标题: [20081110] Software & Services Tencent "A Strong 3Q Driven by New G [打印本页] 作者: yangruoxin 时间: 2008-11-13 15:45 标题: [20081110] 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. [attach]9159[/attach]
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