Maintain a swim stock rating

Investment company Days Hao Capital (t.h.capital) issued an investment report today, to maintain the "nasdaq:cyou" "Holding" rating.

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

October 1, 2013 to December 25 operational data:

Large Multiplayer online role-playing game ("MMO"): During the period of the tour MMO performance is not satisfactory, the player activity of the chain decline of about 5.7%, mainly by the "Tianlong eight" downturn dragged down.

Number of MMO game servers: As of December 25, the tour for "Deer Ding kee" and "Tianlong eight" new add about 21 servers, so that the total number of servers to 875 units, and as at the end of September the amount of 854 units. The average number of servers in the period was estimated at 867, while the third quarter averaged 851 units, meaning a 1.9% increase in the chain. Among them, "Tianlong eight" a net increase of 12 units, "Deer ding kee" net increase of 4 units.

Average simultaneous online: As of December 25, the average number of online people at the same time is expected to be 2.361 million, the chain growth of 0.2%.

Number of Web game servers: As of December 25, the total number of web games (including "Pinball Hall", "The Divine Comedy" and "Poseidon") reached 9130, compared with 8854 in the third quarter. The average number of servers is estimated at 8994, compared with 8475 in the third quarter. Among them, the "Divine Comedy" server number of 7189 units, the third quarter of 6743 units. and "Pinball Hall" for 1690 units, the third quarter of 1617 units.

Valuation: We continue to maintain the "hold" rating of the swim stock.