> I am sorry but glad to see that GAME is selling below its placing
> value. The placing value of $12.5 is fair comparing to PWRD (13x P/E
> of 2009E) and SNDA (12.5x of 09E). I mean, GAME is basically SNDA, so
> let me ask GS and UBS, why not give some taste of money to your
> investor by squeezing every cent out of them?

> Who cares? GS and UBS are laughing their ways to bank their $70m fees
> and leaving investors burned.

> The major culprit is SNDA and its crooked management who try to play
> the market and they were as foolish as they were a few years ago. No
> way! The Street starts to get sick of SNDA. They finally figure out
> its earnings are questionable. Here are the gist:

> 1. SNDA claims to have the largest online game portfolio in China. As
> a matter of facts, 70% of its game revenues come from 2 old games (Mir
> 2 and Wooool). (Side bar: Mir 2 is an old korean game, and Wooool is a
> copycat allegedly stolen Mir 2's code by SNDA years ago). If we assume
> the earning numbers were real, as estimated by Wallace Chang of CS,
> the two games generated almost US$100 each from each paying games each
> quarter. This number is way too high than other popular games in China
> (which are in neighborhood of $30 per gamer per quarter).

> 2. GAME spins off SNDA to raise $1b cash for SNDA to develop an
> entertainment platform. But online game IS the online entertainment
> platform, the most profitable one. Other platforms such as SNS and
> online videos are not sustainable w/o much revenues models. Therefore,
> SDNA wants to burn your money. Will you let it do that?

> 3. SNDA's games are the oldest ones (average 6-7 years old) among
> online game companies. I am not saying old game sucks, but old games
> lack of cool features that new ones can offer. Like consumer
> electronics, they have life cycles and without cool updates or new
> products, the company can go into the drain. And in recent years, SNDA
> hasn't developed any cool games ever. Its R&D (drivers of new games)
> is low among competitors (sorry, forgot the numbers). Therefore, I
> cast seriously doubt to SNDA and GAME's future prospects.

> If you like Chinese online games (believe me, this is a cool sector),
> check out NTES and PWRD, as well as 700.HK (a combo of both news, SNS,
> and game co). Avoid SNDA is what I can offer my advice to you. Good
> luck and happy hunting.

> Thank you for your Advice just bought a big chunk.
> Wasnt expecting to get in so cheap. Happy bashing

> On Sep 25, 1:02 pm, limuzhi <limu...@gmail.com> wrote:

> > I am sorry but glad to see that GAME is selling below its placing
> > value. The placing value of $12.5 is fair comparing to PWRD (13x P/E
> > of 2009E) and SNDA (12.5x of 09E). I mean, GAME is basically SNDA, so
> > let me ask GS and UBS, why not give some taste of money to your
> > investor by squeezing every cent out of them?

> > Who cares? GS and UBS are laughing their ways to bank their $70m fees
> > and leaving investors burned.

> > The major culprit is SNDA and its crooked management who try to play
> > the market and they were as foolish as they were a few years ago. No
> > way! The Street starts to get sick of SNDA. They finally figure out
> > its earnings are questionable. Here are the gist:

> > 1. SNDA claims to have the largest online game portfolio in China. As
> > a matter of facts, 70% of its game revenues come from 2 old games (Mir
> > 2 and Wooool). (Side bar: Mir 2 is an old korean game, and Wooool is a
> > copycat allegedly stolen Mir 2's code by SNDA years ago). If we assume
> > the earning numbers were real, as estimated by Wallace Chang of CS,
> > the two games generated almost US$100 each from each paying games each
> > quarter. This number is way too high than other popular games in China
> > (which are in neighborhood of $30 per gamer per quarter).

> > 2. GAME spins off SNDA to raise $1b cash for SNDA to develop an
> > entertainment platform. But online game IS the online entertainment
> > platform, the most profitable one. Other platforms such as SNS and
> > online videos are not sustainable w/o much revenues models. Therefore,
> > SDNA wants to burn your money. Will you let it do that?

> > 3. SNDA's games are the oldest ones (average 6-7 years old) among
> > online game companies. I am not saying old game sucks, but old games
> > lack of cool features that new ones can offer. Like consumer
> > electronics, they have life cycles and without cool updates or new
> > products, the company can go into the drain. And in recent years, SNDA
> > hasn't developed any cool games ever. Its R&D (drivers of new games)
> > is low among competitors (sorry, forgot the numbers). Therefore, I
> > cast seriously doubt to SNDA and GAME's future prospects.

> > If you like Chinese online games (believe me, this is a cool sector),
> > check out NTES and PWRD, as well as 700.HK (a combo of both news, SNS,
> > and game co). Avoid SNDA is what I can offer my advice to you. Good
> > luck and happy hunting.- Hide quoted text -

> - Show quoted text -