Core Viewpoint - Citigroup's report indicates that the performance of Tencent's subsidiary, China Literature (00772), in the first half of the year slightly exceeded expectations, primarily driven by growth in licensing business, stable performance in short dramas, and progress in IP commercialization [1] Group 1: Financial Performance - The company's non-New Classics Media (NCM) business profits grew stronger than expected [1] - Citigroup raised the target price from HKD 37.4 to HKD 38, which corresponds to a projected price-to-earnings ratio of 23 times for 2026 [1] Group 2: Future Outlook - In the second half of the year, IP commercialization is expected to continue progressing [1] - The growth momentum for short dramas is anticipated to persist due to unique IP and collaborations with authors [1] - If NCM releases content as planned, the expected profit contribution from NCM for this year is projected to be RMB 243 million [1]
花旗：升阅文集团目标价至38港元 中期业绩略胜预期