JPmorgan Asia Pacific Equity Research 27 February 2008-China Daily Views50P   [推广有奖]

JPmorgan Asia Pacific Equity Research 27 February 2008

China Daily Views

Shanda Interactive
Entertainment Ltd Overweight
4Q07 Review: Solid numbers once again, maintain
sector top-pick
$30.83
25 February 2008
Price Target: $43.00
China
Internet
Dick WeiAC
(852) 2800-8535
dick.x.wei@jpmorgan.com
Imran Khan ‡
(1-212) 622-6693
imran.t.khan@jpmorgan.com
20
25
30
35
40
$
Feb-07 May-07 Aug-07 Nov-07 Feb-08
Price Performance
YTD -1M -3M -12M
Absolute -7.5% 5.0% -2.1% 23.7%
Source: RIMES, Reuters.
www.morganmarkets.com J.P. Morgan Securities (Asia Pacific) Limited
J.P. Morgan Securities Inc.
‡ Employed by JPMSI
See page 48 for analyst certification and important disclosures, including investment banking relationships.
JPMorgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm
may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in
making their investment decision. Customers of JPMorgan in the United States can receive independent, third-party research on the company
or companies covered in this report, at no cost to them, where such research is available. Customers can access this independent research at
www.morganmarkets.com or can call 1-800-477-0406 toll free to request a copy of this research. The analysts listed above are employees of
either J.P. Morgan Securities (Asia Pacific) Limited or another non-US affiliate of JPMSI, and are not registered/qualified as research analysts
under NYSE/NASD rules, unless otherwise noted.
• Shanda revenue of US$97.8M (up 52% YoY, 9% QoQ), above
guidance of 4%-7% QoQ growth vs. JPM and consensus estimates
of US$92.3M & US$93.4M. GAAP diluted EPS of US$0.54, vs.
JPM estimates of US$0.44 vs. consensus of US$0.45.
• Shanda’s diversified game portfolio delivered the upside. With
around 20 games in operation and ~15 more in the pipeline,
Shanda boasts the most diversified platform among listed game
companies. While we forecast single-digit sequential revenue
growth in coming quarters (driven by quarterly game updates,
marketing, growth in internet & broadband penetration, etc), 2Q08
launch of widely-expected Chang Chun online could add upside to
our forecast. Shanda’s 3“C” strategy of further expanding
Contents, improving stickiness of its gamers Community, and
Commerce system (item trading and direct point card sales),
should further solidify Shanda’s leading position in China game
industry. Shanda remains our top-pick in China game sector.

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