Barclays Capital: The perfect world of game commercialization slowdown

Sina Science and technology news Beijing time March 12 afternoon, Barclays Capital released a study today, the Perfect World released the fourth quarter of the results basically meet expectations. First-quarter earnings forecasts were lower than expected, mainly due to the lack of new games and the continued slowdown in the commercialization of old games. The following are the main elements of the report: the Perfect World's fourth-quarter results are basically in line with expectations. Total revenue of 109.1 million U.S. dollars, down 12%, the chain down 2.3%, in line with the average analyst expectations, and the company's revenue forecast range of the middle point. Non-US general accounting standards for ads per share revenue of 0.47 U.S. dollars, 2 cents higher than our expectations, but less than the average forecast of 1 cents. Domestic online gaming business revenue fell 15% Year-on-year, the chain down 1.4% to 96.3 million U.S. dollars, compared to our expected 100.4 million U.S. dollars low about 4%, we think this is mainly due to some of the core game of the commercialization of the move slowed. The perfect world forecast that net revenue for the first quarter would be 592 million to 619 million yuan (95 million to 99 million USD), 11% and 15% lower than our forecasts and analysts ' expectations, mainly due to the lack of revenue contribution from Torch light 2 and the lack of new games And the continued slowdown in the commercialization of old games. In the quarter, the perfect world gross margin was 76.9%, below 81.5% in the third quarter, and 82.3% in the same period in 2011. Non-US GAAP operating margins were 9.9%, below 18.3% in the third quarter, and 31.4% in the same period in 2011. Non-US GAAP net profit margin is 20.8%, higher than the third quarter of 15%, lower than the 2011 period of 36.6%. By the end of the fourth quarter, the perfect world held 393 million dollars in net cash, or 8.1 dollars per share of ads, equivalent to 69% of the total market value. The perfect world announced that it would issue an annual cash dividend of $0.45 for ads per share, amounting to $22 million. According to the 2012 United States General accounting standards of ads per share earnings, which is equivalent to 26% interest rate. Barclays Capital currently rated the perfect world stock as a "hold-see", with a target share of $13.50 trillion. (Zhang Fan)