GRAVITY CO LTD SPONSORED ADR (GRVY)

[riskanalyst]

Earnings/Revenues are impacted by currency. I did not think they are going to post better earnings than last Q. Last Q had some JPY appreciation built in to revenues. I'd like to see the breakdown in revenues by games, but we don't get that in the Q. What I do know is that Requiem is a fairly successful game. One main gaming website that has over 300 of these MMOPG rated has the game listed as a top 10 free to play game and top 25 overall. The question is how successful are they at converting that to a revenue stream, since the players pay for premium features. We know that their main property Ragnarok is a fading property and the key is for them to finally get Ragnarok II out. Given all the delays, maybe the mid 2010 date is an actual launch date. I think the stock has already discounted their launch given that this trades barely above cash value. Being a former video gamer, I'm sure they will win back some of their former fan base. The loyalty to a game is strong enough where some will switch and stay.