J.P. Morgan launches investment report today to maintain an overweight rating

Summary: Check the latest quotes Beijing time, March 3 Evening News, JPMorgan released its investment report today, to maintain the era of shares (NASDAQ:YY) overweight rating. The following is a summary of the report: Gathering time will be in the U.S. Eastern Time March 4, 2014 U.S. stock market

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Beijing Time March 3 Evening News, JPMorgan released its investment report today to maintain the "overweight" rating of the Nasdaq:yy stock.

The following is a summary of the contents of the report:

The gathering time will be in the U.S. Eastern Time March 4, 2014 after the U.S. stock market close (Beijing time March 5) released the 2013 fiscal year quarter results. We expect that, based on non-US GAAP, diluted earnings per share will reach 3.20 yuan, compared with an average of 2.86 yuan for analysts surveyed by Bloomberg. We believe that both the revenue of the gathering and the diluted earnings per share will be expected to exceed our expectations.

Performance expectations: We anticipate that the quarter of the season's revenue will reach 529 million yuan, the chain growth of 9%, an increase of 98%. , above the average estimated 526 million yuan by analysts surveyed by Bloomberg. Based on non-US general accounting standards, operating profit will reach 199 million yuan. We also expect gross margin to reach 52% and a third quarter of 49%. Based on non-US general accounting standards, operating margins will reach 38%, compared with the third quarter of 36%.

Business news: The Gathering time last month launched the Independent Education brand "100 Education" (100.com), in the next two years, the gathering time will invest RMB 1 billion yuan to this educational platform. The platform's core strategy includes: 1 well-known teachers, providing teachers with a higher share (almost 100%), 2 providing free service for most students, and 3 taking the lead through English training to enter the online education Service market.

Earnings and teleconferencing Focus: 1 new business strategy and commercialization plan. In addition to the core of web games and yy music, the gathering era has introduced a number of new strategies, including game broadcasting and online education. When to commercialize is a matter of concern. 2 "Magic Hero" performance. The era has been with the United States S2 games company to reach a deep strategic cooperation, and the sole agent and operation of S2 games company's latest hero games "Magic Hero" (strife) Asia regional agent. Given the strong performance of the game in the international marketplace and the lack of strong competitors, we expect to attract a large number of players in the coming quarters. 3 The financial expectations of the education business for 2014 years and 2015.

Valuation: We continue to maintain the "overweight" rating of the stock market.