【出版时间及名称】：2010年3月韩国网络游戏行业研究报告
        【作者】：瑞士信贷
        【文件格式】：pdf
        【页数】：29
        【目录或简介】：
Key Korean game operators underperform KOSPI. Over the past three
months, key Korean game operators NCsoft and Neowiz Games (NWG)
have underperformed the KOSPI by 10.7% and 21.8%, respectively, on: 1)
rising concerns about domestic competition and 2) slower growth in
overseas markets.
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Top-line growth to accelerate. Following another year of stellar growth in
2009 (YoY revenue growth of 31%), we expect NCsoft and NWG to see
2010 top-line growth of 19.1% and 25.2%, respectively, and CJ Internet
(CJI) to bounce back from slower growth to 16.6%. Coupled with margin
improvement, the stronger top-line growth is expected to drive 2010 EPS
growth for NCsoft, NWG and CJI to 20.2%, 46.3% and 44.9%, respectively.
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“Starcraft” to have minimal impact on most Korean online games. We
remain confident that Activision Blizzard’s launch of “Starcraft” will have a
minimal impact on most Korean online games, particularly on MMORPG. We
also expect key overseas titles, including “Aion” of NCsoft and Crossfire, and
“AVA” of NWG, to maintain their resilient performances on quality content
upgrade and product support.
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Recent underperformance provides good buying opportunity. Despite
the extremely volatile nature of the online game sector, we believe the
recent underperformance provides an attractive buying opportunity with most
names trading 20-30% below the average trading range. Our top pick in the
sector remains NCsoft, with a 12-month target price of W201,000 (39%
potential upside).