MainFirst Securities: Swim with open source game engine or make mistakes

Beijing Time October 12 Evening News, MainFirst Securities Hong Kong Co., Ltd. (MainFirst) released an analysis of the report today, to raise the share rating of the swim, while cutting the giant's target share price. The following is the full report: We have updated the rating and target share price of the two online games concept stocks previously rated "neutral" (Neutral). These two stocks have fallen 13% to 17% over the past week. Among them, we will upgrade the tour rating from "neutral" to "buy" (purchase), the target share price unchanged.　　We cut the giant's target share price by 11%, while maintaining a "neutral" rating.　　-We believe that there are flaws in the business model for both the tour and the Giants, but the business model for the cruise is slightly better. -The tour is a game development company, and the giant's advantage lies in the market promotion.　　Two companies are trying to develop on their own.　　-Swim in 3D game development is very professional, but with our preferred game developers perfect time and space, as well as the second Jinshan, swimming in the game engine diversification, and the introduction of the business game engine is a step behind, which led to the company's research and development efficiency is low.　　-In addition, we think that the use of open source game engine is probably the wrong choice. -On the other hand, the Giants have only launched a game since the 2007 IPO, but the company will launch 4 games in the four quarter of 2009 and 1 more in the first quarter of 2010. We believe that these games, which cost the Giants 2 years to develop, could stop the giant's revenues from slipping.　　Although we still have doubts about the speed with which the Giants release the game, we think the speed of the giant game release has bottomed out. -Swimming and giant's share prices are now very cheap. We expect the current price-to-earnings ratio to be 8 times times that of 2010 per share revenue, and the giant's current earnings ratio is 9.6 times times. (D-Gold)