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21 Jun, 2016 (Tuesday) |
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NETDRAGON(777)
Analysis¡G
Revenue for 2015 stood at RMB1.272 billion, up 32.1% over the previous year, and the gross profit margin was 75.3%. Loss attributable to shareholders amounted to RMB143 million and loss per share was RMB24.86 cents. Such losses were mainly attributed to the company`s continued investment in education business, hence causing corresponding increase in staff costs, research and development costs as well as sales expenses.In respect of business, revenue from games business increased by 11.6% to RMB985 million over the previous year, with gross profit margin reaching 91.3%. To be specific, the income from Chinese games market witnessed a YoY growth of 10.4% to RMB854 million, while that from other games market soared by 19.5% to RMB132 million over the same period last year. The revenue growth is primarily attributable to a combination of a significant revenue ramp-up for new MOBA game Calibur of Spirit, and steady growth for Eudemons Online and Pocket versions and for Conquer Online overseas version. While consolidating its main business of online games, the company comprehensively plans the industrial chain of online education, allowing online education to become the core of its business. Presently, the company is making smooth progress in the planning of online education business with significant growth in revenue derived from education business, so its earnings have a bright prospect. We are optimistic about the development of the company`s main business of online games and the comprehensive promotion of online educational products. Subsequently, the combination of VR products and education will also create synergy benefits. By taking into account the company`s current cash value, game business and online education, we give the company the target price of HKD28.4 and the " Buy " rating.
Strategy¡G
Buy-in Price: $25.20, Target Price: $28.40, Cut Loss Price: $21.00
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| Phillip Research - Hong Kong ½÷¥ß¬ã¨s³¡ ¡V »´ä¤Î¤¤°ê |
| Company |
Stock Code |
Last Update |
Suggestion |
Target Price |
Price on Recom |
| | ¤½¥q²³ø¡G¦X´I½÷·×(733.HK) | | 21/06/2016 | | | 0.000 | | Guangdong Land Holdings | 124 | 18/04/2016 | Buy | 3.15 | 2.3 | | | SAIC Motor | 600104 | 14/06/2016 | BUY | 24.55 | 20.32 | | China Southern Airlines | 1055 | 08/06/2016 | BUY | 5.66 | 4.67 | | | Poly Property | 600048 | 07/06/2016 | Buy | 11.8 | 8.51 | | KERRY LOG NET | 636 | 18/05/2016 | No Rating | | 10.78 | | | | NetDragon | 777 | 16/06/2016 | Buy | 28.4 | 22.9 | | NetDragon | 777 | 15/06/2016 | Buy | 28.4 | 22.9 | | | Bloomage BioTechnology | 963 | 13/06/2016 | Buy | 18.5 | 13.48 | | | LESSO | 2128 | 23/09/2015 | Buy | 7.9 | 6.02 | | FORTUNE REIT | 778 | 14/10/2014 | Accumulate | 7.32 | 6.92 | | | HSBC | 5 | 09/08/2013 | Accumulate | 100.4 | 84.25 | | HSBC Holdings PLC | 0005 | 09/05/2013 | Accumulate | 95 | 87.7 | | | Shanghai Haohai Biological Technology | 6826 | 06/06/2016 | Buy | 48.18 | 39.55 | | Fosun Pharma | 2196 | 16/05/2016 | Accumulate | 22.86 | 19.4 | | | Poly Culture | 3636 | 18/03/2016 | Accumulate | 19.5 | 17.1 | | CUTC | 600358 | 08/03/2016 | N/A | | 10.41 | | | Yunnan Water | 6839 | 23/05/2016 | Buy | 5.7 | 3.94 | | Grandblue ENV | 600323 | 20/04/2016 | Buy | 17.5 | 13.11 | | Food, Beverage and Retail | | | |
| | Peak Sport | 1968 | 13/05/2016 | Buy | 2.25 | 1.83 | | Kweichow Moutai | 600519 | 22/03/2016 | Buy | 280 | 226 | | | Semiconductor Manufacturing International Corporation | 981 | 30/05/2016 | Buy | 0.82 | 0.64 | | ZTT | 600522 | 24/05/2016 | Accumulate | 24.16 | 20.73 | | | Huaneng Renewables | 958 | 20/06/2016 | Buy | 3 | 2.49 | | Huaneng Renewables | 958 | 17/06/2016 | Buy | 3 | 2.49 | | | TSC GROUP | 206 | 28/07/2015 | Buy | 2.8 | 2.11 | | SPT Energy | 1251 | 24/02/2015 | Reduce | 1.5 | 1.74 | | | Goldpac Group | 3315 | 18/02/2015 | N/A | | 4.77 | | IGG | 8002 | 21/11/2014 | Accumulate | 3.95 | 3.44 |
Information contained herein is based on sources that Phillip Securities (Hong Kong) Limited and/or its affiliates ( the ¡§Group¡¨) believe to be accurate. The Group does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The Group (or its employees) may have interests in relevant investment products. For details of different products¡¦ risks, please view the Risk Disclosures Statement on http://www.phillip.com.hk.
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