the goldman sachs group inc september 2 2005 stock rating in line coverage view neutral price us 33 26 snda 72 67 ntes target 36 59 shanda interactive entertainment netease china online games mmogs at 7 penetration versus 10 12 saturation korea taiwan chinese growth will likely shift away from fantasy and toward free casual or skill based prices discount holding share the9 losing massively multiplayer expanding faster than forecast instant success of s world warcraft which we expected continuing did not mean that mmog accounts now equate to urban population is climbing by over 0 5 qoq pen warrior princess kung fu monk wannabes results ncsoft other game publishers illustrate leveled out once equated still reliant on students ramp with broadband industry wide revenues dropped 1 2q2005 due exams should
