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AutoNavi Announces Strategic Alliance With Alibaba to Develop Location-Based E-Commerce OpportunitiesGlobeNewswire (May 10, 2013)
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AutoNavi Holdings Limited to Announce Fourth Quarter and Fiscal Year 2012 Results on February 27, 2013GlobeNewswire (Feb 4, 2013)
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We are a leading provider of digital map content and navigation and location-based solutions in China. At the core of our business is a comprehensive nationwide digital map database that covers approximately 2.8 million kilometers of roadway and over 12.5 million points of interest across China.... More
Wednesday, Nov 209:27 AM
Wednesday, Nov 209:27 AM| Comment!
- Nomura hikes AutoNavi's (AMAP) PT to $19 from $17 following the company's lackluster financial results in Q3. The 6% Y/Y revenue decline should be understood in the context of AutoNavi's transition to offering its map app for free as it attempts to build a critical mass for its product, Nomura believes.
- Under that framework, the quarter was a success, as Monthly Active Users grew 31% Q/Q to 85M. The torrid expansion was an acceleration from Q2's 16%.
- Nomura values AutoNavi by applying peer average valuations per MAU (and a 40% haircut) to AutoNavi's user base. The firm thinks AutoNavi could grow MAU to 200M by 2015.
- Meanwhile, Baidu has begun to pay handset makers to pre-load its own mapping app, while AutoNavi is trying to bundle pre-installs with partner apps (like Alibaba's). The pre-install market is split roughly 50:50 between Baidu and AutoNavi, with the situation rapidly "becoming a 'two-player' market and growing increasingly difficult for other players to compete," Nomura writes.
- Investors agreed with Nomura's take on AutoNavi's Q3 results yesterday, sending shares up 8.1%.
Tuesday, Nov 196:09 AM|Tuesday, Nov 196:09 AM| Comment!
Tuesday, Nov 1912:05 AM
Monday, Nov 185:30 PM
Thursday, Nov 711:48 AM
Thursday, Nov 711:48 AM| 16 Comments
- Even as Twitter blasts off to a $25B valuation following its much-hyped IPO, U.S. and foreign Internet stocks are giving back some more of the massive 2013 gains that have led many names to trade at steep multiples.
- One sign investors in this space are in a profit-taking mood: Zillow (Z -4.3%) and YY both sold off yesterday in spite of delivering Q3 beats (I, II) and above-consensus guidance; Zillow is adding to its losses today. Likewise, SouFun (SFUN -5.4%) has turned negative after providing a Q3 beat and strong guidance.
- Notable U.S. decliners: FB -2.4%. LNKD -2.8%. GRPN -4.7% (reports after the close). ZNGA -2.7%. P -3.8%. TRLA -5.4%.
- Notable foreign decliners: BIDU -2.4%. QIHU -6.7%. SINA -5% (generally viewed as the Chinese Twitter). DANG -6.2%. VIPS -7.7%. RENN -4.2%. AMAP -4.7%. CTRP -5.7%. YOKU -5.6%. RENN -4.2%. YNDX -5.1%. MELI -2.4% (plunged yesterday thanks to a Q3 miss). SIFY -2.6%.
- Internet/social media ETFs: FDN, PNQI, SOCL
Monday, Oct 289:52 AM
Monday, Oct 289:52 AM| Comment!
- Baidu (BIDU -1.5%) has been cut to Hold by BNP Paribas prior to tomorrow's Q3 report.
- ARM (ARMH -0.8%) has been cut to Hold by Benchmark six days after posting Q3 results. UBS cut shares to Neutral last Wednesday.
- Audience (ADNC -4.6%), meanwhile, has received a similar downgrade from Benchmark in advance of a Thursday Q3 report.
- Trimble (TRMB -2.7%) has been cut to Hold by Needham ahead of Thursday's Q3 report.
- AutoNavi (AMAP -1.9%) has been cut to Sector Perform by Pac Crest.
- DuPont Fabros (DFT -2.2%) has been cut to Neutral by Baird four days after delivering a Q3 beat.
- SolarCity (SCTY +1.3%) has been started at Outperform by Credit Suisse; Q3 results are due on Nov. 6.
- Ruckus (RKUS +1.5%) has been started at Outperform by Northland ahead of Wednesday's Q3 report.
- Gigamon (GIMO +1.3%) has been started at Outperform by William Blair; Q3 results arrive on Nov. 4.
- International Game Technology (IGT +2.8%) has been started at Buy by Citi.
Friday, Oct 254:21 PM
Friday, Oct 254:21 PM| 4 Comments
- Chinese Internet and solar stocks, many of which have skyrocketed this year, have closed with decent losses after the Shanghai exchange fell for the fourth day in a row amid credit crunch worries, and as NQ Mobile continued to feel the impact of Muddy Waters' fraud allegations.
- Muddy Waters' detailed accusations regarding ghost addresses, a shell company, inflated market share figures, dubious cash balances, and spyware are likely to yield fresh scrutiny of the financial statements provided by Chinese ADRs, and could also affect the reception given to upcoming IPOs (I, II). Investor concerns about the bookkeeping of U.S.-traded Chinese firms had diminished some this year.
- Chinese Internet decliners: VIPS -9.1%. AMAP -6.1%. YY -6%. QIHU -4.8%. PWRD -5.7%. CYOU -4.7%. SINA -3.8%. LONG -3.5%. YOKU -3%.
- Chinese solar decliners: YGE -12.2%. JKS -9.4%. JASO -9%. DQ -7.2%. TSL -6.8%. CSIQ -4.8%. CSUN -4.4%.
Friday, Oct 412:24 PM
Friday, Oct 412:24 PM| 2 Comments
- Chinese Internet firms, already shown plenty of love by momentum traders this year, are rallying again following the release of Twitter's public S-1.
- Chinese microblogging leader Sina (SINA +4%) is among the gainers, and so are fellow social networking plays YY (YY +3.2%) and Renren (RENN +9.7%). But several other names are also taking part in the rally: BIDU +2%. NQ +2.7%. CYOU +6.9%. DANG +4.1%. SOHU +5.4%. SFUN +5.8%. AMAP +3.4%. QIHU +2%.
- Twitter mentioned in its S-1 78% of the 218.3M monthly active users it had at the end of Q2 were outside the U.S. But few of them are in China, where its services (like Facebook's) are generally blocked.
Tuesday, Sep 245:42 PM
Friday, Sep 135:45 PM
Monday, Sep 91:20 PM
Monday, Sep 91:20 PM| 1 Comment
- With the Shanghai Composite having risen 3.4% overnight in response to news Chinese exports rose 7.2% Y/Y in August (up from 5.1% in July and easily topping expectations), it's not surprising many volatile Chinese Internet and solar names are adding to their large 2013 gains today.
- AutoNavi (AMAP +18.5%) is easily the biggest Chinese Internet standout. Other winners include YY (YY +8.2%), NQ Mobile (NQ +4.9%) and e-commerce plays Dangdang (DANG +9.5%), LightInTheBox (LITB +3.1%), and Vipshop (VIPS +3.5%).
- Solar standouts include Trina (TSL +4.9%), Daqo (DQ +12.5%), JA Solar (JASO +6.2%), JinkoSolar (JKS +3.9%), Yingli (YGE +3.8%), LDK (LDK +3.2%), and Canadian Solar (CSIQ +2.5%).
- Chinese mobile chipmaker RDA Microelectronics (RDA +10.6%) is also having a very good day.
Friday, Aug 305:34 PM
Thursday, Aug 2911:34 AM
Thursday, Aug 2911:34 AM| Comment!
- Deutsche downgrades AutoNavi (AMAP +1.2%) to Hold and lowers its PT from $15.10 to $11.90. Analyst Vivian Hao: "AMAP reported disappointing 2Q results, missing our estimate by 8% and Street by 13%/35% on revenue/NP."
- AutoNavi's decision to offer its premium navigation app for free is an "aggressive strategy and a trade-off between revenue income and market share gain" which will depress FY 2014 revenues by 20% according to Hao.
- Nomura defends the move, noting that Alibaba's $294M investment in May allows AutoNavi "to explore a new business model." Moreover, AutoNavi's strategy in in-line with the company's goal to "become the mobile Internet gateway to Alibaba’s vast e-commerce platform."
- Macquarie has downgraded AMAP by two notches to Underperform.
Thursday, Aug 299:45 AM
Thursday, Aug 299:45 AM| Comment!
- Infosys (INFY +0.1%) has been upgraded to Outperform, and Wipro (WIT +0.3%) to Neutral, by Macquarie.
- AutoNavi (AMAP -1%) has received a two-notch downgrade to Underperform from Macquarie, and a downgrade to Hold from Deutsche, following its Q2 miss and decision to stop providing guidance.
- Vodafone (VOD +8.3%) has been started at Sell by SocGen. Investors are more interested in other news.
- SMI (SMI +2.8%) has been upgraded to Market Perform by Bernstein.
- LTX-Credence (LTXC -1.4%) has been cut to Hold by Craig-Hallum a day after providing soft guidance to go with its FQ4 results.
Wednesday, Aug 2812:45 PM|Wednesday, Aug 2812:45 PM| Comment!
Wednesday, Aug 2810:45 AM
Wednesday, Aug 2810:45 AM| Comment!
- Shares of AutoNavi (AMAP -12%) are plunging following a Q2 miss. Management also recanted previous guidance, which it says is "no longer a good indicator of [AutoNavi's] long-term value." The company will instead provide quarterly user metrics. (PR)
- AutoNavi's free map app reached 137M users and 62M MAU in Q2, compared to 116M/56M in Q1 and 65M/36M in Q2 2012. The company's premium navigation app had been pre-loaded/downloaded on 70M phones and had 3M MAU as of Q2.
- The mobile map and navigation provider faces increased competition from Baidu, which is expanding its map offerings and now holds 20% of the Chinese mapping market, compared to AutoNavi's 25%.