The Giants ' third-quarter results meet expectations

Beijing time November 7 afternoon news, Morgan Stanley released a study today, said the Giant (NYSE:GA) third-quarter results in line with expectations, to maintain the unit "overweight" (overweight) rating.

The following is a summary of the report:

Profitability in line with our expectations: The Giants in fiscal year 2013, the third quarter revenue for 590 million yuan, the chain flat, an increase of 9%. "Fairy World" is the main growth momentum of the season. The company's operating profit for the quarter was 348 million yuan, 2% higher than our forecast. Operating profit rate was 59%, the previous quarter and the same period was 61% and 60% respectively. Net profit of 356 million yuan, the chain down 3%, an increase of 14%, compared to our expectations higher than 3%.

Operational data Stability: Giants in the quarter active pay account number reached 2.34 million, the chain flat, an increase of 4%. Quarterly ARPU (per user average income) reached 245 yuan, the chain flat, an increase of 3%. ACU (the average number of online users) for 697,000, the chain reduction of 1%, flat. PCU (the highest number of users online) for 2.27 million, the chain reduction of 2%, an increase of 2% year-on-year.

Fourth-quarter guidance forecasts: The company expects total revenue for fiscal year 2013 to be flat or moderate, up about 3% per cent year-on-year.

New Game Pipeline update: The company has launched two web games, respectively, "Diablo three" and "the most promise". The company will also start testing the "heroic stew" and the "Journey mobile Version" in the fourth quarter of 2013 and the first quarter of 2014. The company began testing the "glorious mission" of its self-developed first-person shooter game on August 1, 2013.