Investment bank Fly Kairui maintain grand game stock holding rating

Lead: investment Bank Fei Kairui (Brean Murray, Carret & Co) issued an investment report in Tuesday to maintain a "hold" (Hold) rating for Shanda gaming stocks. The following is a summary of the article: Shanda Games reported mixed results in the third quarter of 2010, with a revenue of $164 million trillion, slightly above Wall Street's expected $160 million trillion. But earnings per share were 0.15 dollars, below Wall Street expectations. Operating profit was 27.9%, down 120 benchmark points.　　To this end, we lowered the Grand Game 2011 fiscal year for each share of diluted earnings expectations, and maintain its "hold" stock rating. The number of active paid users fell: in the third quarter, Shanda gaming revenues were $164 million trillion, slightly above Wall Street's expected $160 million trillion. Diluted earnings per share were 0.15 dollars, below Wall Street's expected $0.18 trillion.　　The number of active paid subscribers (APA) for large multiplayer role-playing games (MMORPG) and casual games decreased by 4% and 10% per cent on a month-on-month basis. Operating margins continued to slide: operating margins were 27.9% in the third quarter, down 120 per cent on the chain, and our expectations were flat on a month-on-month basis, largely due to higher marketing costs.　　The Grand game expects operating margins to be roughly flat in the fourth quarter of this year. Quarter expected: Shanda's fourth-quarter revenues are expected to reach $168.5 million trillion to $171.8 million trillion, up 3% to 5% per cent respectively.　　Shanda Games said that in the fourth quarter, two of the main game's revenue will tend to stabilize, and the new game will drive revenue growth.　　To lower the 2011 fiscal year forecast: As a result of lower operating profit margins, we will be the Grand games in the 2011 fiscal year diluted earnings forecast reduced to 0.63 U.S. dollars. Stock Rating: We continue to maintain a "hold" rating for Shanda gaming stocks. (Li Ming)