【出版时间及名称】：2009年11月韩国网络游戏行业研究报告
        【作者】：KOREA INVESTMENTS
        【文件格式】：PDF
        【页数】：40
        【目录或简介】：

Overweight Internet portals in 1H and
online games in 2H
Internet portals: Economic turnaround and sporting events
to boost online ad sales
We maintain Overweight on Internet portals. After the real economy
turned down, the growth of the online ad market slowed. But it has been
on the recovery path since 2H09 and we expect significant earnings
improvement in 4Q09 and 1H10. Global sporting events such as the
Vancouver 2010 Olympic Winter Games in February and the 2010 FIFA
World Cup South Africa in June will also fuel the ad market’s growth.
Wireless Internet promotions with the release of iPhone, search service
performance in Japan, the change of the CPC search ad agency, and
M&A issues will also add to the positive momentum.
Online games: Blockbusters and strong overseas sales
We maintain Overweight on online games. The domestic online game
market should see rapid growth in 2010 driven by releases of
blockbuster MMORPGs such as NHN’s Tera and Warhammer Online,
Neowiz Games’ Age of Conan, and CJ Internet’s Dragonball Online.
Overseas sales should also enjoy steady growth as NCsoft’s Aion’s
popularity is continuing, and new game exports will rise along with the
wider coverage of services.
Top picks: Daum and Neowiz Games
Daum (035720) should witness greater earnings improvement on the
back of the recovery of the online ad market and the change of the CPC
ad agency. Neowiz Games (095660) will also enjoy rapid growth with
FIFA Online 2’s benefits from the FIFA World Cup, AVA’s greater sales at
home and abroad, and new game launches.