DOCSLIB.ORG

China Internet Sector

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
China Internet Sector China Information Technology 2 August 2016 China Internet Sector ChinaJoy wrap: online games, long may they reign Positive outlook on mobile game revenue growth unchanged; expect recent regulation to accelerate mobile game industry consolidation Tencent and NetEase already dominate respective mobile hard-core John Choi genres in China; both have strong mobile game pipelines in 2H16 (852) 2773 8730 Top picks in the China Internet sector: Alibaba and Tencent [email protected] Alex Liu (852) 2848 4976 [email protected] What's new: We attended ChinaJoy, Asia’s largest digital entertainment fair and World Mobile Game Conference (WMGC), in Shanghai on 29-31 July. We are more optimistic on large online game players including Tencent (700 HK, HKD184.50, Buy [1]) and NetEase (NTES US, USD202.71, Outperform [2]) after the event. We expect both to meet, if not beat, our and the consensus mobile game revenue growth forecasts in their upcoming 2Q16 results. What's the impact: Big players getting bigger. We expect mobile game market consolidation to continue, ultimately benefiting the large players like Tencent and NetEase. Specifically, Tencent plans to launch fewer mobile game titles but with a higher quality to cover the majority of China’s mobile game population. Its leadership in the mobile multiplayer online battle arena (MOBA), casual, and first person shooter (FPS) genres is largely intact, in our view. Separately, we believe NetEase is in a league of its own in terms of the mobile role playing game (RPG) genre in China, and is ready to expand into new genres including Dance and Card & Action. Its PC licence game portfolio, including the recently launched Overwatch and the upcoming WoW 7.0, also look like they would offer good monetisation potential. Tightened regulation favours established players. The State Administration of Press, Publication, Radio, Film and Television’s (国家广电总局) (SARFT) recent requirement for mobile game developers to submit games for review before publishing will greatly increase compliance costs, lengthen the production development cycle and disadvantage small developers. We expect the regulation to lead to an acceleration of mobile game industry consolidation in the next few quarters. Pan-entertainment taking shape. The leading online game companies are all talking about exploiting the value of popular intellectual property (IP) via movies/TV series/literature, etc. In our view, the few players that have control over upstream content production to downstream content distribution will grab the most value from the IP monetisation process. We see Tencent as the best positioned on this front. What we recommend: Within the China online game sector, we believe NetEase and Tencent will continue to harvest the market and gain share at the cost of the smaller players. Our top picks in the China Internet Sector are Tencent and Alibaba (BABA US, USD84.34, Buy [1]). Our long-term positive secular growth thesis on Alibaba still stands. For Baidu, we expect a muted short-term performance given the low visibility on its business recovery and lack of share-price catalysts. How we differ: We are more confident than the street on the secular growth potential for ecommerce and online game players. See important disclosures, including any required research certifications, beginning on page 21 China Internet Sector: 2 August 2016 Internet sector valuations (as of 1 August 2016) Market price Market cap PER (x) P/S (x) EV/EBITDA (x) ROE % Ticker Short Name Rating (local curr') (USDm) FY1E FY2E FY3E FY1E FY2E FY3E FY1E FY2E FY3E FY1E China Internet 700 HK Equity TENCENT Buy 184.50 221,109 32.2 26.3 21.7 10.2 8.3 7.0 20.1 15.9 12.7 37.7 BIDU US Equity BAIDU INC-SP ADR Hold 163.23 57,180 34.9 21.7 15.5 5.2 4.3 3.6 24.2 14.9 9.6 12.2 NTES US Equity NETEASE INC-ADR Outperform 202.71 26,652 15.8 13.9 12.3 4.8 4.0 3.4 10.8 8.9 7.3 33.5 CTRP US Equity CTRIP.COM-ADR Buy 43.09 19,508 149.7 38.8 23.2 6.6 5.3 4.3 n.a. 37.1 18.0 8.5 WB US Equity WEIBO CORP-ADR Non-rated 34.04 7,241 59.9 36.9 23.9 10.9 8.3 6.0 52.0 31.3 16.7 7.4 SINA US Equity SINA CORP Non-rated 54.73 3,823 66.4 37.5 23.8 3.9 3.4 2.9 22.7 14.7 9.3 2.2 YY US Equity YY INC-ADR Non-rated 39.13 2,150 13.6 11.3 n.a. 1.9 1.3 1.1 10.3 8.6 n.a. 34.3 SFUN US Equity SOUFUN HOLDI-ADR Non-rated 5.06 2,405 n.a. 46.0 18.2 1.9 1.5 1.1 n.a. 28.5 15.1 (23.9) ATHM US Equity AUTOHOME INC-ADR Non-rated 22.36 2,564 13.9 11.5 9.5 2.2 1.7 1.1 11.4 8.3 7.3 23.7 EDU US Equity NEW ORIENTAL-ADR Non-rated 43.09 6,762 23.9 19.2 15.5 3.9 3.4 2.9 17.2 13.8 11.4 17.1 BITA US Equity BITAUTO HOLD-ADR Non-rated 28.00 1,690 22.2 14.5 10.5 1.9 2.8 2.3 13.2 8.6 6.5 (7.3) WUBA US Equity 58.COM-ADR Non-rated 51.76 7,328 n.a. 34.2 22.2 5.4 4.2 3.0 58.2 21.0 12.5 (19.3) QUNR US Equity QUNAR CAYMAN-ADR Non-rated 30.00 4,343 n.a. 54.6 23.9 5.4 4.0 2.9 n.a. 84.9 29.6 n.a. XRS US Equity TAL EDUCATIO-ADR Non-rated 58.83 4,758 41.6 27.9 20.5 4.9 3.7 2.8 31.2 20.2 13.8 21.7 SOHU US Equity SOHU.COM INC Non-rated 37.91 1,466 n.a. n.a. n.a. 0.8 0.7 0.7 6.2 2.5 2.1 (3.2) Average 43.1 28.2 18.5 4.7 3.8 3.0 23.1 21.3 12.3 10.3 China E-commerce BABA US Equity ALIBABA GRP-ADR* Buy 84.32 206,626 33.6 26.6 21.0 13.0 9.1 7.2 24.0 18.7 13.7 24.6 JD US Equity JD.COM INC-ADR* Buy 21.84 29,948 n.a. 42.4 19.8 0.8 0.6 0.5 n.a. 46.0 15.2 - VIPS US Equity VIPSHOP HOLDINGS* Buy 14.33 8,257 22.1 17.8 13.7 1.0 0.8 0.7 15.4 10.0 6.9 58.8 JMEI US EQUITY JUMEI INTERNATIO Non-rated 4.08 598 10.1 6.2 5.5 0.4 0.3 0.2 2.8 1.6 1.4 3.4 Average 21.9 23.3 15.0 3.8 2.7 2.2 14.0 19.1 7.8 21.7 Global Internet AAPL US Equity APPLE INC Non-rated 106.05 571,444 12.8 11.8 10.7 2.6 2.5 2.4 6.0 5.8 5.5 37.9 GOOG US Equity ALPHABET INC-C Non-rated 772.88 539,559 22.8 19.3 16.6 6.9 6.5 5.6 12.8 11.0 9.5 15.0 FB US Equity FACEBOOK INC-A Non-rated 124.31 356,935 31.7 24.5 19.8 11.3 9.8 7.3 19.8 14.8 11.7 13.4 AMZN US Equity AMAZON.COM INC Non-rated 767.74 363,965 71.2 47.4 34.7 2.4 2.2 1.8 22.9 17.0 13.4 13.6 PCLN US Equity PRICELINE GROUP Non-rated 1,356.08 67,315 20.3 17.3 15.0 6.2 5.5 4.8 16.7 14.3 12.4 29.3 EBAY US Equity EBAY INC Non-rated 31.25 35,282 16.6 15.1 13.7 3.9 3.8 3.6 10.4 9.9 9.3 14.7 YHOO US Equity YAHOO! INC Non-rated 38.80 36,857 80.0 70.3 65.7 10.4 10.1 10.0 39.8 35.9 34.4 (15.8) TWTR US Equity TWITTER INC Non-rated 16.64 11,777 33.3 29.5 23.0 4.4 4.1 3.6 14.0 11.9 10.0 (9.3) NFLX US Equity NETFLIX INC Non-rated 94.37 40,459 173.2 79.7 45.3 4.1 3.8 3.0 81.3 42.2 25.9 6.3 EXPE US Equity EXPEDIA INC Non-rated 117.37 17,572 23.8 17.8 14.7 1.9 1.8 1.5 12.0 9.6 8.1 5.7 TRIP US Equity TRIPADVISOR INC Non-rated 70.45 10,265 41.6 31.6 24.3 6.3 5.6 4.8 23.0 18.1 14.5 12.3 LNKD US Equity LINKEDIN CORP-A Non-rated 193.09 26,014 56.0 44.7 35.5 6.7 5.8 4.9 23.8 19.2 15.5 (4.0) 035720 KS Equity KAKAO CORP Buy 91,000.00 5,540 21.5 21.0 19.1 4.9 3.7 3.3 14.5 11.6 10.2 10.2 4755 JP Equity RAKUTEN INC Non-rated 1,184.00 16,627 25.7 19.9 16.1 2.1 0.0 0.0 2.3 1.9 1.6 7.8 4689 JP Equity YAHOO JAPAN CORP Non-rated 446.00 24,975 19.0 17.1 14.9 2.9 3.3 3.1 9.3 8.4 7.6 22.6 Average 43.3 31.1 24.6 5.1 4.6 4.0 20.6 15.4 12.6 10.6 Source: Bloomberg, *Daiwa forecasts 2 China Internet Sector: 2 August 2016 Table of contents Tencent: highlights from ChinaJoy .......................................................................
Load more

Recommended publications
  • NCSOFT (036570 KS) Strong Momentum to Come from New Releases and 1Q Earnings
    NCSOFT (036570 KS) Strong momentum to come from new releases and 1Q earnings Game Raising 1Q16F OP on higher-than-expected Blade & Soul US revenue We now forecast NCSOFT’s 1Q revenue at W229bn (+21.8% YoY) and operating profit Company Update at W85bn (+90.5% YoY), which is well above the current consensus (W67.3bn). We March 11, 2016 adjusted up our 1Q earnings estimate, as we expect revenue from Blade & Soul US (launched on January 19 th ) to be higher than previously anticipated, given the title’s stabilizing traffic trends. (Maintain) Buy We upped our Blade & Soul US revenue estimates from W10bn to W20bn for 1Q and from W10bn to W15bn for 2Q-4Q each. But even with the revision s, our assumptions Target Price (12M, W) 420,000 appear conservative compared with the revenues recorded from Blade & Soul Taiwan and Guild Wars 2 . Share Price (03/10/16, W) 263,500 We see a chance of Blade & Soul US revenue exceeding W30bn in 1Q, if we model the Expected Return 59% revenue per server from Blade & Soul Taiwan (released on November 26, 2014 based on a microtransaction model) into our estimates (13 servers in Taiwan vs. 34 in the US). OP (15F, Wbn) 237 Traditional titles, including Lineage and Blade & Soul , are also showing stable traffic. Consensus OP (15F, Wbn) 238 Meanwhile, we did not incorporate potential earnings from the upcoming Lineage I microtransaction event (scheduled for March 16 th ) and from Blade & Soul Mobile in EPS Growth (15F, %) -26.9 China (non-wipe launch on March 7 th ; no.
    [Show full text]
  • NCSOFT (036570 KS) Blade & Soul US to Become a Meaningful Earnings Variable in 2016
    NCSOFT (036570 KS) Blade & Soul US to become a meaningful earnings variable in 2016 Game Blade & Soul US launched on January 19 th On January 19 th , NCSOFT’s Blade & Soul US began service in the US and Europe as a Company Update free-to-play game with microtransactions. The game was initially launched with 22 February 5, 2016 servers, but now has 28 servers due to long queue times and is likely to add more servers given extended queues even after the expansion. NCSOFT said the title attracted more than 1mn players in just one week since its launch, and we believe that number has (Maintain) Buy recently increased to almost 2mn. Blade & Soul US has been moving up in Alexa’s global traffic ranking. According to Target Price (12M, W) 400,000 compete.com’s data, Blade & Soul US ranks between the international blockbuster League of Legends (LoL) and NCSOFT’s hit title Guild Wars 2 (2014 revenue of W86bn) Share Price (02/04/16, W) 239,500 in terms of traffic. During its first week of release, Blade & Soul US achieved “daily reach” equal to 76% of LoL’s and 473% of Guild Wars 2’s. Since the title is free to play Expected Return 67% and is in its very early stages, we could see wide swings in future trends, but it seems clear the title will become a meaningful earnings contributor in 2016. OP (15F, Wbn) 237 Netmarble IPO would boost investment asset value Consensus OP (15F, Wbn) 237 The biggest component of NCSOFT’s valuation is Lineage I , which was released almost EPS Growth (15F, %) -18.5 two decades ago.
    [Show full text]
  • NCSOFT (036570 KS ) Prepare for New Title Momentum in 3Q
    Mirae Asset Daewoo NCSOFT (036570 KS ) Prepare for new title momentum in 3Q Game 1Q16 preview: Improved earnings quality We forecast NCSOFT’s 1Q16 revenue and operating profit to come in at W225bn (+19.6% Earnings Preview YoY) and W74bn (+64.4% YoY), respectively. April 20, 2016 We estimate Blade & Soul US (launched in January) generated more than W20bn in new revenue, and believe revenue from all of the company’s cash cow titles ( Lineage I , Lineage II , Aion , Blade & Soul , and Guild Wars 2 ) also remained solid in the quarter. Earnings were (Maintain) Buy likely further supported by lower expenses, with both special items (e.g., pro fessional baseball team contracts) and marketing spend declining QoQ. Target Price (12M, W) 420,000 Three new titles to be released in 3Q and 4Q each Share Price (4/19/16, W) 236,500 NCSOFT’s 2016 title lineup remains largely unchanged from its original plans announced earlier this year. In 3Q16, the company will roll out its first mobile title based on its intellectual property (IP), Lineage Red Knights . In addition, Lineage II: Dawn of Aden Expected Return 78% (developed by Netmarble) and the PC game Master X Master (MXM) will be launched in Korea, Japan, and Taiwan during the quarter. OP (16F, Wbn) 323 Three more titles are expected to come out in 4Q16, including Lineage on Mobile (a Consensus OP (16F, Wbn) 349 mobile version of Lineage I ), Lineage II: Oath of Blood Mobile (developed by China’s Snail EPS Growth (16F, %) 54.9 Games), and Aion Legions . Market EPS Growth (16F, %) 12.2 Buy on the cheap; Maintain Buy and TP of W420,000 P/E (16F, x) 20.2 Lately, investors have stopped pricing in expectations for Blade & Soul Mobile China .
    [Show full text]
  • NCSOFT (036570 KS ) Overwatch Worries Are Overblown
    NCSOFT (036570 KS ) Overwatch worries are overblown Game 2Q preview: Earnings to improve YoY, but contract QoQ For 2Q, we forecast NCSOFT to post revenue of W227.9bn (+4.8% YoY, -5.4% QoQ) Company Update and operating profit of W68.2bn (+1.7% YoY, -10.0% QoQ). July 1, 2016 We estimate Lineage I revenue expanded QoQ thanks to item sales from a recent event (from May 25 th to June 22 nd ). However, we believe revenue from Blad e & Soul US (which was newly recognized in 1Q) sharply declined QoQ. (Maintain) Buy The company is likely to ramp up hiring to support its future growth projects (AI, Target Price (12M, W) 420,000 VR, etc.) and expanding mobile game lineup. As such, we estimate labor expenses will increase by roughly W10bn YoY every quarter from 2Q. Share Price (06/30/16, W) 236,000 Overwatch worries are overblown; Lineage I is in a league of its own Expected Return 78% In 2Q, the domestic online game market witnessed a major shakeup after Blizzard’s first person shooter (FPS) game Overwatch instantly became the no. 1 title in internet cafés (based on playing time) following its release on May 24 th . OP (16F, Wbn) 318 Consensus OP (16F, Wbn) 329 However, we note that NCSOFT’s traditional titles, including Lineage I , have shown little change in traffic after Overwatch ’s release. Rather, Lineage I has actually seen EPS Growth (16F, %) 54.2 an increase in players, partly due to the recent event. We believe this once again Market EPS Growth (16F, %) 17.8 shows that the domestic PC game market is becoming increasingly divided P/E (16F, x) 20.3 between hardcore players and casual players, and between older players (over 30) Market P/E (16F, x) 10.5 and younger players.
    [Show full text]
  • NCSOFT (036570 KS) Blade & Soul Gaining Renewed Momentum
    NCSOFT (036570 KS) Blade & Soul gaining renewed momentum Game 4Q15 review: In-line results NCSOFT reported 4Q15 revenue and operating profit that were broadly in line with our Results Comment expectations. Revenue expanded 21% QoQ to W236.9bn, with balanced growth across February 12, 2016 existing titles, while operating profit increased 48% QoQ to W74.9bn, backed by strong top-line growth. Existing titles, including Lineage I, Lineage II , Aion, and Blade & Soul, recorded strong (Maintain) Buy revenue growth QoQ. In particular, revenue from Blade & Soul jumped 30% QoQ to W32.4bn thanks to rollouts of new classes and items, which were positively received. Target Price (12M, W) 400,000 4Q15 net profit, however, fell below our estimate to W42.2bn, hurt by a goodwill impairment charge (W18.4bn) related to Ntreev Soft Share Price (2/11/16, W) 240,000 1Q16 catalysts: Blade & Soul US revenue recognition and China mobile launch Expected Return 67% Blade & Soul US , the company’s first new release in 2016, is doing much better than th initially expected. Launched on January 19 , the title has attracted more than 2mn players and currently has a total of 34 servers, after originally starting with 22. We are OP (15P, Wbn) 237 conservatively modeling quarterly revenue of W10bn for Blade & Soul US (beginning Consensus OP (15F, Wbn) 238 1Q16). Since the title is free to play, user metrics are critical in predicting revenue . With EPS Growth (15P, %) -26.9 the title still in its very early stages, we could see changes in user metric trends, which Market EPS Growth (15F, %) 19.9 would prompt revisions to our estimates.
    [Show full text]
  • Ncsoft (036570 KS) Long-Awaited Mobile Games Strategy to Be Unveiled
    NCsoft (036570 KS) Long-awaited mobile games strategy to be unveiled Game Solid earnings expected in 3Q-4Q In 3Q, we believe royalty income from Blade & Soul China declined QoQ, as the title’s Company Update user indicators have failed to pick up even after its official launch in August. November 4, 2014 Lineage I revenue likely recovered QoQ, boosted by a microtransaction event. Marketing expenses likely fell compared to 2Q, when the company spent heavily on several new releases (WildStar and Blade & Soul Japan ). (Maintain) Buy For 3Q, we forecast revenue and operating profit to come in at W207.3bn (+22% YoY) Target Price (12M, W) 220,000 and W67.1bn (+118% YoY), respectively. We expect revenue to continue to grow in 4Q, supported by multiple microtransaction events for Lineage . Share Price (11/03/14, W) 147,000 New titles & mobile games strategy to be unveiled at G-Star 2014 Expected Return 50% NCsoft will have a significant presence at the annual game trade show, G-Star, which is set to begin in Busan on November 20 th . The company will also hold a premiere event in Seoul two days before the show’s opening. OP (14F, Wbn) 248 Consensus OP (14F, Wbn) 251 At G-Star 2014, NCsoft is expected to build anticipation for upcoming releases , including Master X Master (MXM) and Lineage Eternal , and provide a clearer picture on its mobile EPS Growth (14F, %) 49.8 games strategy. Market EPS Growth (14F, %) 3.7 P/E (14F, x) 13.5 We see two possible strategies for mobile games.
    [Show full text]
  • Ncsoft (036570 KS) Buy Low in 1H and Sell High in 2H
    NCsoft (036570 KS) Buy low in 1H and sell high in 2H Games Earnings to be weak in 1H but strong in 2H During January and February, the average total time spent per day on NCsoft games Company Update remained relatively resilient compared to 4Q14 data. Daily average figures were up 0.2% March 11, 2015 and 3.3% (vs. 4Q14), respectively, for Lineage I and Aion , and down 7.8% and 8.7%, respectively, for Lineage II and Blade & Soul . We forecast 1Q15 revenue at W179bn (+0.4% YoY). More specifically, we project (Maintain) Buy Lineage I revenue to jump 50.4% YoY to W62bn, buoyed by a microtransaction event held in February. Target Price (12M, W) 240,000 We expect 1Q15 operating profit of W52bn (+15.9% YoY). Overall operating expenses Share Price (3/10/15, W) 171,500 should decline on the removal of several items, including pro baseball team-related expenses as well as the bonus payouts and G-Star marketing spend seen in 4Q14. Expected Return 40% New release momentum concentrated in 2H The second beta test for Blade & Soul China mobile as well as beta tests for Lineage OP (15F, Wbn) 311 Eternal and Master X Master (MXM ) are anticipated to take place in early 2Q. The release Consensus OP (15F, Wbn) 310 schedule for the Guild Wars 2 expansion pack should also become clear in 2Q. Guild EPS Growth (15F, %) 22.5 Wars 2 has so far sold 4.6mn copies since its debut in August 2012, with around 2.5mn Market EPS Growth (14F, %) -1.9 copies sold in its first year of release.
    [Show full text]
  • Platforms Have a New Role to Play Pan-Asia Mobile Games Sector
    Information Technology / Pan Asia 24 October 2014 Platforms have a new role to play Pan-Asia Mobile Games Sector • Smart devices are fast becoming the primary “screens” through which entertainment content is consumed • After casual games, we highlight “mid-core” RPGs as the next driver of growth in the region’s mobile-game industry • We favour integrated platforms over pure developers; our top picks are Daum Communications, Tencent and Square Enix How do we justify our view? See important disclosures, including any required research certifications, beginning on page 70 Information Technology / Pan Asia 24 October 2014 Platforms have a new role to play Pan-Asia Mobile Games Sector • Smart devices are fast becoming the primary “screens” through which entertainment content is consumed • After casual games, we highlight “mid-core” RPGs as the next driver of growth in the region’s mobile-game industry • We favour integrated platforms over pure developers; our top picks are Daum Communications, Tencent and Square Enix How do we justify our view? the big 3 markets to account for 38% games and other services. We also like of the global game market (including Japan’s Square Enix (Outperform mobile and other games) in 2015. [2]), which should lead the way in meeting the region’s rising demand Mid- to hard-core role-playing for quality RPGs. Thomas Y. Kwon games (RPGs) should spur (82) 2 787 9181 ARPU and extend service cycles. We rate Nexon a Buy (1), as it is [email protected] We forecast user demand for mid- to focusing on global publishing of hard-core games to rise strongly over blockbuster mobile games, while Satoshi Tanaka 4Q14-2016, driven by improving Bandai Namco (Outperform [2]) is (81) 3 5555 7049 [email protected] service infrastructure, more advanced seeing solid growth from internally devices, and growth in the number of developed IP.
    [Show full text]
  • Tencent Holdings (700 HK)
    China Information Technology 21 June 2016 Tencent Holdings (700 HK) Target price: HKD205.00 (from HKD205.00) Share price (21 Jun): HKD172.90 | Up/downside: +18.5% An emerging global game power house John Choi (852) 2773 8730 Supercell deal to solidify Tencent’s global mobile game leadership [email protected] Tencent will not consolidate Supercell’s results given its indirect holding Alex Liu (852) 2848 4976 Reaffirming our Buy (1) rating and TP of HKD205 [email protected] What's new: Tencent announced today (June 21) that it has joined an Forecast revisions (%) investor consortium to acquire an 84% equity stake in Supercell from Year to 31 Dec 16E 17E 18E Softbank for USD8.6bn. We regard Supercell as one of the most renowned Revenue change - - - Net profit change - - - mobile game developers globally and see significant synergy from the deal, Core EPS (FD) change - - - as: 1) Tencent’s unrivalled game operation and distribution capability will Source: Daiwa forecasts likely boost Supercell’s existing game performance in China, and 2) Tencent could leverage on Supercell’s insight to expand its game offerings Share price performance to global markets. Post the deal, we see a solidified market leader position (HKD) (%) for Tencent in the mobile game industry globally. Tencent remains our top 180 150 pick for the sector. 165 135 150 120 135 105 What's the impact: Supercell deal: a closer look. Founded in 2010, 120 90 Supercell is currently one of the largest private global mobile game Jun-15 Sep-15 Dec-15 Mar-16 developers in terms of revenue, thanks to the success of its key game titles Tencent (LHS) Relative to HSI (RHS) such as Clash of Clan, Clash Royale and Boom Beach.
    [Show full text]
  • Lego Worlds Tout Un Monde
    PERSONA 5 LEGO WORLDS TOUT UN MONDE AGENTS OF MAYHEM EN TEST OH ! J’AI CRU TOKYO AUTEL POUR S’EMBOÎTER EN TEST VOIR UN SAINTS ROW MINÉ À VENIR N°358 - 15 AVRIL 2017 - INCROYABLE MAIS PREY LE MAGAZINE QUI GONFLE LEJEU VIDÉO EN CHANTIER EN CHANTIER BATTLEGROUNDS JUST L’ARMA FATAL SURVIVE & KING OF THE KILL ÉPIDÉMIE DE H1Z1 OFFERT 84 PAGES D’ORIGAMI (PATRONS NON FOURNIS) ÀPREY VENIR TRAQUE MANIA LES DÉVELOPPEURS DE DISHONORED RÉINVENTENT BIOSHOCK BEL / LUX / BEL EP CH M 02943 - 358S - E F: 4,90 - RD : 7,80 7,80 : 5,40 5,40 CHF ’:HIKMTE=XUY^UZ:?k@d@f@s@g"€ RCS Bobigny B 422 797 720 – 44-50 Avenue du Capitaine Glarner – Saint-Ouen Cedex. Photos non contractuelles, voir conditions sur site. LE MAGAZINE QUI AVEUGLE LE JEU VIDÉO Numéro 358 | 15 avril 2017 Édito a vie de la rédaction est réglée par deux L rituels. Le premier, quotidien, a lieu aux alentours de midi, lorsqu’un rédacteur plus affamé que les autres se lève de son bureau. Débute alors cette conversation : « Bon, je vais manger. – Tu vas où ? – Je sais pas, tu veux aller où ? – Hmmm… Chez l’Italien. » Notez que parfois le rédacteur 50 ne souhaite pas aller « chez l’Italien » mais ils pourront « chez l’Anglais » ou « à la boulangerie », afficher une 44 Agents of Mayhem voire « au bagel ». Quatre restaurants, de sélection de jeux sur 48 The Surge quoi offrir suffisamment de variété pour leur page, et savoir combien de joueurs ont 50 Absolver que le journaliste puisse être fier de lui, découvert un titre grâce à leurs conseils.
    [Show full text]
  • Internet/Game Bet on Korean Internet Stocks in 2015
    Internet/Game Bet on Korean internet stocks in 2015 2015 could be the year of Korean internet stocks Overweight (Maintain) In 2014, Chinese internet companies, led by Alibaba, made huge advances in both 2015 Outlook earnings and share prices. We believe this was the result of a combination of factors, including the Chinese government’s staunch support of the company , an enormous December 1, 2014 domestic market, and the adoption of proven monetization models from the US and Korea. Daewoo Securities CCCo.,Co., Ltd. Alibaba’s online payment platform Alipay is similar to eBay’s Paypal, while Taobao’s [Internet/Game/Entertainment] marketplace is comparable to other C2C shopping sites like Korea’s Gmarket. Tencent’s mobile instant messaging app Wechat features the same services as KakaoTalk and LINE, Chang-kwean Kim and has seen rapid growth in 2014 driven by its mobile game center. +822-768-4321 [email protected] Major Korean internet and game companies are poised to deliver new monetization Jeong-yeob Park models that are optimized for the mobile environment in 2015. NAVER is targeting the +822-768-4124 Japanese market with its LINE Pay service, while Daum Kakao is eyeing the domestic [email protected] market with Kakao Pay and Bank Wallet Kakao. NCsoft is getting ready to take on multi- platforms and cross-border ma rkets by incorporating cloud technology to its upcoming new releases Master X Master (MXM) and Lineage Eternal. In 2014, NAVER unveiled a mobile-only search ad service with a more sophisticated interface and pricing system than Google’s.
    [Show full text]
  • Ncsoft (036570 KS) an Attractive Dividend Growth Stock for 2H
    NCsoft (036570 KS) An attractive dividend growth stock for 2H Game 2Q preview: Raising OP estimate to W65.5bn For 2Q, we forecast NCsoft’s revenue and operating profit to come in at W198.1bn and Earnings Preview W65.5bn, respectively, ahead of the consensus (OP of W62.7bn) and higher than our July 13, 2015 original estimate (OP of W53bn). Earnings in 2Q were likely driven by two factors. First is Lineage I revenue, which we estimate increased to W77bn in 2Q from W66bn in 1Q, boosted by a microtransaction (Maintain) Buy th th event (“Dragon’s Treasure Chest”) held from May 10 to June 13 . Another event (“Lumtis & Snapper: Dark Force Awakens”) began on June 24 th and will last u ntil Target Price (12M, W) 270,000 September 2 nd . Share Price (07/10/15, W) 209,500 We believe earnings were also boosted by lower costs, resulting from 1) the removal of the W8bn bonus payout in 1Q and 2) smaller losses from th e pro baseball team with the Expected Return 29% start of the season. New release momentum in 2H OP (15F, Wbn) 310 The biggest earnings momentum this year will likely come from the release of the Guild Consensus OP (15F, Wbn) 290 Wars 2 expansion pack, the first Guild Wars series to be unveiled in three years. The th EPS Growth (15F, %) 16.4 company began taking pre-orders on its website on June 17 and plans to officially Market EPS Growth (15F, %) 35.3 launch the game in late 3Q or early 4Q.
    [Show full text]