T.h.capital maintains a swim share rating

Sina Science and technology news Beijing time of July 26, the Hong Kong Investment research company T.h.capital today released a study to maintain the "nasdaq:cyou" shares of the "holding" rating.

The following is the full report:

The tour will be released on July 29 before the U.S. stock market opened in the second quarter of 2013 earnings. Based on private data, we expect the second-quarter results to be at least as expected. The web-surfing game has been a powerful development, and MMO games are likely to remain flat. For the third-quarter results, we think that given the momentum of the web game, the preview will be at least consistent with the average analyst expectations. However, we believe that in order to promote future development, swimming needs more successful games, whether it is MMO games, web games, or mobile games. At present, the tour of the MMO product line performance is depressed, and mobile games have not made substantial progress. Therefore, we maintain a "hold" rating on the swimming stock.

-second-quarter revenue may be slightly better than expected

We expect the total revenue for the second quarter to be in line with previous forecasts, that is, 179 million to 185 million dollars. Analyst expectations and our forecast for 183.4 million dollars, the chain growth of 3.3%. For the online gaming business, our data shows that revenue may be slightly better than expected. This is mainly due to:

1 MMO game performance is flat. The average number of servers in the second quarter was 819, up 1.5% from 807 in the first quarter. The average number of simultaneous online users (ACU) may be about 2.26 million, up 3.6% from 2.18 million in the first quarter. According to the historical operations and financial data, the second quarter revenue may be 132 million to 134 million U.S. dollars, the chain growth 0至0.5%.

2 web game continues to develop. The total number of servers in the second quarter could be 7742, up 13.3% from 6835 units in the first quarter. As a result, revenues from web games are likely to reach 36 million to 38 million dollars and grow by 4.7% to 10.5% a quarter.

At the same time consider MMO games and web games, the net swims business revenue will be 168 million to 172 million dollars, better than the previous forecast of 165 million to 170 million U.S. dollars. Earnings per share will meet analysts ' average expectations of at least 1.37 dollars.

-third-quarter earnings forecasts may be better than expected

We expect that in the third quarter, the web game will continue to evolve while MMO games will remain flat. Therefore, we think the third-quarter performance forecast will be at least the analyst's average expectations, that is, 190.95 million U.S. dollars, the chain growth of 4%.

-Maintain a "hold" rating

The price/earnings ratio of a swim is low. Based on our projected earnings of $5.78 per share in 2013, or an average analyst estimate of $5.79, the prospect of a cruise is only 6.8 times times higher than 9.5 times times that of the same company. Nevertheless, we believe that the value of the share price has been reflected. This is due to: 1 swim in the lack of hot MMO games. 2 The growth of web games may slow due to the lack of new work. 3 Mobile games have not made substantial progress, and competitors have developed popular games.

We maintain a "hold" rating on the stock market, taking into account the uncertainties surrounding the long-term sustainability of the tour. However, we are still assessing ratings and performance expectations. (Chu Yue)