Summary of Damai Entertainment Holdings Ltd Conference Call Company Overview - Company: Damai Entertainment Holdings Ltd - Ticker: 1060.HK - Industry: Greater China Media - Market Cap: US$3.974 billion - Current Stock Price: HK$1.04 - Price Target: HK$1.20, implying a 15% upside from the current price [6][11] Key Financial Highlights - Total Revenue for 1HF26: Rmb4.0 billion, up 33% year-over-year (YoY) and 11% half-over-half (HoH), exceeding Morgan Stanley estimates (MSe) by 4% and consensus by 6% [3][8] - GAAP Net Profit: Rmb520 million, a 54% YoY increase, surpassing the alert for a profit greater than Rmb500 million [4][8] - Segment Performance: - IP Merchandising: Rmb1.2 billion, up 105% YoY and 34% HoH, exceeding MSe by 2% and consensus by 6% [8] - Live Content and Technology: Rmb1.3 billion, up 15% YoY and 51% HoH, above MSe by 1% and consensus by 10% [8] - Film Content and Technology: Rmb1.1 billion, down 15% YoY and 27% HoH, below MSe by 2% and consensus by 10% [8] - Drama Series Production: Rmb0.48 billion, up 693% YoY but below MSe and consensus by 49% and 50% respectively [8] Operational Insights - Cost of Sales and Services: Increased to Rmb2.604 billion, a 50% YoY rise [10] - Operating Profit Margin: 12.7%, reflecting a 1.7 percentage point decrease from the previous period [10] - Non-Operating Items: Significant increase in profit before tax to Rmb632 million, a 45% YoY rise [10] Future Outlook - Earnings Call Scheduled: November 14, 2025, at 10:30 AM HKT [4] - EPS Estimates: Projected to grow from Rmb0.02 in FY25 to Rmb0.06 in FY28 [6] - Valuation Methodology: Sum-of-the-parts (SOTP) valuation suggests a 32x F2026e P/E and 1.0x PEG [11] Risks and Opportunities - Upside Risks: - Faster-than-expected revenue growth in the IP business and ticketing sector [13] - Expansion through cooperation with top IPs [13] - Downside Risks: - Slower-than-expected revenue growth in the IP business and potential loss of cooperation with key IPs [13] Additional Notes - Average Daily Trading Value: US$26 million [6] - 52-Week Price Range: HK$0.40 - HK$1.37 [6] - Analyst Rating: Overweight, indicating expected performance above the industry average [6][62] This summary encapsulates the key points from the conference call, highlighting the financial performance, operational insights, future outlook, and associated risks for Damai Entertainment Holdings Ltd.
大麦娱乐 - IP 与现场内容业务营收超预期