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Perfect World Falls Most in Three Weeks on Earnings Speculation

Perfect World Co., a Chinese online games developer, fell the most since Aug. 2 as investors speculated the company may report second-quarter earnings below analyst estimates.

Beijing-based Perfect World lost 4.8 percent to $10.48 at 2:35 p.m. New York time. Earlier it declined as much as 7.1 percent, the most on an intraday basis since May 30. The company is scheduled to report second-quarter earnings at the close of trading.

Investors are expecting that Perfect World’s results will mirror rivals Shanda Games Ltd. and NetEase Inc., which both reported sales and profits that fell short of analyst expectations, said Andy Yeung, a technology and Internet companies analyst at Oppenheimer & Co. Shanda said on Aug. 26 that sales for the period was $178.7 million, less than the estimate of nine analysts in a Bloomberg survey.

“The tone for the gaming sector has been weak this quarter, and investors seem to be anticipating Perfect World will show results similar to its competitors,” Yeung said in a New York phone interview. “Growth has been moderating while margins are compressing as expenses continue to rise because these companies are investing more in developing games and marketing them.”

Yeung, who has a market perform rating on Perfect World, expects the company to report adjusted earnings of 63 cents per American depositary receipt on sales of $106.5 million. Perfect World is expected to report an adjusted EPS of 56 cents and sales of $106 million, according to the estimate of eight analysts surveyed by Bloomberg.

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