Summary of Damai Entertainment Holdings (1060.HK) Conference Call Company Overview - Company: Damai Entertainment Holdings (1060.HK) - Market Cap: HK$27.6 billion / $3.6 billion - Enterprise Value: HK$23.8 billion / $3.1 billion - Current Price: HK$0.93 - 12-Month Price Target: HK$1.30 - Upside Potential: 39.8% [1][21] Key Industry Insights IP Business Growth Potential - IP Segment Growth: Expected to sustain high growth with a projected GMV doubling for 1HFY26, translating to a 44% CAGR from FY2025-28E [2][24] - Drivers of Growth: - Strong momentum from the Sanrio family [24] - Incremental contributions from Chiikawa, with enhanced IP rights [24][26] - Potential collaborations with new IPs [24] - Strengthened monetization of existing IPs [24] - Market Position: AliFish is the largest IP sub-licensing agent in China with a market share of over 30% expected in 2025E [2][27] Damai Ticketing Segment - Revenue Growth: Expected to slow to +7% YoY in FY26E due to moderated live music ticketing business and increasing competition [3][38] - Future Outlook: Anticipated return to double-digit growth from FY27E, supported by strong connections with venues and artists [19][38] - Market Dynamics: Competition has intensified, with peers offering lower take rates to gain market share [39][40] Financial Performance Revenue and Profitability Forecasts - Total Revenue: Projected to reach RMB 7,620.5 million in FY26E, up from RMB 6,702.3 million in FY25 [6][22] - Adjusted EBITDA: Expected to be RMB 981.8 million in FY26E, reflecting a growth of 29.8% [6][22] - Net Profit: Forecasted at RMB 468 million for 1HFY26, representing a 39% YoY increase [20] Margin Outlook - EBITDA Margin: Expected to improve from 11.3% in FY25 to 17.9% in FY28E [18] - Net Income Margin: Projected to increase from 5.4% in FY25 to 14.2% in FY28E [18] Investment Considerations - Valuation: The stock is currently trading at 21X CY26 PE, with a target price of HK$1.30, indicating a buy recommendation [1][21] - Risks: Concerns over profitability and competition in the ticketing segment may impact stock performance [1][21] Additional Insights - Competitive Moat: Damai's competitive advantages include strong venue connections, extensive operational experience, and significant user mindshare with a monthly active user base of 45 million [41][49] - Future Growth Areas: Non-concert events such as stand-up comedy and sports are expected to contribute to revenue growth [39][51] This summary encapsulates the key points from the conference call regarding Damai Entertainment Holdings, focusing on its growth potential, financial forecasts, and competitive landscape.
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