CICC Research lowered its target price for Maoyan Entertainment (01896) 4.1% to HK$18.5 and maintained its "outperform" rating.
The research house said Maoyan's 1H revenue and non-GAAP net profit beat its expectation by 5.2% and 6.4%, thanks to higher revenue and lower operating expenses.
Despite the industry downturn, Maoyan recorded an improved market share of over 60% by GMV. CICC expects the ticketing services in 2H to modestly recover.
CICC raised its 2019 and 2020 revenue forecasts by 7.5% and 6.2% given higher content services revenue but trimmed its 2019 and 2020 adjusted earnings forecasts by 2.3% and 4.3% to Rmb746mn and Rmb982mn, mainly due to higher ETR (effective income tax rate).
16/08/2019 14:54
{I-bank focus}CICC lowers Maoyan Ent (01896) to HK$18.5
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