大華繼顯:首予中手遊(0302.HK)買入評級 目標價4.77港元
大華繼顯發表研究報告表示,中手遊(0302.HK)為業務增長快速的手遊發行及營運商,其擁有最多IP儲備及長遠規劃的管道,預期公司將可受惠於中國網上游戲市場增長、市場對具質素的遊戲及內容的需求上升以及變現率提升。該行料中手遊2018至2021年度盈利複合年增長率達39%,首次涵蓋給予“買入”評級,目標價4.77港元。
報告預計,中國手遊市場於2017至2020年複合年增長率達16.3%,相信擁有高質素IP的中手遊將可受惠於此增長趨勢,而中手遊擁有超過31個IP版權及68個自有IPS,處於手遊市場的首位,而公司變現率接近7%,亦高於市場平均水平。另外,中手遊使用其IP儲備以每年發行20-30款遊戲,相對於同業平均只有少於10款,相信此優勢將可令公司取得更多元化的收入及持續增長。
大華繼顯又指,中手遊知名的IP內容遊戲版號或獲批准的機會較高,而公司今年發行的主要遊戲大部份已取得當局批准。另外,中手遊有多項利好的催化劑,包括今年首季及上半年業績有驚喜、於本週一起納入港股通、以及利用其上市集資所得用於收購收購兼併及IPS版權等。

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