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<Research> Citi: DAMAI ENT (01060.HK) FY Revenue Beats; Adj. EBITA Misses
Recommend 5 Positive 10 Negative 2 |
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Citi released a report stating that DAMAI ENT (01060.HK) recorded revenue of RMB8.024 billion for the full year ended end-March this year, exceeding the banks and the markets expectations by 1% and 3%, respectively, mainly driven by stronger-than-expected revenue from drama production. However, adjusted EBITA amounted to RMB746 million, falling 15% and 16% short of the banks and the markets forecasts, respectively, primarily due to rising operating expenses and a slight decline in gross margin. By segment, revenue from IP commercialization and the Damai business (live entertainment content and technology segment) both came in below expectations, with segment profits 25% and 9% below market forecasts, respectively. In contrast, profits from the film and drama segment beat expectations. The bank noted that revenue from the IP business in the second half of the fiscal year was approximately RMB1 billion, down 13% HoH. Segment profit declined from RMB235 million in the first half of the fiscal year to RMB166 million in the second half. The bank believes investors are mainly focused on the IP and Damai businesses, and the latest results were relatively soft. It maintained a Buy rating on DAMAI ENT with a TP of HKD1.(da/j) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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