Core Viewpoint - UBS report indicates that the performance of Tencent's WeChat Group in the first half of the year was weak, aligning with the lowered expectations from buyers, primarily due to the content scheduling issues from New Classics Media (NCM) [1] - However, a rebound is anticipated in the second half of the year, with a positive outlook for the IP business [1] Financial Summary - UBS raised the target price from HKD 37.2 to HKD 40, maintaining a "Buy" rating [1] - The annual revenue forecast was reduced by 12%, but the adjusted net profit forecast remains at RMB 1.35 billion, as changes in revenue recognition and content scheduling are not expected to impact the annual net profit performance [1] Market Focus - The market has largely factored in the short-term weakness related to NCM, with investor focus shifting towards intellectual property licensing and merchandise businesses, which are seen as the core growth drivers for the company, maintaining a solid outlook [1]
大行评级｜瑞银：上调阅文集团目标价至40港元 看好知识产权授权及商品业务前景