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FEIYU, XD INC Dive 7.5%-11%; JPM Axes TPs on CN Mobile Game Developers
Recommend 78 Positive 187 Negative 106 |
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Chinese mobile game developers descended broadly today on Hong Kong market after JP Morgan slashed their target prices yesterday on assumption that China gaming market will grow slower. XD INC (02400.HK) tumbled 11% to $22.3. IGG (00799.HK) slid 1.9% to $3.58. FEIYU (01022.HK) and KINGSOFT (03888.HK) dived 7.5% and 2.2%. TENCENT (00700.HK) and NTES-S (09999.HK) plunged 4.4% and 2.3%. JP Morgan said yesterday that the share prices of Chinese mobile game developers have plummeted 27% YTD, signaling that the deceleration of the Chinese gaming market's growth has triggered a sector-wide valuation de-rating to a new historical low. Among the sector, JPMorgan selected TENCENT, NTES-S and 37 HUYU (002555.SZ) as its top picks, favoring their solid gaming product pipeline in coming one to two years and strong overseas game performance. AAStocks Financial News |
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