Ten Square Games: Let me entertain you
We initiate coverage on Ten Square Games (TSG) with a BUY rating and FV of PLN 110.10. TSG produces mid-core and casual video games predominantly for mobile devices in a free-to-play (F2P) model. Game monetization is executed through micropayments/license fee and ad revenues. TSG’s games portfolio is divided into three categories: (1) Evergreen – mid-core flagship titles with the biggest commercial potential; (2) Game Factory simple casual games monetized through ads; and (3) Legacy – mid-core games with less commercial potential. TSG is the world leader in the fishing game category while its latest production – Fishing Clash – launched in Oct’17 has been featured by App Store and Google Play. TSG is currently working on Fishing Battle and Mini Golf with new game functionalities like multiplayer and betting modes which can potentially visibly increase game monetization potential. TSG has zero debt, a light balance sheet and also plans to pay dividends (div policy assumes up to a 75% payout ratio).Tenaris manufactures and supplies seamless steel pipe products for the global oil and gas industry, as well as other industrial applications. Co. operates an integrated worldwide network of steel pipe manufacturing, research, finishing, and service facilities with industrial operations in the Americas, Europe, Asia, and Africa. Co. produces pipes for boilers, heat exchangers, hydraulic cylinders, automotive, structural and other industrial applications and supplies welded steel pipes for oil and gas pipelines in the South American region. Its principal products include casing, tubing, line pipe, and mechanical and structural pipes. Co.'s organizes its business around one segment: Tubes.
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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