Should $PWRD be trading above 20$?
Perfect World is a Chinese online gaming company which specializes in developing 3D MMORPGs (massively multiplayer online role playing games) like Legend of Martial Arts, Zhu Xian, Forsaken World and Battle of the Immortals.
A MMORPG is a type of video game in which a large number of players assume the role of a character and interact with each other in a virtual game world setting. They have a social team element and also allow the player to customize his character and upgrade his experience/abilities over the course of the game.
Perfect World?s games compete primarily with other MMORPGs like World of Warcraft, EverQuest, Rift, Eve Online, Lord of the Rings Online, Runescape and Dungeons Dragons Online.
Perfect World primarily makes money from its games in China, internationally and by licensing games to other publishers.
One of the top Chinese online gaming company
Perfect World is one of the top Chinese online gaming companies which specializes in MMORPGs, besides NetEase, Tencent, Shanda Interactive, Giant Interactive, and ChangYou.com. It has a series of popular games including Perfect World, Legend of Martial Arts, Zhu Xian, Battle of the Immortals, Dragon Excalibur, Empire of the Immortals, Forsaken World and Swordsman Online.
According to a report by?IDC, online gaming revenue in China is estimated to be around $5 billion in 2011, and is expected to reach nearly $6 billion by 2013. Perfect World is one of the few companies well positioned to capitalize on this growth.
Growth in International Markets
Though Perfect World?s growth in China has been dropping off, it has been expanding rapidly in international markets like Europe, America and Japan through its subsidiaries as well as elsewhere by licensing its games to other game operators. We expect international growth to drive a significant portion of its revenues in the coming years.
Proprietary Game Engine
Perfect World has a proprietary 3D game engine and game development platform which it uses to create almost all of its games. This enables it to rapidly launches new games with a low development cost and minimal time to market.
Increasing Online Gaming Spend
Online gamers in China have been increasing the amount of money they spend online on games and entertainment. This is due to the rising incomes in China, which have led to an increase in discretionary spending. Perfect World?s average revenue per paying user in China has increased roughly 25% every year since 2008. We expect the company?s international user base to show a similar trend.
Growing Popularity of Casual Online Games Could Threaten Perfect World?s Business
Casual online games like FarmVille, CityVille and Sims Social are a growing threat to MMORPGs like Perfect World. With the rise of social networks, they are able to attract a significant portion of the online gaming audience, and divert online gaming spend away from MMORPGs.
Article source: http://www.chinawwwstocks.com/2012/03/05/pwrd-upside/
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