Market regeneration of online games: the first negative growth of six giants ' overall income

NET Game Six giants quarterly income changes in the overall income changes in the game market is still continuing. As of yesterday, Tencent, NetEase, grand, swim, perfect, giant, these six occupy the domestic net game market 80% share of the company, all completed the second quarter of this year's earnings release.　　It is noteworthy that the "six giants" in half of the fall in the revenue chain, Shanda Games (micro-blog), perfect, NetEase are involved in it. This has been the first time since the 2009 Grand game split, even worse than the depression of the second quarter of 2010.　　Yet the grim news is more than that. Statistics show that the six companies (Tencent and NetEase only calculate the online business) the overall revenue scale, the first time in the last quarter to break through the tens of billions of points, from 10.6 billion yuan down to 10.535 billion yuan.　　Although the two figures are less than 100 million yuan, the margin of change is less than 1%, but it is the overall income of the six giants since 2009, the first negative growth.　　This is clearly a dangerous signal for the industry as a whole. The ranking of these six companies has not changed in the last quarter, depending on the size of the revenue, but if net profit is to be used as a frame of reference, it is worth noting that the first dip in the game is to crush the Grand games.　　and tour by virtue of the page tour and other help in the revenue is also closer to the grand game, the distance into the single quarter revenue "1 billion Yuan club" is only one step away. Although Shanda's revenues fell 14 year-on-year, net profit rose 1% year-on-year.　　See Shanda Game earnings can be found, the company last quarter, the cost of the year-on-year decline of 18.2%, it is the full effort to cut the throttle. In the quarter, the new CEO was appointed for Grand games and perfection, but the two companies that failed to do so were given a higher rating in their reports.　　For example, Morgan Stanley in the report that Shanda in the follow-up products, cost control, cash flow aspects have the merits, so maintain a grand game overweight rating, but the target price reduced to 5.5 yuan.　　Citi's report, though expected to continue its perfect weak performance, but it points out that the perfect share price is undervalued: "The company holds a net cash and cash equivalent of $6.5 per share of ads, up to 62% of the share price, while the company's real estate value is $3.2 per share of ads, up to 30% of the share price."　　Undervalued stock prices, low market value, and the concept of Chinese online games is not abandoned. At this stage, Tencent has a 35 times-fold earnings ratio in Hong Kong, while the US-listed NetEase has a 12 times-fold, grand game 4.85 times-fold, 4.69 times-fold tour, Perfect 3.57 times times, and a giant 6.13 times times.