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)
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.
