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UBS: Raises target price for Reads Group to HKD 33, mid-term performance may disappoint expectations
Jin10 Data, July 21 - UBS published a research report indicating that it expects the revenue of China Literature Group (00772.HK) in the first half of the year to decrease by 25% year-on-year to 3.2 billion RMB, which is 15% lower than market expectations. By business segment, the bank estimates that the group's online business revenue will remain basically stable, as it is expected that the business has moved out of the strategic adjustment period and will focus on high-spending, high-quality users, thus achieving stable performance. In terms of IP business, it is expected that the revenue of the group's proprietary IP business (excluding New Classics Media (NCM)) will decline by 4%. Additionally, the bank stated that due to the group not having any series issuance during the period, it estimates that NCM's revenue may significantly decline by 97% to 32 million RMB. The bank has lowered its revenue forecasts for the group for fiscal years 2025 and 2026 by 10% and 8% respectively, maintaining a 'Neutral' rating, with the target price raised from 28.5 HKD to 33 HKD.