大麦娱乐 - 回应投资者关于 IP 发展势头、现场票务和盈利能力的关键争论；2026 财年上半年预览；买入评级

Equity Research 20 October 2025 | 4:56AM HKT Damai Entertainment Holdings (1060.HK) Post our initiation of Damai, investors interest has largely centered around the growth prospects of IP business (AliFish) and the competition landscape/investments of Damai (ticketing). The share price has also been volatile over past 2 months and corrected by 30% from peak level, likely reflecting the concerns over its profitability. Heading into the earnings in mid Nov, we address 4 key market debates centering around 1) ...