Ten Square Games: Mastering Fishing Clash monetization
We keep TEN at a BUY and lift our FV to PLN 233.4 from PLN 180.5 as the very good results of the Fishing Clash game led us to upgrade 19E/20E/21E net income forecasts by 4%/21%/16%, respectively. TEN’s success obviously comes from Fishing Clash. However, we would argue that TEN is not a single game company. Indeed, Fishing Clash generates ca. 86% of YTD revenues but ca. 25% of gross income after commissions & marketing but before fixed-costs (salaries & other G&A) comes from the visibly higher profitable Let’s Fish, Wild Hunt and Game Factory. Apart from that, TEN currently has four projects in pre or soft-launch phase like Golf Rush, Hunting Clash, Flip This House, SoliTales. Plus, Fishing Clash should soon launch in China while Fishing Clash maintains very good statistics in existing markets. These are the material positive triggers we see for TEN.Ten Square Games SA is a Poland-based mobile games development company. The Company is focused on 3D simulation hobby games for people who seek outdoor experiences on their mobile devices, like fishing or hunting games. Its games are available on social platforms, a network of partner sites, as well as on Google Play, App Store and Microsoft Store.
Haitong is the first international Chinese investment bank and our goal is to be the primary channel for capital flows into and out of China. During 2015 the Senior Management Team in London was expanded significantly to focus on this objective and to provide a full-service cross-asset markets business coupled with sector-focused investment banking. We work closely with our world-wide network of offices to bring a true depth of understanding to all client situations.
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