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Chinese Gaming Stocks Push Ahead On 'Giant' Earnings
Earnings helped the Chinese online video game sector ahead of the U.S. market holiday.
Shanghai-based Giant Interactive (NYSE: GA - News) is up by 4% today after reporting third-quarter net income of $29 million or 13 cents per American Depository Share. The company's gross profit margin in the three months ended September 30 was 84.3% and active playing accounts were up by 18.3% from the same period last year. Giant chairman and CEO Yuzhu Shi commented on the company's multiple offerings currently in closed beta testing, and noted that expansion packs should ultimately "increase the vitality and sustainability" of the ZT Online series.
As a whole, the Chinese Online Gaming Stocks Index is ahead by 1% today, with Giant setting the pace.
Other Wednesday winners include Webzen (NASDAQ: WZEN - News), The9 Limited (NASDAQ: NCTY - News), and Perfect World (NASDAQ: PWRD - News). All three remain negative over the last five sessions, Webzen and Perfect World by more than -4%.
Beijing-based NetEase.com (NASDAQ: NTES - News) remains the sector's worst performer over the last week. The stock got crushed last Thursday following the company's third-quarter earnings report the prior evening. It remains down by -8% over the last five sessions.
GigaMedia (NASDAQ: GIGM - News) is the group's biggest laggard over the last month, down by more than -12%. The stock has been in a fairly steady downward trend throughout 2009.
Shanda Interactive (NASDAQ: SNDA - News) and spun-off gaming division Shanda Games (NASDAQ: GAME - News) are the sector's only winners on a one-month basis, up by 7% and 4.5% respectively.
As of this writing, the Chinese Online Gaming Stocks Index is a one-month laggard among tickerspy's six China Indexes.
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