Investment banks keep Big game stocks buy ratings lower target prices

In a Thursday study, Nomura Analysys continued to maintain a "buy" rating for Shanda gaming stocks, but lowered its target share price to $8, the Beijing time October 7 Evening News. The following is a summary of Nomura's International report: 1. "Final Fantasy 14" We believe that the "Blood legend 2" every active paid account average monthly revenue (hereinafter referred to as "ARPU") will continue to fluctuate until the new data is released before it is possible to return to normal. It is expected that the new data will be launched in the first half of fiscal year 2011.　　In addition, the flow of legendary world has not changed much, and there is even a downward trend, so it will continue to be depressed, especially in the ARPU. In contrast, "Final Fantasy 14" has an optimistic outlook. "Dragon Valley" in recent weeks the highest simultaneous number of online people (PCU) of 400,000 to 500,000, far lower than the August 800,000 people.　　In our view, this is related to the "Dragon Valley" fees, the clean up of idle accounts and the competition of World of Warcraft. 2. Third-quarter revenue chain will fall 1.7%, we expect the Grand games in the third quarter of the fiscal year 2010 will reach 161.1 million U.S. dollars, the chain fell 1.7%. Based on non-US GAAP, each share of diluted income is 0.15 dollars. Revenue for fiscal 2010 will reach $665.8 million trillion, with a diluted earnings of $0.67 per share. Revenue for fiscal 2011 will reach $796.3 million trillion, with a diluted earnings of $0.90 per share.　　At the moment, Shanda's shares are expected to be 6 times times as much as earnings per share in fiscal 2011. 3.20% share of China's online gaming market at the end of the second quarter of 2010, Shanda Games had 10.56 million active users.　　We anticipate that Shanda Games has 20% of the market share of Chinese games, ranked third after Tencent and NetEase. 1 "The Valley of the dragon" We expect the "Dragon Valley" to have the highest number of people online in the recent period of 400,000 to 500,000 people, far below the August 800,000. This is related to the "Dragon Valley" charges, clean up idle accounts and the competition of World of Warcraft. In the next one or two quarters, the grand games are expected to launch new information films and push the "Dragon Valley" to stabilize.　　We expect the "Dragon Valley" fiscal year 2010 to account for 10% of the total revenue from the grand games. 2 "Final Fantasy 14" Shanda games recently won the "Final Fantasy 14" in the Chinese market operation Rights, "Final Fantasy 14" is one of the most well-known games, the series of games worldwide sales have exceeded 100 million sets. "Final Fantasy 14" was launched in the Japanese market at the end of September this year, much praised by users.　　The game became one of the most anticipated 10 games soon after Shanda announced it would run "Final Fantasy 14" in the Chinese market. 3 Korea games Grand game will benefit from a or several upcoming Korean games, such as "Jian Ling" (Blade N Walk) and "TERA" and so on. These two gamesThe first half of fiscal year 2010 will be launched in South Korea, and the first half of 2011 is expected to land in China.　　At present, Tencent has pioneered the operation of "sword Spirit", but in any case, these two games can not be operated by a service provider. We continue to maintain the "buy" rating of the Shanda game stock, bringing the target stock price down to $8. (Li Ming)