We see an evolutionary progress in the way game companies are approachingtheir business model and cohort optimization and believe it bodes well for longtermindustry growth. We also expect the platform convergence theme to openup new ways for regional expansion. While industry growth appears favorable,the Street's earnings expectations have risen. Our 'earnings at risk' analysis helpsus evaluate expectations embedded in stocks across our Asian game-relatedcoverage. We feel most comfortable with Tencent and Nexon. Nintendo and LINEare dark horse plays with significant alpha potential in the coming months.

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