Contents
Investment Summary
3
Valuation and recommendation
6
Why we are focused on China’s online game market
12
Online games are cheap and fun!
16
China’s online games market
18
Korean online games’ world-class competitiveness
21
Game market issues for 2H09
26
Company Profile
Ncsoft (036570 KS)
Neowiz Games (095660 KS)
CJ Internet (037150 KS)
Yedang Online (052770 KS)
28
30
32
34