德银-日本-软件与服务行业-亚洲在线游戏：少（arppu）即是多

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1、16November2017Software&ServicesDeutscheBankAsiaOnlineGamingMarketsResearchAsiaIndustryDateJapan16November2017AsiaOnlineGamingTechnologyFITTResearchSoftware&ServicesLess(ARPPU)ismoreHanJoonKimResearchAnalyst+852-22036157Businessmodelevolutioncoulddrivesustainablelong-termgrowthWeseeanevolutionar

2、yprogressinthewaygamecompaniesareapproachingtheirbusinessmodelandcohortoptimizationandbelieveitbodeswellforlong-termindustrygrowth.Wealsoexpecttheplatformconvergencethemetoopenupnewwaysforregionalexpansion.Whileindustrygrowthappearsfavorable,theStreet'searningsexpectationshaverisen.Our'earnings

3、atrisk'analysishelpsusevaluateexpectationsembeddedinstocksacrossourAsiangame-relatedcoverage.WefeelmostcomfortablewithTencentandNexon.NintendoandLINEaredarkhorseplayswithsignificantalphapotentialinthecomingmonths.F.I.T.T.forinvestorsDeutscheBankAG/HongKongDistributedon:15/11/201722:51:10GMTDeuts

4、cheBankdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DISCLOSURESANDANALYSTCERTIFICATIONSA

5、RELOCATEDINAPPENDIX1.MCI(P)083/04/2017.0bed7b6cf11cAsiaOnlineGamingDeutscheBankMarketsResearchAsiaIndustryDateJapan16November2017AsiaOnlineGamingTechnologyFITTResearchSoftware&ServicesLess(ARPPU)ismoreHanJoonKimF.I.T.T.forinvestorsResearchAnalyst+852-22036157Businessmodelevolutioncoulddrivesust

6、ainablelong-termgrowthWeseeanevolutionaryprogressinthewaygamecompaniesareapproachingKeyChangestheirbusinessmodelandcohortoptimizationandbelieveitbodeswellforlong-CompanyTargetPriceRatingtermindustrygrowth.Wealsoexpecttheplatformconvergencethemetoopen0700.HK347.00to-upnewwaysforregionalexpansion

7、.Whileindustrygrowthappearsfavorable,450.00Source:DeutscheSecuritiesInc.theStreet'searningsexpectationshaverisen.Our'earningsatrisk'analysishelpsusevaluateexpectationsembeddedinstocksacrossourAsiangame-relatedToppickscoverage.Wefe