UPDATE: Mirae Asset Upgrades Perfect World

According to a research report published this morning, Mirae Asset has upgraded Perfect World

from Hold to Buy. In the report, Mirae Asset said, "With 2,000+ R&D personnel, PWRD's current revenue growth certainly does not fully reflect its potential, in our view. PWRD has been undergoing painful transition from a volume game producer to a quality game developer. We expect it to achieve modest, but tangible success in 2013-14 even though we still rank the company below NTES, Tencent, CYOU and GA in terms of capabilities as a game developer. While long-term profit growth remains challenged, we expect profit growth of 35% YoY in 2013." Mirae Asset maintains its $13 PT on Perfect World, which closed yesterday at $11.50.