Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Summary Marketline's Leyou Technologies Holdings Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Leyou Technologies Holdings Limited since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comp...
We are bullish on China’s consumer upgrade trend in the dairy sector, which in turn will drive demand for high-quality domestically-produced raw milk. In addition, the supply-side reform in the dairy sector continues, with large players gaining market share. YST should benefit from this mega trend. We forecast net profit CAGR of 31% in 2019-22 on raw milk price hikes, volume growth and margin expansion. YST’s current depressed valuations have not fully captured this. Initiate coverage on Yua...
GREATER CHINA Results China Resources Cement (1313 HK/BUY/HK$8.79/Target: HK$10.39): 2019: Rock-solid fundamentals; upgrade to BUY. China Shenhua Energy (1088 HK/BUY/HK$14.36/Target: HK$19.02): 2019: Higher dividends for 2019-21; upgrade to BUY. CIFI Holdings (884 HK/BUY/HK$5.40/Target: HK$7.13): 2019: Steady sales growth. CMGE Technology Group (302 HK/BUY/HK$2.74/Target: HK$4.54): 2019: Earnings above estimates; rich gaming pipeline and rosy outlook in 2020. CR Gas (1193 HK/HOLD/HK$41.80/Targe...
CMGE reported 2019 adjusted net profit of Rmb611m, 3% and 13% above our and consensus estimates respectively. Revenue soared 90% yoy, thanks to 33 new games launched in 2019. CMGE successfully monetised its leading position in IP-games, achieving MAU, MPU and ARPPU growth of 44%, 55% and 22% yoy, as well as a higher monetisation rate. We are confident that CMGE can deliver growth in 2020 with the launching of 38 games, which include well-known IPs. Maintain BUY with a lower target price of HK$4....
KEY HIGHLIGHTS Results BAIC Motor (1958 HK/BUY/HK$3.10/Target: HK$3.80) 4Q19: Net profit surges 73% yoy, beating our estimate; upgrade to BUY Brilliance Auto (1114 HK/BUY/HK$6.59/Target: HK$10.00) 2019: Net profit grows 16% yoy, in line with expectations. China Resources Cement (1313 HK/BUY/HK$8.79/Target: HK$10.39) 2019: Rock-solid fundamentals; upgrade to BUY. China Shenhua Energy (1088 HK/BUY/HK$14.36/Target: HK$19.02) 2019: Higher dividends for 2019-21; upgrade to BUY. China Taiping...
We had initiated coverage on CMGE (302 HK), a leading IP-based game publisher and operator with the most IP reserves in the pipeline. The company recently announced a positive profit alert and was included in the Hong Kong-China Stock Connect. Initiate coverage with BUY and a target price of HK$4.77, implying 13x 2020F PE. We remove Weimob (2013 HK) from our top picks upon our recent downgrade to HOLD and slash our target price to $4.80 from $7.10.
CMGE is a fast-growing independent game publisher and operator with the most intellectual property (IP) reserves and a long planned pipeline. We expect CMGE to benefit from China’s growing online game market, players’ rising demand for quality gameplay and content, and higher monetisation rate and ARPPU. Initiate coverage with BUY and a target price of HK$4.77, implying 13x 2020F PE.
CMGE is expected to list on the Hong Kong Stock Exchange by end-October and to offer 461m shares at HK$2.19-2.83/share. According to Analysys, CMGE generated the highest revenue from publishing IP-based games among all Chinese mobile game publishers. CMGE achieved 57% yoy and 127% yoy revenue growth in 2018 and 1H19 respectively, despite the sluggish growth of the whole online game sector due to the game licence approval suspension during Mar-Dec 18.
KEY HIGHLIGHTS Results China Longyuan Power (916 HK/BUY/HK$4.26/Target: HK$5.75) 9M19: Low wind resources persist. Chongqing Rural and Commercial Bank (3618 HK/SELL/HK$4.37/Target: HK$3.80) 3Q19: Growth in line; raises Rmb10b by issuing 1,357m A shares in China stock market. Goldwind Science & Technology (2208 HK/BUY/HK$9.65/Target: HK$12.67) 9M19: Gross margin hits a bottom. Sinopharm Group (1099 HK/HOLD/HK$27.20/Target: HK$29.70) 9M19: Revenue up 24.7% yoy, GPO risks remain. YiChang HEC ...
Although Nintendo’s new operating income guidance of JPY 225 billion for fiscal 2019 is below our forecast of JPY 325 billion, the guidance is conservative as usual. We believe that unique user experience such as Nintendo Labo will help cultivate new fans, and a greater number of third-party games will attract more core gamers to its ecosystem. As a result, we believe that the hardware shipment will accelerate this year and exceed Nintendo’s forecast. Moreover, we view that software shipment...
We raise our fair value estimate for Nintendo to JPY 56,000 from JPY 50,000, as we revise our lifetime shipment assumption of Nintendo Switch to 115 million consoles from 110 million. Since its launch in March 2017, the first 10 months’ shipment of Switch hardware has matched that of Wii, which was the largest console throughout Nintendo’s history, and shipped 102 million units in its lifetime. Nintendo succeeded giving traction to Switch shipment on its introductory year by leveraging its I...
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