18/07/2019 17:51

[I-bank focus]UBS lifts Maoyan Ent (01896) to HK$17.5

[ET Net News Agency, 18 July 2019] UBS Global Research lifted its target price for
Maoyan Entertainment (01896) to HK$17.5 from HK$16 and maintained its "buy" rating.
Although Maoyan was impacted by the YoY decline in box office receipts in 1H, the
research house still expects the net margin to expand 7.8ppt to 12.8% due to lower ticket
subsidies. UBS also remains positive on the company's long-term outlook.
UBS said Maoyan is a unique distributor in China's movie market, with a dominant share
in online ticketing. It recently officially launched its revamped corporate strategy,
which is to establish a well-rounded platform with various data products and diversified
services for content producers. Tencent has also strengthened its strategic partnership
with Maoyan, providing more resources from its vast ecosystem.
UBS thinks investors are concerned about short-term headwinds but are not pricing in
Maoyan's long-term growth potential. (KL)

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