Goldman Sachs set a perfect time-space initial rating as a buy expected Q3 weak

Goldman Sachs (gs,166.55,-1.57%) published its investment report today for the first time to include perfect space-time (pwrd,30.44,-4.31%) in its research and give it a "buy" initial stock rating and a 36 dollar target share price. The following is a summary of the report: the opportunity source we give the perfect time stock "buy" the initial rating. Perfect time and space is China's leading 3D game developers, the production of China's most popular local 3D games, "the Sin." Perfect time and space also has a variety of game mix, the largest two games respectively accounted for the total income of 30% and 20%. As China's largest online gaming exporter, its 2010 earnings and profits are expected to be 25% overseas. Perfect time shares have fallen 19% this year as a result of recent game failures and a delay in the release of 3 games in 2010.　　Since the perfect time in October this year, "The Land of God" and "The Sword of the Dragon", we believe that its game release arrangements have been back on track, the 2011 non-US general accounting standards per share of the U.S. depository share earnings are expected to grow by 15%. Catalyst 1 "The Sword of the Dragon" and the release of the "God of the devil", especially the latter, the game was developed by the most established studio in perfect space-time. 2 "Ghost Legend" of the sequel "Empire of the" Immortal will be published in the fourth quarter of 2010 or early 2011. 3. The information film "The Immortal" and "The Perfect World 2" will be released in the fourth quarter of 2010.　　4 and 3 games will be released in 2011. Valuations we expect perfect space-time 2011 years of non-US GAAP earnings per share of US equities will grow 15% year-on-year, down 9% in 2010. Our 12-month target for perfect space and time is $36, which corresponds to 11 times times the expected earnings per share of US depository shares for 2011 non-US GAAP, the average of the perfect time and space historical valuation.　　This is overrated in the gaming world because, in terms of gaming and the State, the income of perfect space-time is more diverse than that of peers. Key risk perfect time the stock price will largely depend on the performance of the "God of the Devil" and "The Sword of the Dragon", and the 2011 game release plan. We expect the company to be weaker in the third quarter of this year, with revenues expected to be at the lower limit (we expect the company to grow by 2% per cent in the third quarter, to 604 million trillion yuan), and with a gradual decline in profit margins (we estimate that its operating profit rate will fall by 2% per cent to 35.2% (Digging the net) because this article has been reproduced many times, many play editors can not find the original source and author information, Welcome to know friends to provide author information, in the comments, we will fill in the author information.