CICC Morning Notes 20081107
<p><b><span lang="EN-US">Market Information </span></b></p><p><b><span lang="EN-US">CICC Morning Notes</span></b></p><p><b><span lang="EN-US">2008/11/07</span></b></p><p><span lang="EN-US" style="FONT-SIZE: 10pt;"> </span></p><p><b><span lang="EN-US">Please find the English highlights of CICC research reports to be published today as follows:</span></b></p><p><b><span lang="EN-US">1. Tencent Holdings (<a href="http://700.hk/HK$48.25" target="_blank"><font color="#0000cc">700.HK/HK$48.25</font></a>): A Strong Q3 Driven by New Games – BUY </span></b></p><p><b><span lang="EN-US"> </span></b></p><p><b><span lang="EN-US">Details as follow:</span></b></p><p><b><span lang="EN-US">1. Tencent Holdings (<a href="http://700.hk/HK$48.25" target="_blank"><font color="#0000cc">700.HK/HK$48.25</font></a>): A Strong Q3 Driven by New Games – BUY </span></b></p><p style="LAYOUT-GRID-MODE: char; LINE-HEIGHT: 150%;"><b><span lang="EN-US" style="FONT-SIZE: 10.5pt; LINE-HEIGHT: 150%;">Key Points: </span></b></p><p style="MARGIN-LEFT: 26.4pt; LAYOUT-GRID-MODE: char; TEXT-INDENT: -21pt;"><span lang="EN-US"><span>-<span> </span></span></span><span lang="EN-US">Q2 revenue may reach Rmb 2bn, representing QoQ growth of 25%+ and YoY growth of almost 100%. Gaming sector could be the main growth engine with PCU of two new games, Dungeon and Fighter, and Crossfire, exceeding 800k and 600k respectively. </span></p><p style="MARGIN-LEFT: 26.4pt; LAYOUT-GRID-MODE: char; TEXT-INDENT: -21pt;"><span lang="EN-US"><span>-<span> </span></span></span><span lang="EN-US">Margin decline. Gross margin declined because of the increasing percentage of licensed games and also the increasing content costs related to Olympic. Quick operating costs expansion due to the increasing S&M expenses for new games and Olympic. </span></p><p style="MARGIN-LEFT: 26.4pt; LAYOUT-GRID-MODE: char; TEXT-INDENT: -21pt;"><span lang="EN-US"><span>-<span> </span></span></span><span lang="EN-US">EPS for Q3 may reach Rmb 0.40, beating Bloomberg consensus for 8%. </span></p><p style="MARGIN-LEFT: 26.4pt; LAYOUT-GRID-MODE: char; TEXT-INDENT: -21pt;"><span lang="EN-US"><span>-<span> </span></span></span><span lang="EN-US">Our 2008 revenue forecast is Rmb7,141 mn and 2008 EPS HK$1.70. Our 2009 revenue forecast is Rmb9,348mn and 2009 EPS HK$2.27. Stock traded at low level of its P/E range.</span></p><p><span lang="EN-US" style="FONT-SIZE: 10pt; COLOR: blue;"> </span></p><p><b><span lang="EN-US">For details, please find the full report from CICC Research Report Reader. Should you have any questions, please feel free to contact your account manager!</span></b></p><p><b><span lang="EN-US"> </span></b></p><p><b><span lang="EN-US">China International Capital Corporation Limited</span></b></p><p><b><span lang="EN-US">Sales & Trading Department</span></b></p><p><span lang="EN-US" style="FONT-SIZE: 10pt;"> </span></p>页:
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