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NCTY.O

ISIN: US88337K1043
SEDOL: B04NV12

Rating:

STRONG BUY

Target Price:

16.71 USD

Investment Horizon:

6 to 12 months
10th Dec 2008 View Report   Download

3Q 08 Update Report

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The9’s 3Q 08 results were below our and market expectations and reported a significant sequential decline at all levels. As online games are cheaper than conventional forms of entertainment, coupled with rising Internet penetration in the country we expect the online game industry to grow, going forward despite an economic downturn. However we expect margins to be under pressure on account of increased manpower…

18th Nov 2008 View Report   Download

3Q 08 News Alert

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The9 Limited’s (The9) 3Q 08 revenues were below our and market estimates. The September quarter is a seasonally weak quarter for The9 on account of the vacation period in China, which was augmented by the Beijing Olympic in August 2008. On a y-o-y basis revenue growth remained healthy attributable to the increase in concurrent users. Net income benefited from higher interest income and a lower tax charge. Although 3Q 08 results were…

7th Oct 2008 View Report   Download

Company News Alert

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The9 Limited (The9) ADR experienced a significant decline in price since our 2Q 08 update report, dated 08 September 2008, reflecting weakness in the broader indices and prevailing economic uncertainty....

8th Sep 2008 View Report   Download

2Q 08 Update Report

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8th Aug 2008 View Report   Download

2Q 08 News Alert

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The9 Limited’s (The9) 2Q 08 revenues were in line with our estimate, while earnings were significantly higher, mainly due to lower than expected cost of services and operating expenses during the quarter. Considering increased Internet usage in China, improvement in the quality of available online games and The9’s strong gaming pipeline we believe that The9 is well positioned to capitalise on available opportunities....