GS 高盛：盛大网络 季报

02.13 8页　　英文

Shanda reported 4Q06 results on Feb 12/13. Revenue was Rmb471 mn, up
8% qoq, 2% above our estimate, and 4% above consensus. Massively
multiplayer online (MMO) game revenue climbed 14% qoq (our forecast
9%) on 7% more paying accounts and 7% higher spending per account.
Casual game revenue fell 6% qoq. EBIT margins improved from 26% to
33% qoq, for EBIT of Rmb155 mn, 17% above our forecast; net income of
Rmb240 mn was 9% above our forecast. Shanda guided for a 6%-9% qoq
revenue increase in 1Q07 and for flat or higher EBIT margins qoq