Ten Square Games: Mastering live ops
We keep a BUY rating on TEN and lift our FV to PLN 133 (from PLN 118) driven mostly by an upward rerating of the peer valuation where P/E method now points to PLN 135.5/sh (vs PLN 98.9 before) and EV/EBIT of PLN 117.3 (vs PLN 94.5 before). Visibly higher peer valuation is a result of two issues. First, upward rerating of TEN peer group (1YF/2YF P/E of 21.8/17.4x vs 18.6/16x before) and some minor upgrades to our forecasts (1YF/2YF net income upped by 6/2%). However, more than peer valuation we would focus on TEN fundamentals as they look very good. Fishing Clash momentum remains very high with avg monthly revs at PLN 11.3m in Jan-Feb’19 vs PLN 11.6m in 4Q18 and SensorTower data point to record high numbers in Mar’19 (exp PLN 13.5m). TEN seems to have mastered live ops as its FC ARPMAU is continuously growing, reaching a phenomenal PLN 7.7 in 4Q18 (vs PLN 5.2 in 3Q18). TEN excellence in live ops is also seen in Let’s Fish as this 7 year old F2P game is scoring highest ever revs despite its MAU gradually decreasing, purely on growing ARPMAU which reached PLN 2.9 in 4Q18 vs PLN 2.3 in 3Q18. We stress TEN skills in live ops as it seems to be a key for success in the more competitive F2P industry. Apart from that, TEN’s short-term outlook is rather promising with Golf Rush’s soft launch scheduled for Apr’19 and pending debut in China (not included in our forecasts).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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