[ET Net News Agency, 19 August 2020] Jefferies Research raised its target price for Maoyan Entertainment (01896) to HK$18.2 from HK$12 and maintained its "buy" rating. The research house said Maoyan's 1H revenue and adjusted net losses were at the low end of guidance. Online ticketing revenue plunged 90.4% due to closure of cinemas till July 2020 under Covid-19. Entertainment content service revenue declined 97.7%, mainly due to the withdrawal of all movies during CNY holiday. Since the re-opening of cinemas on 20 July, the weekly box office continues to improve, as seen from the first two weeks of August. Jefferies revised its 2020-22 net profit to RMB(309mn)/RMB1,063mn/RMB1,076mn from RMB(625mn)/RMB606mn/RMB1,048mn. (KL)

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