Perfect World (002624.SZ) Fair performance in 2018, with hopes of resuming growth in 2019 June 20, 2019 315

PSR Recommendation: BUY Status: Maintained
Target Price: CNYCNY 34.25

Investment Summary
Perfect World engaged in Film and TV series creation as well as Gaming development in
China, together with strong game development and film production capabilities.
Assuming a target P/E of 23x in 2019, we derived a TP of $34.25, 9.1% lower than
previous TP. Due to the recent slump in stock price, we update to a “Buy” rating, with a
potential upside of 34.5%. (Closing price at 18 June 2019)

About the author

Profile photo of Terry Li

Terry Li
Investment Analyst

Graduated from Lingnan University, with Master of Science in International Banking and Finance and Bachelor of Business Administration respectively. Specializes in analyzing company fundamentals and valuation to explore investment opportunities in TMT, Education and Financial industry.

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