Mirae Asset Nomura, a Korean investment company, issued an investment report to give the perfect world stock "buy" rating

There are reports that the perfect world has been launched by the valve of DotA competition online Games "Dota2" mainland regional agent right. currently the message has not been confirmed, so we continue to maintain our performance expectations for the perfect world. But our expectations of a perfect world will be more optimistic if the following conditions arise:

1. Recruitment of talent in electronic athletics, or acquisition of companies related to electronic athletics;

2.Valve announces the commercial mode of "DOTA2";

3. The perfect world at reasonable prices to obtain the "DOTA2" authorization. We believe that if the perfect world obtains the "Dota2" Mainland region proxy, then the highest online number can reach 600,000.

"Dota2" will compete with Tencent's League of Heroes (League of Legend)

We have received information that Tencent's withdrawal from the "Dota2" bid, mainly because of the "heroic Alliance" developers Riot Games company's strong opposition. The difference between "Dota2" and "League of Heroes" lies in the high-end and low-end, original and adaptation. Despite the success of the League of Heroes, our data show that players still favor the original DotA.

"DotA2" revenue model is still unclear

"DotA2" an important selling point is to be faithful to the original "DotA." Valve has said publicly that "DotA2" will be a "free value Added Game" (Free-to-play). But Valve is a for-profit enterprise and will try to generate revenue through the DotA2. Moreover, in order to use the name "DotA", Valve also paid a fee to Blizzard Company (Blizzard).

Valuation：

We gave the perfect world stock "buy" rating, which set the target price at $13.