Software & Services Tencent "A Strong 3Q Driven by New Games"
Pls see attached the full PDF research report, below is a highlight:
Key Points:
◆ 3Q revenue may reach Rmb2bn, representing QoQ growth of 25%+ and YoY growth of almost 100%. The gaming sector could be the main growth engine with PCU of two new games, Dungeon and Fighter and Cross Fire, exceeding 800k and 600k, respectively.
◆ Margin decline. We expect gross margin to have declined because of the increasing percentage of licensed games and increasing content costs related to the Olympics and increasing S&M expenses for new games.
◆ EPS for 3Q may reach Rmb0.40, beating Bloomberg consensus for 8% growth.
◆ Our 2008 revenue forecast is Rmb7,141mn, EPS HK$1.70. Our 2009 revenue forecast is Rmb9,348mn, EPS HK$2.27. The stock is currently trading at the low end of its P/E range.
 KMD2hJIX.rar (107.63 KB)
|
发表于 2008-11-13 15:45
|