Perfect World Co., Ltd.
Rating: Outperform
Price: $37.40
Beats Q2 preannouncement. Perfect World announced Q2 sales that were well ahead of its initial guidance and 2% above the high end of its positive pre-announcement issued on June 19. GAAP revenue and EPS were $76.3 million and $0.72, compared with our original estimates of $74.5 million and $0.65. Upside was driven mostly by average revenue per user (ARPU), which was RMB 237 versus our estimate of RMB 201. Guidance for Q3 was also better than expected; the company expects 5% to 8% sales growth versus the Street’s preresults estimate of approximately 4% growth.
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Online Games (China), PWRD - August 11th, 2009 — 5:05am
Chinese Online Games: Development Cost Trumps Marketing, but Remains Dwarfed by Sales Growth
Last week, we visited several Chinese online game companies. Our conclusions from the trip are as follows.
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GA, NTES, Online Games (China), PWRD, SNDA - June 23rd, 2009 — 4:58am
Perfect World Co., Ltd.
Rating: Outperform
Price: $26.68
Perfect World positively preannounces Q2 revenue. Perfect World announced it expects Q2 revenue to grow by between 15% and 20% sequentially, up from its prior guidance of between -2% and 2%. Stronger-than-expected results were driven by the performance of its recent 2.5D MMORPG, Battle of the Immortals (BOI), which entered beta testing in early April and has gained solid traction, with an estimated 180,000 average concurrent users.
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Online Games (China), PWRD - June 19th, 2009 — 11:09am
