Morgan Stanley maintains perfect world overweight rating target 18 USD

Sina Science and technology news Beijing time of November 22 night, Morgan Stanley today issued an investment report to maintain the perfect World (NASDAQ:PWRD) stock "overweight" rating, the target price set to 18 U.S. dollars. The following is a summary of the report: The Perfect World fiscal year 2011 in the third quarter revenue growth of 22% Year-on-year, the company's expected low. In the quarter, revenue forecasts are also relatively low, "laughing" (Swordsman Online) and other new games to wait until the second quarter of 2012 to launch.　　Nevertheless, we maintain the "overweight" rating of the share of the media. Third quarter performance downturn: The total revenue of 709 million yuan, an increase of 22%.　　Each share of the United States depository shares diluted income of 2.83 yuan, the year-on-year decline of 30%, lower than we expected 3.80 yuan, mainly because of withholding tax. Positive factors: 1 The perfect World in the third quarter has launched 5 pieces of information, including "The Immortal" and "Perfect". 2 net cash accounts for 60% to 65% of the company's market value.　　3 The perfect world is considering dividends and still needs shareholder approval. Negative factors: 1 The domestic average simultaneous online number (ACU) fell 7% (up 13%). 2 in the fourth quarter, the highest year-on-year growth rate of 4% (up 26%).　　3 Operating profit margin of 27%, down 6% year-on-year. Stock Rating: Maintain the "overweight" rating of the perfect World stock and set the target price at $18. (Li Ming)