Jiuzhou unit with Beijing Phoenix Lilita.
- Lilita, mainly involved in person-to-person lending and crowd-funding, will place Internet ads on sites and mobile apps that Tianying Jiuzhou operates.
- Tianyingi Jiuzhou has a 5% stake in Lilita. The deal amends a prior cooperation deal, covering ad services not to exceed HK$4.8M annually (about $619K); business growth means that cap is no longer effective.
- The cap is being raised to HK$17.5M ($2.3M) for 2015, HK$38M ($4.9M) for 2016, and HK$57M ($7.4M) for 2017.
Nov. 11, 2015, 1:47 PM
- Phoenix New Media (NYSE:FENG) is down 4.1% after posting earnings late yesterday where sales fell almost 10%.
- CEO Shuang Liu had noted continued "soft advertising demand" on PCs -- net advertising revenues fell 7.9% overall, to RMB 300M -- but pointed to mobile ad growth.
- Macquarie has downgraded the stock to Neutral, from Outperform.
- The company's Q4 guidance for revenues of RMB 368M-388M is significantly lower than consensus estimates currently for about 444M yuan.
- Previously: Phoenix New Media logs Q3 beat; revenues dip, but mobile ads up 90% (Nov. 10 2015)
Nov. 10, 2015, 5:18 PM
- Phoenix New Media (FENG -3.4%) beat Q3 expectations for revenue and earnings though sales dropped nearly 10%.
- "The trend towards mobile has brought with it both challenges and significant opportunities," said CEO Shuang Liu. "We continue to see soft advertising demand for PC ads, but are encouraged by our 90% year-over-year growth in mobile ad revenues."
- Revenue breakout: Net advertising revenues, RMB 300M (down 7.9%); paid service revenues, RMB 90.4M (down 14.8%).
- The company is guiding to Q4 revenues of RMB 368M-388M, with net ad revenues of RMB 295M-310M. Paid service revenues are seen at RMB 73M-78M.
- Conference call to come at 8 p.m. ET.
Nov. 10, 2015, 5:10 PM
- Phoenix New Media (NYSE:FENG): Q3 EPS of RMB0.50 beats by RMB0.16.
- Revenue of RMB390.4M (-9.6% Y/Y) beats by RMB4.08M.
Nov. 9, 2015, 5:35 PM
Aug. 11, 2015, 5:32 PM
- Phoenix New Media (NYSE:FENG) is off 5.8% after hours, adding on to today's 4.9% decline, after its Q2 report brought a miss on revenues on a day where renminbi devaluation pressured Chinese names.
- Revenues missed by about 2% despite growing by 2.9%. Net advertising revenues were up 7.2% to RMB311.9M thanks to mobile ad revenues, which grew 124.2% Y/Y. Paid service revenues fell 7.4% to RMB111M, and mobile value-added services dropped 3.3% to RMB88.1M.
- Average revenue per advertiser was up 20.3% to RMB1.1M, though total advertisers fell 10.9% to 295.
- Revenue breakout (dollar terms): Net advertising revenues, $50.3M; Paid service revenues, $17.9M.
- The company guided to Q3 revenues of RMB373M-RMB393M (Consensus expectations are for $79.8M, currently coming to RMB504.7M).
- Conference call to come at 9 p.m. ET.
Aug. 11, 2015, 5:05 PM
- Phoenix New Media (NYSE:FENG): Q2 EPS of RMB0.56 in-line.
- Revenue of RMB422.9M (+2.9% Y/Y) misses by RMB7.56M.
Phoenix New Media Ltd. is engaged in the provision of media and advertising services through internet, mobile, and television channels. It also provides mobile internet and value-add, and video value-added services. The company was founded on November 22, 2007 and is headquartered in Beijing, China.
Industry: Internet Information Providers
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