SouFun: Recent Conservative Guidance Provides Opportunity For Longs
Jay Yoon • 11 Comments
Jay Yoon • 11 Comments
Fri, Jun. 3, 3:00 PM
Thu, Jun. 2, 3:57 PM
- SouFun Holdings (NYSE:SFUN) is up 4.5% today after its Q1 earnings report where it swung to a net loss, but beat expectations with revenues that grew 62% and raised full-year guidance.
- E-commerce gains (targeted directly to consumers) led the firm to its highest quarterly revenue growth rate in five years. EBITDA was -$100.4M, vs a positive $11.3M a year ago.
- Revenue by segment: E-commerce services, $130.9M (up 154%); Marketing services, $30.4M (down 25.1%); Listing services, $24.1M (up 1.9%); Financial services, $10.6M (up 200%); Value-added and other services, $8.6M (up 27.8%).
- GMV rose many times over, to $12.7B from a year-ago $1.7B.
- The company's raising guidance on full-year revenue to $1.149B, still below consensus for $1.165B, from its previous forecast of $1.06B. The new forecast represents Y/Y gains of 30%.
- Press Release
Thu, Jun. 2, 8:09 AM
Wed, Jun. 1, 5:30 PM
Mon, Mar. 21, 10:06 AM
- Morgan Stanley has upgraded SouFun (SFUN +4.2%) to Overweight, and set a $7 target.
- The Chinese online real estate services firm is at its highest levels since January - an overnight rally in Chinese equities (Shanghai closed up 2.2%) might be helping out. Shares have gradually moved higher since mixed Q4 results were posted in late February.
Thu, Feb. 25, 9:12 AM| Thu, Feb. 25, 9:12 AM | 9 Comments
Thu, Feb. 25, 8:01 AM
Wed, Feb. 24, 5:30 PM
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Wed, Jan. 20, 1:46 PM
- Two months after stating it plans to buy a controlling stake in the public shell of Shanghai-traded battery maker Wanli to gain access to Chinese capital markets, SouFun (SFUN -2.3%) says it has entered a share subscription agreement through which it will obtain Wanli shares in exchange for the transfer of assets featuring a preliminary valuation of RMB16.18B ($2.46B).
- Wanli has also entered into an asset sale agreement with its controlling shareholders, through which it will sell all of its non-cash assets and liabilities. In addition, Wanli is issuing up to RMB3.16B ($480M) worth of shares through a private placement. The shares will be subject to a 36-month lockup.
- After the transactions, SouFun, which also refers to itself as Fang, will own a 70% stake in Wanli. CEO Vincent Mo: "We are expecting this restructuring to be closed in the near future and provide strong support to our fast growing e-commerce, financial services and online media business."
Mon, Jan. 4, 10:18 AM
- Kent Huang, SouFun's (NYSE:SFUN) deputy CFO since October and before that the the managing partner of Oriental Cornerstone Capital, has been named CFO.
- Huang replaces Lan Guan, who "has been re-positioned as the Company's Vice President, concentrating on the tax planning and government relations management."
- Shares are posting steep losses on a bad morning for stocks in general, and Chinese equities in particular. The Nasdaq is down 2.6%.
Nov. 18, 2015, 6:34 AM
- SouFun Holdings (NYSE:SFUN): Q3 EPS of -$0.08 misses by $0.11.
- Revenue of $248.51M (+30.4% Y/Y) in-line.
Nov. 17, 2015, 5:30 PM
Nov. 13, 2015, 11:06 AM
- SouFun (NYSE:SFUN) is acquiring a controlling stake in the public shell of Shanghai-traded lead storage battery maker Wanli, with the goal of gaining access to Chinese capital markets. In tandem with the deal, Wanli will be selling shares to IDG Capital and other investors through a private placement.
- SouFun: "SouFun plans to maintain not less than 70% of the equity stake in Wanli following the acquisition and direct share placement. SouFun will not pay cash for the Wanli stake. The acquisition is expected to be conducted through an assets swap. Wanli plans to spin off its non-cash assets and all liabilities to a third party and SouFun plans to inject certain parts of its businesses (including online media business, Internet financial services, research and big data business), which is projected to be valued at no more than RMB17 billion, into Wanli."
- SouFun will continue trading on the NYSE. CEO Vincent Mo: "With access to both US and China capital markets, we will be in a much better position to expand aggressively to accelerate our online media business, Internet financial services and e-commerce businesses to build up a greater company."
- The deal comes three months after IDG, Carlyle, and members of management agreed to invest up to $1B in SouFun via stock and convertible notes.
Nov. 13, 2015, 9:14 AM
Nov. 13, 2015, 2:02 AM
- MSCI has outlined which overseas-listed Chinese shares will be added to its Emerging Markets Index (ETF: EEM) from Dec. 1, a move that is likely to draw investments of $70B.
- ADRs to be included: 58.com (NYSE:WUBA), Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU), Ctrip.com (NASDAQ:CTRP), JD.com (NASDAQ:JD), NetEase (NASDAQ:NTES), New Oriental Education (NYSE:EDU), Qihoo 360 (NYSE:QIHU), Qunar (NASDAQ:QUNR), SouFun (NYSE:SFUN), TAL Education (NYSE:XRS), VipShop (NYSE:VIPS), Youku Tudou (NYSE:YOKU) and YY.
- Stocks listed in mainland China, known as A-shares, are still under review for inclusion in the index.
- Previously: MSCI paves road for A-share inclusion through ADRs (Nov. 02 2015)
Oct. 2, 2015, 12:13 PM
- Hammered over the last several months as macro concerns and plunging local markets took a toll, U.S.-traded Chinese tech stocks are up strongly (CQQQ +3.2%) today even as the Nasdaq and S&P post modest declines.
- Web/mobile stocks posting big gains include giants Alibaba (BABA +5.3%) and Baidu (BIDU +4.5%), with the former naturally taking Yahoo (YHOO +4%) higher with it. Yahoo rose earlier this week after stating it's still pushing ahead with a spinoff of its 384M-share Alibaba stake.
- Other gainers include Vipshop (VIPS +6.6%), SouFun (SFUN +6.2%), Qihoo (QIHU +6.7%), Youku (YOKU +5.8%), Jumei (JMEI +8%), Bitauto (BITA +5.3%), Weibo (WB +5.9%), Jumei (JMEI +8%), and Cheetah Mobile (CMCM +6.6%). Online travel leaders Ctrip and Qunar are also up big, possibly aided by new efforts from Beijing to boost Macau tourism.
- Solar winners include Yingli (YGE +4.1%), ReneSola (SOL +5.6%), and Daqo (DQ +9.4%).
- ETFs: KWEB, QQQC, EMQQ
SouFun Holdings Ltd. operates real estate Internet portal and home furnishing and improvement website in China. The company provides marketing, listing, e-commerce, and other value-added services and products for China's real estate and home furnishing and improvement sectors. Its website... More
Industry: Internet Information Providers
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