The Eternal Tower developers: The game launched in China after the collapse of users

November 6 Evening News, Citigroup released a report today, the Grand Game (nasdaq:game) agent of the South Korean online games "The Eternal Tower" in the early days of the launch of China's users fell seriously, but now has bottomed out and stabilized.　　The following is a summary: NCsoft management, a South Korean game maker who developed the tower of the eternal, said in a conference call for the third quarter of fiscal year 2009 that the quarterly "Tower of Eternity" operation in China did not improve. NCsoft Management also noted that the company had high hopes for the game when it was launched in China in April, but that the user volume of the game quickly fell sharply after the launch. All of the user data in the Tower of Eternity fell sharply in June, although the 1.2 upgraded version was released in August, but the figures were still not up in the third quarter.　　Although NCsoft believes the game will improve after the 1.5 release in the fourth quarter, it is still conservative in its operations in China. Shanda has worked closely with NCsoft in recent months to solve the problem of plug-in games. NCsoft Management said they hope the anti-plug-in program was launched in April, "The Tower of Eternity" on the line.　　Due to the initial loss of the player, NCsoft that it will be difficult to get these players back to the game. The fourth quarter launched the 1.5 version of the grand plan in November to launch the 1.5 upgrade version of the film, upgraded version will contain more tasks, maps and game features.　　NCsoft is cautiously optimistic about the latest version of the film to help reverse the operation of the Tower of Eternity in China. Our views NCsoft the above representations in line with our expectations. 1 in recent months the Tower of Eternity has bottomed out and stabilized; 2 1.5 The release of the upgraded version will be a positive factor in the improvement of user data.　　We very much agree that NCsoft management has candidly expressed its views on the "Tower of the Eternal" and the disappointment of its operation, and that if the game operators can foresee and solve the problem of plug-and-play as soon as possible, the "eternal State" operation will be better. Game licensing fees fell 30% ncsoft third-quarter game licensing fee total income of 13 billion won, compared with the last quarter of 18.7 billion won the total income of the quarter-on-quarter decline 30%. The second season NCsoft from the "Tower of Eternity" Chinese operators have collected about 11.1 billion won the game licensing fee. We assume that other game licensing fees remain flat with about 7 billion won in the last quarter, which means that the game license fee from China for the third quarter is about 6 billion won.　　NCsoft's annual game-mandated revenue is expected to be 52 billion won, which means the company expects a fourth-quarter licensing fee from China to be flat for 6 billion won in the third quarter. NCsoft third quarter earnings by the "Eternal Tower" in the United States, Europe, Japan and Taiwan, the good beginning of the promotion, the third quarter NCsoft total revenue for 166.3 billion won, the chain growth of 21%, year-on-year growth of 112%, in line with market expectations.　　　　"Eternal Tower" revenue of 78.96 billion won, the chain growth of 94%. Citigroup rated the Shanda game stock as "buy", with a 12-month target of $12.50. (Sean)